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A major component of bankruptcy and fraudulent conveyance actions is forecasting what a company's future cash flows are likely to be, or what they would have been at an earlier point in time. Moreover, statistically defensible estimates about the range of reasonable projections in the past can determine whether a particular action was justifiable in a fraudulent conveyance action. This can be useful information in cases involving a corporate defendant as well as those involving charges of constructive fraudulent conveyance against investment bankers, accountants, and lawyers who assisted in refinancing a company that failed sometime thereafter.
NERA's work and our testimony on the issue of inappropriate transfer of assets includes the analysis of whether the transferor was or could reasonably have been believed to be solvent or adequately capitalized at the time of the transfer and whether adequate consideration was received. We go beyond simple accounting estimates of the solvency of a firm at a particular point in time, and instead often investigate fundamental approaches to determining value, including the use of statistical analysis and option pricing formulas to estimate the probability that a firm would become bankrupt over some relevant time frame.
NERA also uses option techniques to determine how the value of an asset in a firm's possession would affect the value of shareholder, bondholder, and other stakeholders' financial positions. Our related cash-flow-at-risk (CFAR) analysis also can be used to estimate the likelihood that cash flows will or would have fallen to levels that would trigger bond indenture covenants.
Name | Title | Location | Phone | |
---|---|---|---|---|
Lucy P. Allen | Senior Managing Director | New York City | +1 212 345 5913 | lucy.allen@nera.com |
Dr. Denise Neumann Martin | Senior Managing Director | Miami | +1 305 808 7880 | denise.martin@nera.com |
Dr. Faten Sabry |
Senior Managing Director
Chair of NERA's Global Securities and Finance Practice Bankruptcy Practice Chair |
New York City
London |
+1 212 345 3285
+44 20 7659 8618 |
faten.sabry@nera.com |
Dr. Ramsey Shehadeh | Senior Managing Director | Washington, DC | +1 212 345 6089 | ramsey.shehadeh@nera.com |
Kurt G. Strunk | Senior Managing Director | New York City | +1 212 345 5035 | kurt.strunk@nera.com |
Robert Patton | Managing Director |
Toronto
London New York City |
+1 416 868 7318
+44 20 7659 8620 +1 212 345 3000 |
robert.patton@nera.com |
Dr. Stephanie Plancich | Managing Director | New York City | +1 212 345 7719 | stephanie.plancich@nera.com |
Dr. Airat Chanyshev | Director | New York City | +1 212 345 7336 | airat.chanyshev@nera.com |
Mike King | Affiliated Consultant |
Denver
San Francisco Washington, DC |
+1 303 357 4781
+1 303 618 4915 +1 303 618 4915 |
mike.king.affiliate@nera.com |
Title | Date | |||
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New York City Bankruptcy Conference | 10 June 2022 | |||
Statistics in Securities Litigation | 10 March 2022 | |||
NERA Insights Webinar | Meme Stocks and the Gamification of Retail Investing | 20 May 2021 | |||
Two Sides of the Coin: Future Cryptocurrency Regulatory and Litigation Risks | 17 March 2021 | |||
A Look Back at 2020 and What’s Ahead in 2021: Trends & Developments in Securities Lit... | 18 February 2021 | |||
New York City Bankruptcy Conference | 22 May 2019 | |||
Asbestos Litigation Risks: How Recent Changes in Asbestos Landscape May Affect Your R... | 14 March 2019 | |||
13th Annual Conference on Empirical Legal Studies | 09 November 2018 | |||
Puerto Rico Restructuring Crisis As Compared to Detroit: Roundtable | 29 November 2017 | |||
ABI New York City Bankruptcy Conference | 18 May 2017 | |||
Title | Date | Type | ||
---|---|---|---|---|
NERA Experts Promoted to Director | 14 February 2023 | Press Release | ||
NERA Economic Consulting Announces Senior-Level Promotions | 28 July 2022 | Press Release | ||
NERA Experts Promoted to Managing Director and Director | 15 February 2022 | Press Release | ||
Tsvetan Beloreshki Rejoins NERA’s Securities and Finance Practice | 28 September 2021 | Press Release | ||
Trends in 2019 Securities Class Actions: Filings Remain High, Resolutions Have Slowed... | 21 January 2020 | Press Release | ||
NERA Economic Consulting Opens Office in Milan, Italy | 19 November 2019 | Press Release | ||
2018 US Securities Class Action Filings Break New Records; NERA Economic Consulting R... | 29 January 2019 | Press Release | ||
Record Increase in 2017 US Securities Class Action Filings Driven by Merger-Objection... | 29 January 2018 | Press Release | ||
NERA Economic Consulting Opens Office in Miami, Florida | 14 November 2017 | Press Release | ||
NERA Economic Consulting Recognized in Who’s Who Legal: Consulting Experts Guide | 06 October 2016 | Press Release | ||
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