Condor Systems LLC
$200 million
Official Committee of
Unsecured Creditors |
Sleepmaster LLC
$200 million
Official Committee of
Unsecured Creditors |
Southwire Company
Financial advisory services |
Synovus Financial Corporation
(NYSE: SNV)
Sale of a minority interest |
$175 million
Restructured under
Chapter 11 |
 $175 million
Chairman Audit committee Sale of Company |
Aenas Venture Corp
$58 million
Sale of Notes held by Harvard Endowment Fund |
$1 billion
Acquisition from Butler Capital
|
Agway Liquidating Trust
$400 million
Divesture of 19 environmentally contaminated real estate properties |
$1.5 billion
Lead/Arranged for $1.5 billion senior secured (ABL) credit facility |
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Algon is currently serving/recently served as financial advisor to:
CABI Downtown, LLC
• Chapter 11 plan of reorganization for $256 million Everglades On The Bay condominium development
Florida-based condominium developer
• $2 billion+ restructuring involving 40+ domestic and foreign financial institutions
Harmony Information Systems
• Advised JMI Equity ($1.3 + billion) on the recapitalization of its portfolio company
Board of Directors of Adama Holding Public Ltd., a $500 million eastern European multi-family developer
• Transition during company’s financial and operational restructuring plan
Mego Financial Corp. d/b/a Leisure Industries
• Formerly a $185 million publicly traded timeshare and residential development company based in Las Vegas
• Advised Chapter 7 Trustee on complex litigation and illiquid assets
NY-based hedge fund
• Approximately $600 million of subordinated debt in a publicly traded homebuilder
Arlington Ridge LLC, a Florida-based active-adult community developer
• Financial Advisor to Debtor in Chapter 11 proceedings, also held CRO position
Village Homes, Inc., a Denver based homebuilder/developer
• Restructuring approximately $140 million of senior debt
$175 million Advance Lighting Technologies, Inc
• Representing the Official Equity Committee
$400 million Agway Liquidating Trust
• Disposition of 24 environmentally-tainted real estate properties
Southwire Company
• Advised client on two potential acquisitions
LRA Worldwide, a private customer experience management consulting and research company
• Financial advisory and interim CFO services
PsychSolutions, Inc.
• Financial advisor in sale to Youth & Family Centered Services, Inc., a portfolio company of TA Associates
Christine C. Shubert, Chapter 7 Trustee of the estate of Barrington Allen
• Financial advisor in sale of minority equity interest in MortgageHub, Inc. and SpeechVantage
Keystone Consolidated Corp. (KYCN.OB)
• Troy Taylor appointed to Board of Directors by the creditors committee upon Chapter 11 emergence
First Commercial Bank, an affiliate of Synovus Financial Corporation (NYSE: SNV)
• Advised in divestiture of 28% equity ownership in Aerosonics Corporation (AMEX: AIM)
Principal of Pulmonary Prescription Providers, Inc.
• Expert witness on behalf of principal in a valuation dispute
Barjan, Inc., a $175 million distributor to truck stops and convenience stores
• Troy Taylor appointed to the Board of Directors and elected Chairman of the Audit Committee
ADLT Class 7 Liquidating Trust (former public shareholders of Advanced Lighting Technologies, Inc.)
• Financial advisor to Trustee (Bridge Associates, LLC) in disposal
SpeizmanIndustries, Inc. (SPZN.OB)
• Advised the Special Committee of the Board of Directors on connection with Chapter 11 petition
Southeastern Retirement Associates, LLC, a South Carolina assisted living company
• Advised an ad hoc committee of Subordinated Noted Holders in a $52.3 million restructuring
Jenner & Block LLP
• Litigation advisory regarding solvency issues in a dispute with a Fortune 500 company
Kaufman, Miller & Sivertsen
• Litigation advisory including expert witness testimony in conjunction with complex M&A litigation
Investor group
• Advised investor group in purchase of PCX Corp., a division of NYSE listed Integrated Electrical Services, Inc.
French Quarter Holdings, LLC
• Advised and participated as a principal in acquisition of a Radisson Hotel from a joint venture
• Advised on restructuring of both senior and subordinated debt
Allied Universal, Inc. a Miami based privately held chemical company
• Advised on $15.2 million leveraged recapitalization
Advanced Lighting Technologies, Inc. ("ADLT")
$175 million
Restructured under Chapter 11
|
| Client |
Equity Committee for Advanced Lighting Technologies, Inc. (ADLT). ADLT had filed Chapter 11 in early 2003 |
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| Initial Situation |
The creditors’ committee, led by GSC Partners (a $14 billion hedge fund) and consisting primarily of hedge funds, were aggressively advocating their plan which would have resulted in a minimal recovery ($0.05 per share) for Equity Holders. |
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| Algon Role |
• Overall financial and business assessment of the debtor
• Determination of equity value under various alternatives
• Determination of strategy in conjunction with legal counsel to maximize recovery to shareholders
• Led negotiations with other Stakeholders
• Algon "fights" for Equity Holders
• Plan confirmed – Equity Holders receive miscellaneous assets
• Algon retained by liquidating trustee to advise on disposition of assets
• Algon advises on strategy to dispose of miscellaneous assets
• Algon completes divestiture of assets resulting in $0.72 per share recovery to Shareholders
• Other Professionals: Jenner & Block, LLC; Strook & Strook & Lavan
• Davis Polk & Wardell; Shaw Gussis Fishman Glantz Wolfson & Towbin
• LLC; Brown Gibbons Lang & Company; Jefferies & Co. |
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Mego Financial Corp.
C. Alan Bentley, Chapter 7 Trustee,
Mego Financial Corp.
$6.25 million
Recovery of litigation claims
|
| Client |
C. Alan Bentley, Chapter 7 Trustee of Mego Financial Corp., bankrupt Estate of a $185 million timeshare and residential development company. |
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| Initial Situation |
The Trustee spend 18 months addressing some of the larger items in the bankrupt Estate, but sought assistance in selling a number of illiquid assets as well as in evaluating whether certain past actions of management and members of the Board of Directors constituted cause for litigation. |
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| Algon Role |
• Assisted the Trustee in evaluating whether certain past actions of management and members of the Board of Directors constituted cause for actionable litigation.
• Assisted the Trustee in recruiting legal firms on a contingency fee basis.
• Managed the business aspects of the litigation and assisted in the settlement discussions.
• Assisted the Trustee in disposing a number of illiquid assets. |
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Aerosonic Corporation
Has sold its 28% equity interest in
We served as financial advisor to First Commercial Bank
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| Client |
First Commercial Bank, an affiliate bank of Synovus Financial Corporation (NYSE: SNV), a $28 billion financial services company. |
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| Initial Situation |
Through a loan foreclosure the bank became owners of 1,096,572 shares of common stock representing 28% of Aerosonic Corp. (AMEX: AIM), a thinly-traded public company based in Tampa, FL. AIM had substantial legal, regulatory and earnings issues including class action litigation and SEC and Justice Department of investigations. AIM’s stock price had declined approximately 80%. |
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| Algon Role |
• Realistic assessment of underlying business
• Recommendation of strategy, in conjunction with legal counsel, to maximize recovery and achieve liquidity
• Provided valuation services to the bank for GAAP purposes
• Created a “sense of urgency” for the AIM board
• Proactively presented options to AIM’s board and investment bankers
• Negotiated terms for sale and repurchase of Bank’s shares.
• Other professionals: Johnston Barton Proctor & Powell LLP; Raymond James & Co.
• Bank was able to divest its shares at 101% of basis. |
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