Bankruptcy

• Amresco, Inc. a publicly-held specialty lender, asked JSA Managing Director Pam Ragon to manage its complex Chapter 11 liquidation. As CFO in liquidation, she distributed over $90 million to creditors, and resolved claims totaling $150 million. Her negotiations with a strategic buyer drove up the purchase price of remaining assets by over $2 million. She found a buyer for and concluded the sale of $5 million in difficult-to-place securities. She was instrumental in prosecuting preference actions and other claims that netted over $6 million for the benefit of creditors.

• Official Committee of Unsecured Creditors in the $300,000,000 Warren Electric bankruptcy retained JSA as financial and business advisors. This was a complex case involving multiple entities in Texas, Louisiana, Puerto Rico, and two Caribbean nations. JSA’s work included advice on strategic, financial and feasibility issues, forensic accounting, testifying in court, and leading negotiations that resulted in the recovery of substantial cash for the estate.

• RASCO Wholesale Distributors, a rack jobber of hard goods for supermarket chains relied on JSA to guide management through a successful restructuring in Chapter 11. JSA was lead negotiator for the company in discussions with creditors, and helped identify critical operating efficiencies. JSA’s testimony in court was essential to preventing lenders from forcing liquidation.

• Official Committee of Unsecured Creditors of Mr. Gasket, a nationally branded manufacturer of auto aftermarket products, required an assessment of the market potential and value of all product lines, and the quality of operations both domestic and foreign. Following this project, Joe Sullivan advised the Committee on strategic, financial and business issues and was named transition CEO-designate.