Notable Cases

Experience, Responsiveness and Delivery

 
Company
ACT Manufacturing, Inc.
 
V&L Role
Chapter 11 Debtor's Accountant, Court-appointed Financial Consultant and Liquidating Supervisor
 
Description
Prepared Schedules and Statement of Financial Affairs for this billion dollar, publicly-traded, multinational electronics manufacturer; assisted with analysis of potential D&O claims; and prepared Monthly Operating Reports throughout the pendency of the case.
 
 
 
Company
Adam Construction Corporation, Inc.
 
V&L Role
Debtor's Litigation Expert and Forensic Analyst
 
Description
Conducted forensic review of each transaction over $23,000,000 for multiple projects under dispute to determine the amount due to or from the developer, prepared an expert report and met with litigants for settlement purposes.
 
 
 
Company
Adero, Inc.
 
V&L Role
Liquidator
 
Description
Oversaw the liquidation of this privately-owned company that raised in excess of $150,000,000 after the Board of Directors voted to adopt a Plan of Liquidation that provided for the payment of all debt with any remaining assets to be paid out as dividends to preferred shareholders. Sold computer equipment using both public auctions and private sales, negotiated building lease buyouts, arranged for equipment lease buyouts, collected A/R, secured insurance refunds and issued distributions to preferred shareholders.
 
 
 
Company
American Shipyard Corporation
 
V&L Role
Chapter 11 Trustee's Accountant
 
Description
Analyzed viability of business and testified in Court as to findings; prepared cash flow projections and assisted with other plan confirmation issues; assisted Trustee's Counsel in avoidance and insolvency analyses; prepared draft insolvency report and prepared testimony (the matter settled prior to evidentiary hearing); performed preference analysis; re-created and reviewed all cash transactions one year prior to filing the bankruptcy for inappropriate or illegal banking activity and for transfers to related or affiliated entities and insiders; and provided all tax preparation services. Upon Plan confirmation, V&L was appointed Distribution Agent to administer the open aspects of the Plan.
 
 
 
Company
Anton Noll, Inc.
 
V&L Role
Chapter 7 Trustee's Accountant
 
Description
Conducted extensive forensic investigation that included re-creating cash and other financial activity for a two-year period for five bank accounts held in several states. Discovered numerous transfers to insiders (and their relatives) and affiliated entities amongst the plethora of monthly activity and identified $4,000,000 in misappropriated funds. Also qualified as an expert, testified as to nature and appropriateness of many transactions and provided an opinion as to Debtor's insolvency at two different dates.
 
 
 
Company
Carlson Group, Inc.
 
V&L Role
Accountants to the Committee
Court-appointed Chapter 11 Liquidating Supervisor
 
Description
Conducted large-scale receivable collection; payment and materials bond claim analysis, as well as general claim analysis and reconciliation; and preference and insider analyses on this multi-entity, $300 million construction and architectural design firm that conducted business in approximately 15 states. The accounting work included a detailed review of thousands of transactions related to numerous construction contracts in order to maximize collection of receivables and limit the claims of bonding companies and/or customers.
 
 
 
Company
Chestnut Fund LP
 
V&L Role
Court-appointed Receiver in an SEC Criminal Matter
 
Description
Liquidated a $3 million hedge fund, including re-creating all fund activity to determine the proper accounting for the fund since its inception. Distributed assets and worked with special counsel to evaluate various potential claims against former Limited Partners and Fund Manager.
 
 
 
Company
Gitto Global Corporation
 
V&L Role
Accountant to the Examiner
Accountant to Chapter 7 Trustee
 
Description
Initially served as forensic accountants to the Bankruptcy Court-appointed Examiner in this Chapter 11 bankruptcy case involving alleged pre-petition fraud in excess of $30 million. Through its painstaking review of the Debtors' electronic and paper records, the Firm was able to assist in identifying thousands of documents indicative of a myriad of financial fraud schemes perpetrated by the Debtor's principals and a number of former employees. Since working for the Examiner, V&L has been hired by both the Chapter 7 Trustee and the secured creditor to perform significant additional forensic work.
 
 
 
Company
Gloucester Marine Terminal
 
V&L Role
Manager of LLC Formed to Own, Liquidate and Oversee Operations
 
Description
Retained as overseer of this marine terminal, warehousing and cargo handling facility purchased in a bankruptcy proceeding for in excess of $100 million. Provide accounting, oversight, reporting and administrative services to the ownership group of the LLC and their attorneys during the operating period - three plus years.
 
 
 
Company
Holland Mark Martin Corporation
 
V&L Role
Assignee for Benefit of Creditors
 
Description
Solicited Assents to Assignments, sold computer equipment at public auction, liquidated two blocks of Polaroid stock through brokerage firm, negotiated with landlord on lease termination, resolved A/R and A/P discrepancies, objected to claims that diverged with A/P records.
 
 
 
Company
Learningsmith, Inc.
 
V&L Role
Ch. 11 Debtor's Accountant
Chapter 11 Liquidating Supervisor
 
Description
Prepared Schedules and Statement of Financial Affairs. Provided advice to management and counsel as to monthly operating reports, accounting and tax issues and general bankruptcy issues. Prepared preference analysis and corporate federal and tax returns for thirty states. Assisted with post-petition wind-down activities.
 
 
 
Company
MotherNature.com
 
V&L Role
Liquidator
 
Description
Oversaw the liquidation of a publicly-traded company that raised in excess of $120,000,000 after the Board voted to adopt a Plan of Liquidation that provided for the payment of all debt with any remaining assets to be paid out as dividends to preferred shareholders. Liquidated computer equipment and office furniture, sold 800 #'s, domain name and company van, negotiated lease terminations in Acton and Concord, pursued insurance refunds, administered revenue stream from marketing deal with Drugstore.com, collected A/R, paid bills, issued distributions to shareholders.
 
 
 
Company
Newport Creamery, Inc.
 
V&L Role
Chapter 11 Trustee's Accountant
 
Description
Assisted the Trustee in operating a chain of family style restaurants while a buyer was pursued. Worked extensively on forensic investigation re-creating cash and other financial activity;, investigated timing and nature of all receipts and disbursements, including numerous transfers to insiders (and their relatives) and affiliated entities. Qualified as an expert, testified as to nature and appropriateness of numerous transactions, as well as to dates of insolvency. Currently providing litigation support services in connection with various ongoing lawsuits.
 
 
 
Company
NordicTrack, Inc.
 
V&L Role
Chapter 11 Debtor's Accountant
Estate Representative
 
Description
Prepared Schedules and Statement of Financial Affairs and Monthly Operating Reports. Assisted Counsel in all aspects of the case including: the sale of assets under Bankruptcy Code Section 363; preparation of the claims register for approximately 15,000 creditors; promulgation and review of cash budgets; compilation of preference and fraudulent transfer analyses; preparation of federal and state (40 states) income/excise tax returns; and recovery and liquidation of all remaining estate assets.
 
 

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