Representative Transactions
- Recommendation to a $7bn hedge fund on the purchase of $250mm strip (Rev/1L/2L) in the distressed bank debt of Pennsylvania Real Estate Investment Trust
- Advised Ad Hoc Group of OpCo Claim Holders in Aeromexico bankruptcy. Provided financial and litigation strategic advisory for contested chapter 11.
- Advised a distressed debt/activist hedge fund on trade claims in the Tuesday Morning bankruptcy.
- Sourced a $7.5mm litigation financing investment related to the Allen Stanford Ponzi scheme and the Joint Liquidator’s $5bn lawsuit against TD Bank for its role as Stanford’s correspondent bank
- Recommended event driven derivate shareholder litigation in Renren Inc. between $6-12 per share regarding state law fraudulent transfer claims, breaches of fiduciary duty and asset stripping related to $1bn of SoFi stock and other assets originally owned by RENN prior to being spun off to insiders. Within 2 years of the initial investment the defendants settled for in excess of $30 per share net of attorney’s fees.
- Advised hedge fund client on the purchase of Nortel Networks trade claims. Performed extensive legal, structural and financial analysis of the various entities to determine which might have structurally senior claims; analyzed the jurisdictional complexity of case, including the filing of an ~$2.5bn pension claim from the UK pension authority and an unresolved IRS tax claim of $3bn as well as the potential value of the company’s extensive patent portfolio and intellectual property.
- Advised hedge fund client on the purchase of various claims in the Lehman Brothers complex. Performed extensive legal, structural and financial analysis on various Lehman Entities including LBI, LBHI, Lehman Bankhuas and LBIE. Reviewed bankruptcy filings, made inquiries with the Ch 11 Trustee’s counsel Hughes Hubbard as well as Debtor’s counsel Weil Gotshal. Canvased and met with various creditors regarding purchasing their claims.
- Advised Legacy Pharmaceuticals on a $7mm recapitalization and restructuring. The company was acquired by Barclay’s Capital after the financial sponsor defaulted on its debt. The transaction included $5mm of a new 1st lien term loan as well as $2mm in economic development grants.
- Advised hedge fund client on purchase of Pisces Energy LLC pre-petition trade claims at a meaningful discount to par, which were slated to be paid in full in cash or reinstated in a pre-packaged bankruptcy with the support of secured lender Macquarie Bank.
- Advised on a $20mm tender repurchase of a $113mm note outstanding for a private airport. The funds were used to de-lever and assist the airport in maintaining compliance with its leverage covenant. Advised on managing consent process to achieve additional covenant relief.
- Advised on a $3mm balance sheet restructuring for a charter airline. Airline in need of liquidity approached a pension fund about refinancing a leveraged lease on one of its planes. Advised pension fund to propose a full recapitalization transaction that took out existing credit facility that was in default and provided additional capital in the form of a 1st lien secured convertible note. The fund received a coupon of L+525 with a 3% LIBOR floor on the credit facility and 14.25% on the secured note with the option to convert into 40% of the airline.