Selected Case Experience
NERA experts draw on deep industry experience across all sectors of the economy derived from the breadth of our advisory and litigation work worldwide. In addition to our work directly in bankruptcy proceedings, NERA's finance and valuation experience has been developed through business advisory, M&A, litigation, and regulatory engagements. Here is a sampling of recent case experience:
Automotive
Chemicals
Computer
Construction
Consumer Products
Energy
Financial Services
Health Care
Housing Finance/Real Estate
Media and Telecommunications
Oil and Gas
Retail
Automotive
- Analyzed supplier contracts that debtor wants to reject in bankruptcy.
- Provided valuation of the value of a joint venture brake manufacturer and the damages from alleged breach of the JV agreement.
- Provided valuation of insurance claims involving automobiles.
Chemicals
- Analyzed the value of a petro-chemical plant producing specialty intermediate chemicals used in plastics and coatings industry. The work required analysis of competitors as well as the downstream markets for the finished products such as plastic water bottles and vinyl coatings used in electrical wire production.
- Analyzed the impact of capacity constraints in the Vitamins industry on pricing and competitive entry.
- Performed enterprise valuation of a soap manufacturer based on alternative competing industry forecasts, in connection with a failed acquisition.
Computer
- Calculated valuation of a software company.
- Provided valuation relating to the breach of exclusivity of a software license.
- Quantified the value associated with net operating losses (NOLs) for current shareholders of a software company under different scenarios and limitations on use of NOLs imposed in the context of a change in control.
- Performed forensic accounting of a computer monitor distributor in connection with a creditor claim in bankruptcy for recovery of the value of concealed transactions subject to a pre-bankruptcy court ruling.
Construction
- Performed analysis in a suit brought by the Unsecured Creditors Committee alleging that the directors and officers should have declared bankruptcy sooner.
- Analyzed claims of breach of fiduciary duty and deepening insolvency brought by bankruptcy trustee.
Consumer Products
- Estimated the value of a patent infringement damages claim for a creditor in a bankruptcy proceeding.
- Estimated the costs associated with terminating a service contract.
- Estimated the future liabilities and current funding costs associated with future silica and asbestos personal injury claims.
Energy
- Conducted reviews of asset valuations, asset models, and the assumptions used to support the Plan of Regorganization of a merchant energy company in Chapter 11.
- Evaluated the effect of bankruptcy on a 25-year agreement to operate and maintain an industrial facility.
- Forecasted and stress-tested future collateral and funding required to support a distressed merchant energy company's asset-hedging program. Formulated optimal collateral allocation strategy.
- Provided valuation for a portfolio of terminated OTC energy trades in a negotiated settlement.
Financial Services
Banking
- Analyzed the solvency and capital adequacy of a bank whose main asset was a securitized subprime loan portfolio in fraudulent conveyance litigation.
- Analyzed the enterprise valuation at the time of its acquisition of a foreign bank that subsequently under-performed.
Consumer Finance
- Provided financial advisory and testimony for debtor in plan confirmation hearings on the contingent value of the future satellite finance customer claims.
Hedge Fund
- Assessed risk management procedures and marking to market and valuation practices at hedge funds trading primarily in credit default swaps and structured finance securities, following the bankruptcy of the funds.
Structured Finance
- Provided valuation of synthetic and hybrid asset-backed collateralized debt obligations including the analysis of waterfalls and the calculation of damages.
Health Care
- Evaluated the merit of derivative claims against the CEO that potentially undermined the plan of reorganization of a Bankrupt healthcare company.
- Provided valuation of a patent for artificial joints.
- Estimated the value of future medical device product liability claims against proposed bankruptcy trust. Provided testimony at Fairness Hearing.
- Performed analysis of fraudulent conveyance claims brought by the trustee of a bankrupt dental equipment supplier.
Housing Finance/Real Estate
- Provided valuation of closely-held corporation, which holds income-producing real estate in New York City.
- Performed analysis of a bankruptcy, including valuation of residual interests of securitized subprime loans and related noteholder class action litigation.
- Conducted financial analysis of fair market mortgage rates and on feasibility of bankruptcy plans.
- Provided valuation of wholesale mortgages and securitized pools of loans for a bankrupt originator and securitizer after filing for bankruptcy.
Media and Telecommunications
- Evaluated alternative financing plans in connection with an M&A dispute.
- Performed analysis of whether disputed leases were true leases or structured financing in connection with bankruptcy adversary proceeding.
- Performed analysis of an ordinary course of business defense of preference claims.
Oil and Gas
- Assessed market pricing in gasoline refining, distribution, and marketing related to a commercial dispute.
- Forecasted prices of oil and natural gas to estimate the value of reserves.
- Quantified the market impact of the acquisition by a Big 5 oil corporation of a major North American natural gas producer.
- Analyzed the likely pass-through of environmental compliance costs and implications of emissions allowance distribution on competitiveness of US crude oil refiners.
Assessed market pricing in gasoline refining, distribution, and marketing related to a commercial dispute.
Forecasted prices of oil and natural gas to estimate the value of reserves.
Quantified the market impact of the acquisition by a Big 5 oil corporation of a major North American natural gas producer.
Analyzed the likely pass-through of environmental compliance costs and implications of emissions allowance distribution on competitiveness of US crude oil refiners.
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Retail
- Developed a critique of company financial projections based on changing macro-economic conditions in the retail footwear market.
- Critiqued the enterprise valuation of a supermarket and drug store operator in the context of an acquisition.
- Analyzed the business losses of a group of jointly operated franchise retail stores resulting from alleged mismanagement.
