Technology; Graphics
Chapter 11 Trustee
DSI, through Bill Brandt as Trustee, is supervising litigation alleging fraudulent conveyance and other theories caused by pre-dissolution actions of the Debtor. The proceeds will provide most of the recovery to unsecured creditors. A related action against officers and directors is already successfully settled.
DSI Team: Bill Brandt, Joe Luzinski, Clare Pierce, George Shoup & Kyle Everett
Apparel
Financial Advisor to Unsecured Creditors' Committee
When London Fog, a dba for PTI Holding Corp., filed its Chapter 11 petition, there was $75 million in secured debt and little hope of recovery for unsecured creditors. A successful sale of various business units and intangible assets, including the London Fog trade name, led to a greater than expected payment on secured claims and an expectation that unsecured creditors will receive a distribution on their claims.
DSI Team: Pat O'Malley, George Shoup, Alan Omori, Matt Farnsworth & Matt Braun
Food & Beverage
Chapter 11 Trustee
Brad Sharp was appointed as the Chapter 11 Trustee for this Mexican food manufacturer with $22 million in annual sales and negative earnings. Mr. Sharp, employing DSI personnel, managed the operations and stabilized the business in order to effectuate a sale for an amount estimated to pay a substantial dividend to the unsecured creditors.
DSI Team: Brad Sharp, Geoff Berman, Matt Braun, Tania Kingsbury & Matt Sorenson
Textiles
Chapter 11 Trustee
Foss was in a state of chaos when DSI was appointed Trustee of this operating company, resulting from allegations of fraud and mismanagement. DSI calmed customers and employees, prepared projections and allowed for the company to be sold as a going concern, which not only maximized value for creditors but also saved U.S. manufacturing jobs.
DSI Team: Pat O'Malley, Bill Brandt, Eric Sweitzer & George Shoup
Health Care Related
Chapter 7 Trustee (Elected)
Joe Luzinski became Trustee in the Chapter 7 bankruptcy of Abraham D. Gosman after his Chapter 11 case failed. Mr. Gosman had ownership in numerous public and private companies, partnerships and business ventures in the medical and real estate development industries, owning, operating and managing nursing homes and assisted living facilities throughout the United States. Mr. Luzinski’s administration of the Gosman estate has included, among other things, review and analysis of Mr. Gosman’s complicated financial affairs, including disentangling business and personal financial matters, workout and sale of operating assisted living facilities and real estate ventures, and prosecution of a multi-million dollar fraudulent action involving Mr. Gosman’s real and personal property.
DSI Team: Joe Luzinski, Clare Pierce, Bill King, Yale Bogen & Matt Farnsworth
Steel Manufacturer
CRO, Chairman & Director
DSI supplied the CRO, Chairman and the sole remaining Director to supervise the wind down and the collection and distribution of assets of the publicly traded, fifth largest U.S. integrated steel manufacturer. The work also required the termination of the numerous health and welfare/benefit plans, the supervision of the claims objection process, preference litigation and significant claims litigation.
DSI Team: Steve Victor & Matt Farnsworth
Manufacturing/Metal Stamping
Financial Advisor to Secured Creditor
As consultant to a secured creditor with an $18 million claim against Precision Tool, DSI worked with the company and one of its major customers to develop a reorganization plan under which the customer gave credit support to our client. This led to full recovery by the secured creditor.
DSI Team: Pat O'Malley, Jim Moore, Fritz Reed, Yale Bogen & Brian Weepie
Health Care
Post-Confirmation Trustee & Sole Remaining Officer
DSI serves as the Post-confirmation Plan Administrator and Sole Remaining Officer of these non-profit hospitals after confirmation of the hospitals' plan of liquidation and the sale of the operating assets of the three hospitals to Universal Health Services. DSI took possession of more than $120 million in sale proceeds, paid the bondholders an initial payment on their debt of $102.7 million, and is presently overseeing the post-sale reconciliation process with the buyer, reconciling claims and pursuing avoidance actions.
DSI Team: Geoff Berman, Matt Braun, Matt Sorenson & Tania Kingsbury
Agricultural Cooperative
Financial Advisor to Company
DSI reorganized this cooperative, which served as a middleman in processing livestock transactions worth up to $1 billion per year for tens of thousands of farmers. We worked closely with the company's secured lender, cooperative members and customers to quickly stabilize and improve the company's operations so that farmers and purchasers did not lose trust in the market process. DSI was recognized for its work in the UPI reorganization, having been listed as a "Successful Restructuring" by Turnarounds & Workouts.
DSI Team: Brad Sharp, Bill King, Fritz Reed, Matt Braun & John Wheeler
Manufacturer of Small Refrigerated Appliances
Financial Advisor to Company
DSI was retained by Oasis, a nationally known manufacturer of water coolers and related products, to analyze alternatives to sale, and, as necessary, to advise with respect to the disposition of operating units. Manufacturing units were sold to Patriarch Partners LLC, maintaining operations and continuing the brand.
DSI Team: Fred Caruso, George Shoup, Pat O'Malley, Clare Pierce & Jill Costie
Public Sector
Replacement Manager for Capital Coin Funds I and II
DSI was designated Replacement Manager by the Ohio Attorney General and the Ohio Bureau of Workers' Compensation to wind down Capital Coin Fund I and Capital Coin Fund II and to recover $50 million of the Funds' assets. Ohio's Bureau of Workers' Compensation appointed DSI to manage the two troubled coin funds, which had been operated by Ohio coin dealer Thomas W. Noe and are the center of several major investigations and audits by state and federal authorities. DSI analyzed the key economic factors involved in securing the assets and ensuring recovery of the highest net return to the State. To date, DSI has remitted $35 million of the Bureau's initial $50 million investment, and is directing numerous investigations and causes of actions stemming from Mr. Noe's misappropriation and mismanagement of the funds.
DSI Team: Bill Brandt, Bill King, Fritz Reed, Yale Bogen & Jill Costie
Day Casino Ship Operator
Financial Advisor to Secured Creditor
DSI was retained by Titan's senior lender to maximize the value of its claim in Titan's Chapter 11 bankruptcy. The services DSI provided included monitoring operations, developing a shut down plan and a "safe harboring" solution for the vessel's storage during a very active hurricane season and litigation support.
DSI Team: Fred Caruso & Jim Moore
