Criticare was a medical device company that manufactured and marketed patient monitoring systems, used in anesthesia, critical care, and outpatient care settings. On October 19, 2015, Criticare made a voluntary assignment to the Receiver (John Stark) for the benefit of Criticare’s creditors.  On December 11, 2015, the Receiver conducted an auction at Criticare’s Waukesha facility and the highest and best bid at the Auction was $3.2 million, plus the waiver of $2.3 million of claims that affiliates had asserted against the estate.  Creditors filed a total of 113 general unsecured claims, amounting to $28,759,435.37.  Through the efforts of the Receiver and its counsel, the claims were reduced to $13,258,479.13 of agreed-upon pre-petition claims and the payout percentage was 25.94%.

• Sold the Water Tech Division to Altus Partners for $14 MM in 2005

• Refinanced the $50 MM Revolving Credit Facility with Bank of America in 2005

• Ascential is a leading provider of facilities management services to Fortune 500 companies, nationwide.

• Principals of Water Tower advised Ascential on strategic options ranging from securing capital for growth, pursuing acquisitions, and selling or finding a merger partner

• After evaluating its options, Principals of Water Tower assisted Ascential on the sale of the business to a strategic purchaser.

• Originally retained by the State of Wisconsin Investment Board (“SWIB”) to testify in connection with their motion to have an official equity committee appointed in the DE Chapter 11 proceeding

• Selected as the Financial Advisor to the Official Equity Committee in the Chapter 11 Bankruptcy of Exide Technologies, a $2.4 billion lead acid battery producer

• See Prior Expert Witness Testimony

• Member of the Official Creditors Committee in its 1992 bankruptcy

• Managed the restructuring of this adhesive tape manufacturer

• The company was eventually sold at a loss to a strategic buyer, but the entire investment was recovered through litigation proceeds

• Board of Directors (1996 – 2000) 

• Member of the Official Creditors Committee in its 1992 bankruptcy

• Financial Advisor to Official Creditors Committee of Remee Products, a $24 million manufacture of wire and cable products that filed Chapter 11 in the Southern District of New York, Poughkeepsie Division in 2003

• Strained liquidity and downturn in cabling industry resulted in very weak economics for a commodity business

• See Prior Expert Witness Testimony