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Client
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Business
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Nature of Claim
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Services Performed
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Owner /Seller
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Manufacturing
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Various claims by buyer of post close working capital deficiencies, inadequate seller disclosures and other violations of contractual representations and warranties related to sale of a business
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Identified and evaluated relevant financial records, interviewed operations and financial personnel, concluded on exposure amounts, developed a matrix of strengths and weaknesses on each claim, worked with counsel and client on developing a defense and resolution strategy and assisted in documentation of resolution
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Investor
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Finance – Mortgage Backed Securities
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Claims by Investor in multiple Alt-A and Subprime residential mortgage loan securitization transactions
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Reviewed offering prospectus and related sales materials and correspondence, distribution reports, third party and rating firm analyses and underlying collateral files as well as additional research. Assisted counsel in determining potential causes of action and preparing pre-trial internal briefs for client presentation and counterparty negotiation purposes.
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Investor
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Real Estate
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Various claims by limited partner investor against general partner sponsor regarding potentially inappropriate general partner charges over a 20 year period
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Based on reading of partnership agreement and related offering documents and financial reports over a 20 year period identified potential claims, performed financial records review, toured properties and met with operating and financial personnel, modeled implications through a complex "waterfall" of priorities, developed relative strengths of arguments and provided presentations to client, counsel and opposing general partner. Assisted client and counsel with mediation settlement process and documentation.
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Lender
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Commercial Real Estate Mortgage Loans
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Consideration of collateral valuation, foreclosure and guarantee enforcement opportunities
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In connection with a review of numerous complex commercial loan agreements and loan files on behalf of lender client, considered likely resolution strategies and results; assisted client in transmitting case information to counsel and discussions with counsel regarding likely position.
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Investor
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Finance - Asset Backed Securities
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Claims by investor that servicer mismanaged the underlying loan portfolio
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Read voluminous disclosure documents and years of reporting and reports of other specialists; developed observations on policies and procedures, identified specific servicing defects and variance from the servicer's policies and industry standards; developed rebuttals to the reports of other specialists and assisted counsel in preparation for defense depositions. Provided deposition testimony and expert’s report.
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Lender
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Commercial Real Estate Mortgage Loans
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Claims by IRS that loan related bad debt deductions were excessive
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Read loan files, borrower reporting, appraisals and internal valuations as well as IRS claims. Assisted client in evaluating lender position and collateral valuation, reconfiguring claim amounts, drafting position papers and meeting with IRS resulting in a very favorable settlement.
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Accounting Firm
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Finance - Originator of Securitizations
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Claims by investor class that audit was negligent
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Reviewed years of financial and narrative reporting, identified root causes of business failure, reviewed audit workpapers, compared work performed to authoritative literature and related that to the subject company's specific business model and industry standards; advised on strengths and weaknesses of various defenses.
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Accounting Firm
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Real Estate
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Claims by investor class that audit of lender was negligent
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Reviewed financial statement and various contracts to determine cause of business failure and other culpable parties, reviewed audit workpapers, compared work performed to authoritative literature and related that to the subject company's specific business model; advised on strengths and weaknesses of various defenses.
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Accounting Firm
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Manufacturing
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Claims by client that audit was negligent
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Based on reviewing internal reporting and procedures, determined client officer intentionally caused misreported earnings, reviewed audit procedures, compared to authoritative literature, advised on strengths and weaknesses of work done and worked with counsel on resolution strategy.
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Accounting Firm
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Real Estate
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Claims by investor class that audit of syndicator was negligent
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Identified weaknesses in offering materials and sponsor behaviors, reviewed audit procedures, compared to authoritative literature, advised on strengths and weaknesses of work done and worked with counsel on resolution strategy.
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Investors
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Real Estate - Airport and Integrated Resort Development (golf courses, hotel, single family sites, condos, onsite utilities, etc.)
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Investor class investigation considering claims of misappropriation of funds, seeking changes in management and sale of interests
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Reviewed financial statements and operating reports, toured facilities, interviewed management, operational and financial personnel, provided a comprehensive set of observations and guidance on potential changes in financial and management structures.
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Lessor (land owner, operations participant)
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Real Estate - Integrated Resort Development (golf courses, hotels, single family sites, onsite utilities, etc.)
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Lessor potential claims regarding lessee noncompliance with lease terms and need for renegotiation
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Reviewed decades of lease contracts and amendments, communication files and financial reporting by lessee; determined potential lack of compliance through analysis and extensive modeling and advised on complex lease renegotiations, assisted counsel in presentations with management operational and financial personnel.
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Owner of IP
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Manufacturing
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Potential owner claim for under reporting of relevant sales (and related fees) under a royalty contract related to certain product lines
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Reviewed the subject contract and related correspondence including financial reporting, production and sales reports, and certain relevant publicly available information; concluded on reporting and developed related insights for counsel for settlement purposes.
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Acquirer
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Distribution - medical products
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Dispute with respect to post-closing adjustments
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Read the subject contract as well as reports and declarations of various third parties and supporting analyses. Provided insights as consulting experts to counsel for settlement negotiations purposes.
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Bank
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Residential Mortgage Backed Securities (“RMBS”)
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Allegations by bank investor that the sellers/ issuers of various RMBS failed to properly disclose their underwriting processes and the risks inherent in the loans underlying the RMBS.
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Read various issuer documents (prospectus, mortgage loan sale agreements etc.), trustee reports, loan files and reports on loan file reviews, compared performance to general market, identified trends in defaults.
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Public pension fund
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Managing investments on behalf of public employees
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Negligence by an investment advisor in directing the fund to invest in what was later determined to be a Ponzi scheme.
Negligence by various audit firms in connection with their audits of the client investor or the investee affiliates.
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Read various trustee statements, receiver documents, financial statements. Prepared an analysis comparing the return on the investment to a comparable investment. Prepared numerous analyses of alternative potential distributions of remaining funds by the receiver and losses to client and provided commentary on diligence items neglected by the investment advisor.
Read audited financial statements, special reports and underlying workpapers to identify audit deficiencies and various red flags that were missed.
Assisted counsel in various mediation submissions and rebuttals and presented findings at mediation.
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Financial Institution
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Loans and note sales
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Investigation for audit committee regarding concerns about specified loans and note sales
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Review loan and note sale files, policies and third party information, interviewed officers and borrowers, identified substantial documentation and internal control deficiencies including conflicts of interest and submitted extensive reporting to Board, regulatory and law enforcement agencies.
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Property Owner
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New construction; Animal services
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Construction contract violations and defects claims
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Reviewed construction and subcontractors’ contracts, correspondence, pay applications, bank records and payments and developed clear and concise presentations regarding contract violations and cost to remediate and observations on opposing expert’s declarations. Made presentations at mediation.
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Financial Institution
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Lending
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Potential implications of a borrower’s possible FCPA violations (Foreign Corrupt Practices Act)
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Reviewed loan files covering origination and many years of monitoring to identify relevant information, if any, to the claimed FCPA violations by the borrower (which may impact client’s enforcement of its security interests) as well as observations on policies
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Financial Institution
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Lending
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Fraud by a borrower
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Read numerous loan files and other documents and system information over a period of years, interviewed numerous personnel and read selected emails to identify the control weaknesses that facilitated the fraud and who knew what and when. Read reports of auditors and specialists. Identified potential sources of recovery and needed process changes. Reported to Board and regulators.
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Investors
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Financial services
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Class action lawsuit against a public lender who has admitted various improprieties and risks that had not been disclosed in its offering documents in its registration statement.
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Read various public and court filings and identified additional issues for counsel’s consideration. Performed analysis of prospective financial model to assist counsel in assessing a proposed settlement.
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Financial Institution
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Lending
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Investigation of officers’ behaviors especially with respect to certain borrowers affiliated with such officers
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Reviewed numerous loan files, bank policies and correspondence covering management matters as well as loan origination, monitoring and sales. Provided detailed reporting of observations and recommendations. Reported to Board and regulatory and enforcement agencies.
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Financial Institution Directors and Officers
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Lending
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Evaluation of regulatory agency claims against directors and officers for various claimed lack of adherence to good practices and entity policies (safety and soundness)
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Read numerous files and client and regulatory policies. Developed specific responses to each claimed deficiency for presentation at mediation.
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Investor
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Real Estate
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Mismanagement by general partner, failure to properly allocate distributions to partners.
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Read numerous documents; identified several additional potential claims against the general partner; created various analyses; prepared damages calculations for mediation meeting.
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Financial Institution Officer
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Lending
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Evaluation of regulatory agency claims against the officer (and others) for various claimed lack of adherence to good practices and entity policies (safety and soundness)
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Read numerous loan files and client and regulatory policies. Developed specific responses to each claimed deficiency for rebuttal to regulators in advance of an enforcement action trial and other regulatory claims.
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Investor
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Real Estate
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Defense against a claim by the general contractor that it was owed deferred fees based on the subsequent operations and cash flows of the property.
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Read numerous documents and performed various analyses. Identified several questionable billing practices of contractor. Provided testimony on property cash flows in deposition and in arbitration.
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Investor
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Real Estate
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Various claims by the money limited partner against the general partner and related entities.
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Read numerous documents and performed various analyses. Drafted damages analysis for subsequent arbitration prior to ultimate settlement in mediation.
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Financial Institution
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Lending
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Deficient audits by the auditor of a borrower who defaulted on a loan.
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Read numerous documents and performed various analyses. Identified various issues with respect to the performance of the underlying audits and compliance with loan provisions.
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