Energy
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Designated Bondholder Representative on “Farm Out” transactions
Coho Energy (oil)
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Supervised the control investment in this secondary & tertiary recovery /oil producer
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Financial Advisor to the 2nd Lien Noteholders in this 2009 bankruptcy
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Hawkeye Renewables, LLC (the “Debtor”) filed for Chapter 11 bankruptcy protection in DE, with a proposed plan of reorganization that provided for no distributions to the 2nd Lien Noteholders
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Prepared a valuation report and provided expert testimony in 2010, which successfully challenged the Debtor’s plan of reorganization and valuation of the Debtors’ and 1st Lien Lenders’ financial advisors, resulting in the Court denying the Debtors’ motion for confirmation
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Consequently, the Debtor modified the plan of reorganization to provide for an allocation of in-the-money equity as well as for additional distributions above $435 million to the 2nd Lien Noteholders
Petrolane (propane)
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Member of the Official Creditors Committee in this 1994-1996 bankruptcy
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Texas-New Mexico Power (“TNMP”) was a public utility engaged in generating, purchasing, transmitting, distributing, and selling electricity to customers in Texas and New Mexico. TNMP published a notice, announcing its intention to redeem at par, $29.2 million of its Series T bonds on October 15, 1995. PPMA’s client’s held 22.4% of the 11.25% First Mortgage Bonds
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The terms of the Indenture provided that the bonds were not redeemable unless the redemption was paid from the proceeds of “condemnation or eminent domain proceedings”. PPMA understood that the issuer generated $29 million from the sale of assets to a regional competitor, Southwestern Public Service Company, in connection with the settlement of a rate case, but that the sale in no way was the result of a “condemnation or eminent domain proceeding”. PPMA contacted TNMP to inquire as to the theory under which the redemption was to take place
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The company immediately filed a declaratory judgment action in local court in Fort Worth, Texas. Provided 30 b 6 testimony in the declaratory judgment action, the result of which was that TNMP was blocked from the forced redemption. Additionally, PPMA’s client was reimbursed for 100% of its legal expenses