Case Studies

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RESTRUCTURING & FIDUCIARY PRACTICES
APPRAISAL AND VALUATION PRACTICES
FORENSIC AND ECONOMIC PRACTICE
TRANSACTIONAL, OPERATIONAL & TAX PRACTICES

Restructuring Advisory Services

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.

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.

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.

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.

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

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

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.

Dissolution Accounting & Valuation Services

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.

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.

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.

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.

Pecuniary Loss Evaluation Services

Abilty to Pay Assessment Services

Forensic and Special Situation Tax Services

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.

Transactional Advisory Services

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.

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.