Case Studies

Liquidation/Litigation Trustee of Airline Businesses

J.S. Held Acquires GLI Advisors, Strengthening Our Construction Project Support Services in the Western US and Hawaii

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Home·Liquidation/Litigation Trustee of Airline Businesses

The Situation

  • The Company had two Airline businesses; one profitable and one unprofitable.
  • The Company sold the unprofitable business for $100 to a group that promised to secure new financing, but financing never materialized.
  • The unprofitable business was insolvent at the date of sale and subsequently filed Chapter 11 within 90 days of the sale.
  • After a contentious Chapter 11 process, the Company was reorganized with new value financing.

How We Advised

  • Our team became a Liquidation/Litigation Trustee.
  • The primary task was to pursue the billionaire owner who had benefited from the sale of the unprofitable business to shield the assets of the profitable business from Creditors.
  • After 8 years of litigation and appeals, the Trustee prevailed with a large judgment against the billionaire owner.
  • The owner paid nearly $10 million to the Trust to satisfy the judgment.
  • Unsecured Creditors received a 50% recovery on their Claims.

Key Contact

Dan F. Dooley, CTP 
Senior Managing Director 
Strategic Advisory Practice 
+1 603 660 8952 
[email protected] 

 

Mark J. Welch, CPA, CTP 
Senior Managing Director 
Strategic Advisory Practice 
+1 412 498 8258 
[email protected] 

Related Practice Areas

> Fiduciary Services 
We deliver unbiased, expert solutions in court-mandated and out-of-court situations that demand a third-party fiduciary, including insolvency, fraud, litigation, and shareholder disputes. When companies are in financial distress, become entrenched in complex disputes, or fraud is suspected, lenders, attorneys, and regulatory agencies recommend that federal and state courts or boards of directors appoint our experts as fiduciaries. 

 

> Investigations and Litigation Support 
When an investigation or litigation involves a company in financial distress, we help uncover the truth behind the numbers, recover assets, and navigate complex legal landscapes. We combine forensic accounting, fiduciary services, and litigation experience to expertly guide business owners, stakeholders, lenders, creditors, regulators, and counsel seeking recovery in distressed situations. 

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