Case Studies
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Restructuring Advisory Services
Ascent Resources Marcellus – Marcellus Shale E&P Company
Restructuring team member with Sullivan & Cromwell (NYC) BK Team and PJT Investment Banking Team; developed RSA and related Pre-Packaged Plan to restructure in excess of $1.5 million in first and second lien debt.
Amarex, Inc. – Publicly Traded Mid-Continent E&P Company
Member of management team entrusted to operate and reorganize the debtor at the direction of the principal equity sponsor. Debtor operated properties located in the following areas: Anadarko Basin, North Dakota/Bakken; Tuscaloosa Trend, Arkansas, South Texas and Colorado. Consensual plan confirmed after five competing plans were proposed.
Cumberland Farms – C-Store and Gulf Fueling Station Operator
Financial Advisor to senior secured lending group; borrower acquired a refinery in addition to a leveraged acquisition of the Gulf Gas station facilities in the northeast; transaction completed to take-out and refinance senior lending group.
Alcor Energy- Oilfield Portable Power Generating Equipment Company
Financial Advisor to assist with DIP Financial and Plan formulation, feasibility and valuation.
Gibson Discount Center – Consumer Discount Retailer
Financial Advisor to Debtor retained to work as the financial advisor with debtor’s counsel, Young Conaway, to conduct a section 363 sale process; directed daily cash management, DIP budgeting and due diligence with bidders.
Ramsey Industries, Inc. et al. – Specialty Truck Manufacturing Company
Financial Advisor to debtor to assess reorganization value and plan cramdown matters.
CRO, Receiver & Fiduciary Person Services
Mid-Continent Power – Cogeneration and Independent Power Producer:
Retained by a cogeneration power company as the CEO/CRO at the request of the senior secured lender to evaluate strategic options to recover funds by reopening/renegotiating power purchase agreements and steam contracts; evaluated options to monetize the power generating assets through one or more purchase and sale transactions with IPP buyers and/or utility buyers.
Diversified Marketing Service Receivership – Magazine Subscription Company
Appointed Independent Receiver at request of Federal Trade Commission; modified sales, marketing and collection practices to enable an agreement for consumer redress to be agreed upon.
Osage Exploration and Development- Nemaha Ridge E&P Company
Chief Restructuring Officer, appointed at request of the senior lender, Apollo Energy Group (NYC), in charge of strategy to preserve cash, obtain DIP financing and market Nemaha, Mississippi properties through a compressed sale procedure process; effectuated § 363 sales process that closed within 71 days of filing that involved 8 qualified bidders and a 70% overbid premium in excess of the stalking horse bid; provided claim and corporate wind-down services subsequent to the sale and subsequent to the debtor’s case being dismissed.
Moore Medical Center – Community Hospital
Independent Director and Financial Advisor for a privately held community hospital during development, construction, pre-opening and full operation; involved in contract negotiations, procuring the equipment package, bond financing and accounts receivable financing; assisted in negotiating an Asset Purchase Agreement transaction with a third party hospital operator after start-up and full operational levels achieved.
Trey Resources – E&P Company
Independent Receiver appointed at the request of the senior lender, Carlyle Energy (NYC), to stabilize and bring into production shut-in and partially drilled/completed properties; conducted over 100 title opinions; investigated drilling, completion, operating overhead and personnel charges to the borrower by affiliated management/operator entities; achieve a global settlement with claimants and the insider/affiliate manager/operator.
JDC Drilling – Privately Held IADC Drilling Company
Chief Restructuring Officer appointed at the request of equity sponsor, to direct the borrower with over $100 million in non-performing debt through a structured merger process into a larger drilling company platform; Addressed sales tax issues relative to sale of assets.
Marketing Agent Services
Lone Star Geophysical Surveys – Midcontinent 3D Geophysical Company
Financial Advisor, Loan Compliance Auditor and Collateral Appraiser to Secured Lender; Investigated borrower’s compliance, or lack thereof, with loan covenants and other loan document provisions as Loan Compliance Auditor; evaluated affiliate transactions, insider withdrawals and collateral values; subsequent to bankruptcy filing served as Marketing Agent coordinating the § 363 sale process of the collateral with the bankruptcy trustee.
Integrity Directional Services – Oilfield Services Contractor
Independent Receiver appointed at the request of the Equity Sponsor, Falcon Investment (Boston), and their counsel, Andrews Kurth (Houston) to make the company’s assets ready for sale; subsequent to an involuntary petition, served as marketing agent to sell assets in a§ 363 bidding process for a 5,000 plus component parts comprising a fleet of downhole drilling tools being operated in the Permian Basin.
Senior Care Group, Inc. – Regional Long Term Care Provider
Elected Chief Restructuring Officer pursuant to terms in loan agreement with Bank of America; evaluated operations, personnel, developed 13-week budgets by facility, set up VDR and served as marketing agent for non-core Oklahoma based facilities.
Canaan Resources, LLC and Canaan Resources X, LLC – E&P Company
Independent Receiver requested by Secured Lenders, J.P. Morgan Chase Bank and Bank of Oklahoma, to analyze, operate and preserve collateral while serving as marketing agent for a competitive sale; replaced all shared service employees in revenue, joint interest finance/accounting, land and executive management; prepared income tax returns for receivership entity.
Merrico Resources/Tri-Power Resources – Midcontinent E&P Company
Independent Examiner and subsequent Marketing Agent to investigate assets, claims and viability of selling debtor in a competitive Section 3 63 process.
Joe Brown Trucking- Freight Shipping and Trucking Company
Marketing Agent and Consultant retained by the Bankruptcy Trustee to sell the rolling stock fleet of a hauling company founded in 1926; conducted pre-bidding and auction sale process; also consulted with Trustee on matters involving retirement plan terminations, tax matters and recovery of electronic books and records.
Creditors' Trust, Plan Administration and Recovery Action Services
Echo Energy Liquidating Trust – STACK and SCOOP E&P Company
Valuation Consultant and Expert to assess insolvency at critical dates of transfers in order to prosecute fraudulent transfer actions.
Arrow Trucking- National Hauling Company
Forensic Expert to assist trustee with recovery actions involving factoring transactions and transfers to family ownership members.
Sunset Sales – Surface and Underground Coal Mining:
Plan Liquidation Trustee appointed to administer claims, object to claims and prosecute insider guaranteed preferential transfer claims through the appellate process in the 10th Circuit Court.
Tower Tech Liquidating Agent – Temporary Electric Generators
Elected Post Confirmation Liquidating Trustee and Distribution Agent.
Hayes Lemmerz/HLI Creditor Trust – International Auto Industry Supplier
Appraisal and Insolvency Valuation Expert in recovery matters prosecuted by trustee; HLI was a publicly traded automobile industry supplier founded in 1908 with 18 facilities in 12 countries before filing bankruptcy.
White Star Petroleum – E&P Company:
Valuation Expert to M&M Lienholder, Latshaw Drilling, to value liened properties including DUC’s for purposes of claim allowance/settlement with Liquidating Trust.
Asset Appraisal & Business Valuation Services
Florida Crushed Stone – Cement and Aggregate Mining Company (www.cemex.com)
Retained by Loyds Bank to value a cement manufacturing and aggregates mining borrower; evaluated weekly and intermediate cash flows, ability to service debt and value of collateral coverage; assisted with restructuring terms of the credit agreement.
National Home Improvement Supplier – Confidential
Appraiser retained by the controlling shareholder and his counsel to appraise a swing block of stock in a disputed shareholder buyout; the Company is one of the largest national suppliers of home improvement products to Big Box retailers; perform periodic valuations to support the Company acquisitions and fair value reporting; performed other appraisals of stock for estate planning and machinery/equipment appraisal for transactional/lending purposes.
Cement and Aggregates Company – Confidential
Appraiser retained by the plan trustee holding certain classes of stock and counsel to the company and trustees, to perform annual appraisals of enterprise value and two classes of stock. The Company is one of the largest regional cement and aggregates suppliers in the Oklahoma and North Texas markets.
Regional Telecommunications Company – Confidential
Financial Advisor retained by counsel for advisory and consulting evaluation services related to assumptions, methodology and conclusions of other experts’ appraisal reports for a telecommunications service provider.
Regional Dental Management Practice – Confidential
Appraiser retained by a Dental Practice Management Company and counsel to the founding shareholder to value the shares of the founder subsequent to a recapitalization and partial buyout of the owner; purpose of the appraisal was for estate planning/gifting purposes post-closing.
T.D. Williamson – Pipeline Services
Valuation Expert retained by counsel to shareholder of founders’ family, to appraise a block of stock in a shareholder dispute matter involving a national pipeline maintenance and service company serving the midstream and interstate pipeline industry.
Personal Property Ad Valorem Tax Appraisals
DCP Midstream Operating – Midstream Company
Valuation Expert for approximately thirty (30) County Assessors in Oklahoma to value DCP’s Midstream multi-billion gathering assets in numerous ad valorem tax protest matters for taxable years spanning 2015 to the current year.
Kiowa Power- Natural Gas Power Generating Facility
Valuation Expert retained by the County (Pittsburg, OK) Assessor to evaluate the ad valorem tax protest of Nextera Energy related to a combined cycle natural gas power facility; case settled during assessor’s presentation at trial.
Oneta Power, LLC – Natural Gas Combined Cycle Power Generator
Ad Valorem Tax Valuation Expert for combined cycle plant facility located in Wagner County.
Rocky Ridge Wind Project, LLC – Wind Power Generation Company
Ad Valorem Tax Valuation Expert for wind facilities located in Washita County, Oklahoma.
4AM Midstream, LLC – Midstream Company
Valuation Expert for three (3) County Assessors in Oklahoma to value 4AM’s Midstream gathering assets.
Thunder Ranch Wind Project, LLC – Wind Power Generation Company
Ad Valorem Tax Valuation Expert for wind facilities located in Noble County, Oklahoma.
Dissolution Accounting & Valuation Services
Gregory D. Anderson v. Darlene A. Anderson – Services Contractor
Expert Appraiser in marital dissolution of personal service company to mortgage customers.
Marca January v. Cris January – Environmental Disposal and Services Company
Expert Appraiser to assess value and marketability of business with environmentally contaminated assets in a marital dissolution.
Margaret L. Price v. Gregory K. Price – Fuel Transport Distributor
Expert Appraiser in marital dissolution involving Oklahoma Tank Lines, United Petroleum Transport and other family businesses.
Prentice v. Prentice (Diagnostic Imaging Centers) – Various Modalities in Facilities
Expert Appraiser to value business partners/owners equity units for dissolution, division and/or monetization.
Eskridge v. Eskridge – Retail Automotive Dealerships
Expert Appraiser in marital dissolution to address levels of discount among a multi-level ownership structure.
Chad R. Richison v. Nissa R. Richison (Paycom) – Payroll and Human Resource
Expert Appraiser to value company immediately prior to IPO for marital dissolution.
Forensic and Economic Damage Services
Continental Resources, Inc. – Bakken Shale and STACK E&P Company
Forensic, industry and valuation expert retained by defendant, Continental Resources, to evaluate claims asserted by a vendor/service provider who was repositioned and refinanced through a LBO with PNC Bank and Chambers Energy; evaluated causative factors, gross undercapitalization, going concern and lack of internal process controls of the vendor; evaluated opposing expert’s Stout Risius Ross, loss of business value which totaled in excess of $50 million; resulting outcome at trial was a net judgment in favor of Continental Resources and exclusion of the opposing expert’s testimony; performed other consulting services for CEO, Harold Hamm unrelated to this contested matter.
Retail and Wholesale Fuel Supplier – Confidential
Forensic Compliance Expert retained by defense/criminal counsel at Jones Walker (New Orleans) on behalf of a fuel supplier to evaluate nationwide fuel sales to operators conducting oilfield drilling activities in Texas, Colorado, Oklahoma, North Dakota, Wyoming and other oil and gas producing states in order to respond to an investigation by the U.S. Attorney; matter resolved and no charges brought by U.S.A. for improper fuel sales charges to customers.
Express Credit Auto – Flow of Funds and Tracing for Corporate Separateness:
Retained in a family law dispute to analyze and/or trace funds/property; employed four generally recognized tracing methods; concluded the funds/property could not be sufficiently traced to entities asserted to hold separate, non- jointly owned property.
Sonic Restaurants, Inc. – Fast Food Franchise
Franchisee Contract Compliance Expert retained by Sonic, the corporate franchisor, to investigate and quantify lack of compliance and underpayment of royalties in a dispute with a regional franchise.
Brett Wingo v. The Southern Company, et al. – Integrated Utility and Power Generating Company
Forensic Expert retained by a former employee/whistleblower to evaluate the deficiencies in financial disclosures by the Southern Company for the estimated commercial operation date and cost-to-complete for the Kemper Power Plant facility located in Kemper County, Mississippi.
United Food and Commercial Workers Union, et al. v. Chesapeake Energy Corporation, et al. – Publicly Traded E&P Company
Forensic and Accounting Expert- Retained by counsel, Robbins, Geller, Rudman (San Diego), to the retirement plan for the union that acquired stock in Chesapeake Energy in a securities matter; evaluated the threshold of materiality related to certain financial disclosures regarding derivative exposure immediately prior to the plaintiffs acquisition of stock.
Economic Damage Evaluation Services
C&H Power Line Construction Co. – Power Line Contractor (OK Supreme Court)
Valuation Expert retained by the power line contractor whose business was destroyed by negligent conduct related to an explosion/accident; served as damage expert at request of Riggs Abney (Tulsa); CH Power obtained a $35 million jury award against Enterprise Products, a publicly traded midstream company, based upon diminution of the fair market value of its business; the award was upheld by the Oklahoma Supreme Court.
Fiesta Restaurants v. R.J. Simplot – Mexican Casual Dining Chain
Valuation Expert retained by plaintiffs counsel to a Phoenix area group of Mexican Restaurants that experienced diminution in its business value due to its food supplier’s delivery of chili rellenos product tainted by salmonella; measured diminution of business enterprise value; bench trial resulted in a $9 million award to Fiesta for diminution in value damages.
Luv n’ Care Ltd. – Infant Products Manufacturer and Patent Holder
Expert Financial and Economic Consultant to evaluate levels of reasonable royalties and/or profits due to Infringing Products in multiple matters.
Millbrae Natural Gas – Oil & Gas Partnership
Valuation, Industry and Forensic Expert retained by the Knott Realty Group, a Baltimore based family investment fund, in a recovery/limited partner action; worked with counsel, Wilson Elser, (NYC) legal team in numerous aspects of breach of the partnership agreement and breach of duty of the general partner.
Cimarex Energy – E&P Company
Damage, industry and forensic expert retained by the defendant/operator, Cimarex, and counsel, GableGotwals (Tulsa), to perform a forensic and data gathering assignment regarding Cimarex’s revenue payment/suspended revenue practices in an interest owner lawsuit; applied the OK Statute – Production Revenue Standards Act and industry practice guidelines to funds suspended by Cimarex; claims of interest holders were resolved/settled.
Telecor Communications v. Southwestern Bell Telephone – Regulated Southwest Region Telecommunication Company
Damage Expert retained by counsel to a group of independent telephone service providers in an anti-trust lawsuit to quantify lost profits caused by SW Bell’s anti-competitive conduct; jury awarded $24 million in damages to the independent telephone company plaintiffs.
Pecuniary Loss Evaluation Services
Brittany Pehlke and Bobby Staggs, Individually and as Parents and Next Friend, for the minor child, Kyle Staggs v. HCA Health Services of Oklahoma d/b/a OU Medical Center, et al.
Personal Injury Damages
Cassie Journagan, Administrator of the Estate of Brian Lee Journagan, Deceased v. Schlumberger
Wrongful Death Damages
Charles Thompson, Personal Representative of the Estate of Lincoln Ogle, deceased v. Chrysler Group, LLC, et al.
Wrongful Death Damages
Connie Evan-Romero and Spiritbank v. General Electric Company, et al.
Personal Injury Damages
Dennis Evans, as Personal Representative of the Estate of Brad Hall v. Nestor Pinaroc, M.D. and Mercy Physicians of Oklahoma, Inc.
Wrongful Death Damages
Jacob Ashley v. Ovintiv Mid-Continent, Inc., et al.
Personal Injury Damages
Abilty to Pay Assessment Services
State of Oklahoma v. Tyson Foods, Inc., et al. – Numerous Multi-Billion Dollar Food Processing Companies
Financial Condition and Net Worth Expert for purposes of punitive damage phase of case.
Beverly A. Blakely v. Walgreen Co., et al. – National Consumer Products and Pharmacy Retailer
Financial Condition and Ability to Pay Expert regarding punitive claims.
Myers Brothers, Inc. and First National Bank in Olney v. AGCO, Inc. – Farm Equipment Manufacturer
Financial Condition and Net Worth Expert.
Firearms Component Manufacturer – Confidential
Financial Advisor to debtor who was subject to litigation claims; assessed debtor’s ability to pay including a payout in a Sub-V bankruptcy proceeding.
National Steak and Poultry – Food Processing and Distribution Company
Financial Advisor to debtor to assess company’s ability to pay customer product liability claims in a chapter 7 liquidation and/or reorganization payout scenario.
Teresa Bellah v. Dan D. Drilling and Pablo Energy, LLC
Financial Condition and Net Worth Expert
Forensic and Special Situation Tax Services
Outland v. First American Corporation (USDC-WDOK): Tax Expert for Plaintiff
Retained by McAfee & Taft to assist with tax analysis of contract provisions, particularly the “net of tax” provisions; Prepared expert report; Provided assistance to counsel on responding to opposing expert.
Records et. al. v. Commissioner ofIRS (US Tax Court): Worthless Stock Tax Expert
Retained by the Records Family and McAfee & Taft to advise on tax position taken and under review by Tax Court regarding ability of Taxpayer to claim an ordinary (vs. capital) loss on near worthless subsidiary; Prepare expert disclosures and report; Assisted counsel with trial preparation.
OSU-University Multispectral Laboratories, LLC and Oklahoma State University v. Daniel Webster Keogh, Ph.D., et al. (USDA-WDOK): Forensic Expert
Retained by defendant initially in a civil proceeding as a forensic expert; later retained and testified in a criminal proceeding regarding flow of funds and financial disclosures.
Tax Protests of Spirit Bank (ALJ-OK Tax Commission): Sham Transaction Tax Expert
Retained by Spirit Bank to advise on multi-state tax issues including intangible property holding companies; Reviewed and assisted counsel with the deposition phase of the case; Prepared expert report.
USA vs. Chew (USDC-WDOK): Tax Expert for Defendant
Retained by defense counsel to advise on mitigation of criminal and civil tax liabilities and interact with IRS Sr. Criminal Investigator; Reconstructed prior years tax transactions; Provided guidance on applicable accounting methods; Managed IRS investigation and examination; Authored protest to IRS examination resulting settled case with Appeals Officer with a no change report.
D’Souza v. First Independent Financial (FINRA Case): Tax Expert for Defendant
Retained by Kessler Collins to evaluate opposing expert’s report; Prepared re-calculations of tax returns under various scenarios; Testified at arbitration on tax matters and calculations.
Transactional Advisory Services
Buyer Side Advisory – Cement/ Aggregates
Retained by buyer in an expansion acquisition to evaluate and value target company.
Owner Side Advisory – Professional Audit Firm Sale to Employees
Retained by owner of joint interest audit services professional firm to assess values and structures for employee buyout and succession plan.
Seller Side Advisory – Boring Company Serving Midstream Gathering Clients
Financial advisor to selling owners of boring company; provided price range consulting, business structuring, earn-out, incentive compensation and tax minimization advice in a proposed Equity Sponsored Industry Platform rollup transaction.
Buyout Group Advisory – Acquisition of Directional Drilling Tool Company
Retained to perform a quality of earnings and financial reporting agreed upon procedures services as well as an inventory, M&E and drilling tool appraisal.
Lender Side Advisory – Oilfield Supply Company
Independent Appraiser for secured lender providing leveraged buyout financing to equity sponsor in a transaction to acquire M&M Supply.
Buyer Side Advisory – E&P Company Buyer of Reserves and Acreage From Financially Troubled Seller
Retained to issue a fairness opinion regarding the purchase price of oil and gas property assets due to the poor financial condition of the seller and potential fraudulent conveyance exposure to buyer.
Operational Improvement Services
Industrial Fan Manufacturer
Operations Improvement Advisor to evaluate job workflows and inefficiencies in order to prepare report on opportunities to lower cost of production.
Publicly Traded Oil Recycler and Re-Refining Company
Financial Advisor and Appraiser to Secured Lending Agent. Retained by Goldman Sachs Energy Group and the King & Spaulding, (Atlanta) legal team; worked with King & Spaulding, counsel to Goldman Sachs, in advising on modified covenants and terms to address defaults and turnaround debt service capacity; appraised six re-refining and used motor oil collection facilities; provided recommendations for opportunities for improvement.
LandEnergy Receivership – Salt Water Disposal Company
Tax Advisor and Preparer – Provided advice to Receiver on a commercial salt water well disposal operations, controls and opportunities for improvement to customer operations during a receivership proceeding.
Petromerica Operating – Oklahoma Based E&P Company
Independent Receiver requested by Secured Lender, Veritex Ba11k (previously Sovereign Bank), to stabilize and rework production while preparing assets for competitive sale; identified opportunities to restore production and structured finance to fund the restart of production.
Nichols Brothers, Inc – E&P Company:
Financial Advisor retained by CrossFirst Bank as agent for Arena Resources, Vision Bank and Kirkpatrick Bank; advised lender on DIP Lending Facility terms and “return-to-production” DIP investment; advised lenders through § 3 63 sale process and introduced numerous bidders to the properties through a lender-side teaser.
C3, Inc./Telos – Government Contractor and Spare Parts Provider
Appraiser and advisor to address spare parts inventory reporting and management.