S P E C IA L R E P O R T
Retailers defy trend toward fewer filings Bankruptcy cases rose for the industry last year while falling elsewhere. Expect the same in 2014 by jamie mason
law firms , volume
Business bankruptcy filings in fiscal year 2013, ended Sept. 30, were down 17% from fiscal 2012, according to the Administrative Office for the U.S. Courts. But restructuring professionals still found plenty of work in the retail industry and will likely discover even more in fiscal 2014, as antiquated shopkeepers try to figure out how to deal with fierce competition from online merchants. “There has been an increase in retail bankruptcy filings in 2013 and it’s going to be even more this year,” said Peter N. Schaeffer, a principal at crisis management firm GlassRatner Advisory & Capital Group LLC, which finished second among crisis management firms by number (124 active cases) and 10th by volume ($6.2 billion in assets) in the Deal Pipeline Bankruptcy League Tables for the fourth quarter. According to The Deal Pipeline, 16 retailer bankruptcies were filed in the U.S. by companies with at least $50 million in liabilities in 2013, double the number the year before. “If you go back to the 2007 and 2008 recession, a lot of retailers got their balance sheets in order, paid down debt, restructured, lightened their inventory and got in a good position to weather the storm,” said Schaeffer. “But you can’t expense yourself to success. You can’t just cut inventory and succeed. At some point, you have to invest back into the business.” Investment banker J. Scott Victor at SSG Capital Advisors LLC agreed that more retailers will be reorganizing in 2014, even though he doesn’t see any dramatic changes with the still-vibrant credit markets and a stable consumer economy. “Bankruptcy filings are down overall and there is plenty of financing available across all industries, even distressed ones,” said Victor, who tied for fourth place among investment bankers by number of active cases with five. “The issue with retail, though, is that, unfortunately, specialty retail has been in longterm systemic decline.” His SSG Capital colleague, Michael Goodman, asserted that the most obvious reason behind this situation is that “the Internet is taking their business away, and that is going to continue year after year.”
CONTINUED > close
print
back
Rank
( $ bill .)
Law firm
No. of active cases
Avg. assets
Assets
1
Skadden, Arps, Slate, Meagher & Flom LLP
73
$14.7
$1,074.1
2
Weil, Gotshal & Manges LLP
78
13.2
1,030.8
3
White & Case LLP
61
16.8
1,025.2
4
Vedder Price PC
66
15.3
1,008.8
5
Saul Ewing LLP
95
10.6
1,002.7
6
Duane Morris LLP
159
6.3
1,001.3
7
Akin Gump Strauss Hauer & Feld LLP
94
10.5
987.1
8
Morgan, Lewis & Bockius LLP
90
10.9
982.9
9
Cooley LLP
74
13.1
970.7
10
Latham & Watkins LLP
87
10.7
930.3
l aw y e r s , vo lu m e Rank
Lawyer
( $ b i l l .) Law firm
No. of active cases
Avg. assets
Assets
1
Schein, Michael
Vedder Price PC
32
$30.1
$962.4
2
Lauria, Thomas
White & Case LLP
23
36.2
832.7
3
Milmoe, J. Gregory
Skadden, Arps, Slate, Meagher & Flom LLP
12
69.1
829.7
4
Rosner, Douglas
Goulston & Storrs PC
22
36.7
808.4
5
Hahn, Richard
Debevoise & Plimpton LLP
13
61.7
802.1
6
Gottfried, Andrew
Morgan, Lewis & Bockius LLP
8
99.9
799.1
7
Lipke, Douglas
Vedder Price PC
24
33.1
795.1
8
Davidson, Scott
King & Spalding LLP
8
98.5
787.9
9
Mayer, Thomas
Kramer Levin Naftalis & Frankel LLP
13
60.3
784.4
10
Golden, Daniel
Akin Gump Strauss Hauer & Feld LLP
13
59.3
770.8
< Index >
cover
search
view
2
BANKRUPTCY LEAGUE TABLES investment banks , volume
< PREVIOUS
Rank
MANY RETAILERS have been making headlines lately because of their financial troubles, including women’s apparel retailer Coldwater Creek Inc., department store operator J.C. Penney Co., electronics retailer RadioShack Corp., specialty retailer Brookstone Co., apparel retailer Abercrombie & Fitch Co. and plus-size women’s retailer New Ashley Stewart Inc., just to name a few. So far, they’ve staved off bankruptcy and are trying to restructure outside of court. In 2013, however, companies such as hardware retailers Orchard Supply Hardware Stores Corp., Handy Hardware Wholesale Inc. and hospital uniform purveyor Life Uniform Holding Corp. all filed for bankruptcy protection. In the fourth quarter, discount department store chain Loehmann’s Holdings Inc. and golf retailer Edwin Watts Golf Shops LLC, among others, joined the list. Jay Indyke, the head of restructuring at Cooley LLP (116 cases, ranking it 13th among law firms; $970.7 billion in assets, ranking it ninth by volume), said a plethora of retailers have a significant level of debt that greatly exceeds the value of their assets. He noted that lenders have been willing to forbear, extend and restructure outside of court, but such efforts haven’t necessarily led to long-term fixes because they are more financial restructurings than strategic ones. “Coldwater Creek, Brookstone and Ashley Stewart could be the next three bankruptcies from the rumors that I have heard,” GlassRatner Schaeffer posited. “They all have antiquated concepts.” Many retailers are clinging to old business models and aren’t appealing to the millennials. “There is currently a cleansing of
CONTINUED >
Bank
( $bill.)
No. of active cases
Avg. assets
Assets
1
Blackstone Group LP
26
$27.7
$720.6
2
Miller Buckfire & Co. LLC
6
109.0
653.9
3
Houlihan Lokey Inc.
21
2.8
58.2
4
Jefferies LLC
9
5.1
45.9
5
Lazard
13
3.2
41.7
6
Moelis & Co. LLC
12
2.7
32.6
7
UBS
3
10.8
32.3
8
Macquarie Capital (USA) Inc.
1
30.1
30.1
9
Solic Capital Advisors LLC
14
2.1
28.8
12
2.3
27.3
10 Duff & Phelps Securities LLC
crisis management firms , volume Rank
Firm
( $bill.)
No. of active cases
Avg. assets
Assets
1
FTI Consulting Inc.
105
$8.6
$906.0
2
Goldin Associates LLC
17
42.2
717.9
3
Capstone Advisory Group LLC
19
6.2
116.9
4
Protiviti Inc.
19
2.4
46.5
5
Alvarez & Marsal LLC
38
0.9
33.6
6
Huron Consulting Group Inc.
11
1.2
13.6
7
Conway MacKenzie Inc.
18
0.7
13.3
8
AlixPartners LLP
16
0.8
12.9
9
Gavin/Solmonese LLC
32
0.2
6.4
10
GlassRatner Advisory & Capital Group LLC
17
0.4
6.2
noninvestment banks , volume
( $bill.)
Rank
Firm *
No. of active cases
Avg. assets
Assets
1
BMC Group Inc.
83
$8.9
$737.7
2
Epiq Bankruptcy Solutions LLC
114
3.5
400.5
3
Kurtzman Carson Consultants LLC
133
2.2
297.5
4
Garden City Group Inc.
111
2.5
273.0
5
Rust Consulting/Omni Bankruptcy
23
2.0
46.2
6
KPMG
9
4.9
43.7
7
J.H. Cohn LLP
10
3.9
39.4
8
Ernst & Young
18
2.0
36.2
9
Kekst and Co.
9
3.3
29.4
Rubenstein Associates Inc.
1
15.7
15.7
Sard Verbinnen & Co.
1
15.7
15.7
10
*Ernst & Young includes Ernst & Young Inc. and Ernst & Young LLP; KPMG includes KPMG Corporate Recovery, KPMG Inc. and KPMG LLP.
close
print
back
< Index >
cover
search
view
3
BANKRUPTCY LEAGUE TABLES < PREVIOUS bad operators going on, a correction in retailers who don’t deserve to be in business anymore,” he added. Another major issue plaguing retailers is expensive leases and stores with too much square footage. Such excesses led to the downfall of Fortunoff Holdings LLC in 2009 and, more recently, supermarket chain Fresh & Easy Neighborhood Market Inc., which blamed its Sept. 30 Chapter 11 filing on pricey leases. Schaeffer predicts that J.C. Penney can make it through 2014, but 2015 could be a whole different story if the retailer doesn’t achieve increases in comparable-store sales above 2%. He said he believes that RadioShack would do much better as part of Best Buy Co. or another retailer as a store-within-a-store, giving up on have freestanding outlets of its own. “If they don’t come up with something quick, they will be in big trouble,” he said. ONE SILVER LINING could be book retailer Barnes & Noble Inc. There has been a stabilization in the industry with one-third of books being electronic and the remainder being hard- and softcover books, Schaeffer said. Still, Barnes & Noble has to come up with a model that will allow it to be price-competitive. “Their stores are still too big and their prices are too high,” Schaeffer explained. In their quest to survive in a world where the Internet continues to change the way that people shop, “retail collateral is still gold,” according to SSG Capital’s Goodman, referring to the merchandise in the stores. “Liquidators have mastered the art of going-out-business sales, so it is easy for lenders to recover fully what they advanced against the inventory collateral,” Goodman said.
close
print
back
“Even if the business is struggling or losing money, the company can continue to attract financing to these zombie chains because of the liquid nature of their collateral,” he said. Debtor counsel to sports bar chain Fox & Hound, Michael Fox, chairman of restructuring at New York law firm Olshan Frome Wolosky LLP (ranked 73rd with 17 active cases and 193rd in volume, with $8 billion in assets), points out that sometimes retailers are worth more dead than alive if they own real estate or have valuable leases from 20 years ago that are priced below market prices and would be considered assets instead of liabilities. Goodman said that while he’s seeing much more restructuring transactions across all industries being effectuated outside of court because of the costs of bankruptcy, a retailer still generally needs to reinvent itself in court and use the federal bankruptcy code to deal with its leases. HISTORICALLY, RETAILERS would file for bankruptcy right after Christmas when they were flush with cash to fund their bankruptcy stays instead of using an expensive debtor-in-possession loan. No more. “Most retailers are in denial and they wait too long and often don’t have the flexibility to wait to file because once they have no money left to buy inventory, they have no choice,” Schaeffer said. “Once vendors stop shipping, the company is going to file and rumors are enough to get vendors to stop shipping goods to retailers.” Within the retail sector, appliance and furniture retailing are rebounding most. “We are starting to see a strength coming from home improvement stores,” he said. Moderate bricks-and-mortar women’s apparel is struggling
< Index >
CONTINUED >
cover
search
view
4
BANKRUPTCY LEAGUE TABLES investment bankers , volume
< PREVIOUS
Rank
the most, however. And that’s a major problem for the entire retail industry. “Women’s apparel is the biggest driver of retail sales,” Schaeffer said. “There is no question that consumers are buying much more on the Internet and not going into stores. Besides all of the competition on the Internet, there has also been price deflation in women’s apparel, so retailers have to sell more units to do the same amount of business.” Cooley’s Indyke (34 cases, ranked 33rd among lawyers; $137.4 billion assets, ranked 94th by volume) pointed to restaurants as a subsector that is struggling more than others because demographics in certain areas of the economy haven’t improved to the same levels as in others. Also, people in certain income brackets can no longer afford to eat out. Restaurant operators Sbarro Inc., Ruby Tuesday Inc., Quiznos and Logan’s Roadhouse Inc. have all been struggling. Fox & Hound filed for Chapter 11 on Dec. 15 and Wendy’s franchisee Wen-Kev Management Inc. sought bankruptcy protection on Dec. 4. Schaeffer said he believes that it’s not the retail or restaurant industry that is in trouble, but individual concepts. “Restaurants are always going bankrupt,” he asserted. “It’s part of their churn. If they don’t have enough money to renovate their restaurants and change concepts, they lose customers. It’s really the moderately priced mass-market restaurants that are struggling because those customers are getting hit the most in this economy.” The fact that retail has hit a rough patch lately means that other companies could start facing issues, as well. “Retail is a leading indicator of distress,” Schaeffer said. “They go into distress before everyone else and they come out before everyone else. Everything else follows. If the guy that makes the clothing goes under, ultimately it hits the cotton grower. Next year will be a hard year for major suppliers to large retailers, apparel companies and food distributors as a result of this year’s potential bankruptcy onslaught.” n
Banker
print
back
No. of active cases
Avg. assets
Assets
$133.4
$667.2
1
Coleman, Timothy
Blackstone Group LP
5
2
Szlezinger, Leon
Jefferies LLC
4
9.8
39.0
3
Solimene, Mick
Macquarie Capital (USA) Inc.
1
30.1
30.1
4
Casas, Edward
Solic Capital Advisors LLC
9
3.2
28.5
5
Luria, Neil
Solic Capital Advisors LLC
8
3.6
28.4
6
Strom, Steve
Jefferies LLC
2
12.5
24.9
7
Huffard, Flip
Blackstone Group LP
5
3.6
18.2
8
Murphy, Brendan
Duff & Phelps Securities LLC
5
3.5
17.7
9
Hilty, David
Houlihan Lokey Inc.
4
4.2
16.8
Greene, S.; Puntus, M.
Centerview Partners LLC
1
15.7
15.7
Niemann, M.; Siegert, E.; Snellenbarger, R.
Houlihan Lokey Inc.
1
15.7
15.7
Pfeiffer, Allen
Duff & Phelps Securities LLC
1
15.7
15.7
Tuliano, Ralph
Mesirow Financial Holdings Inc.
1
15.7
15.7
No. of active cases
Avg. assets
Assets
10
crisis managers , volume Rank
Professional
( $bill.)
Firm
1
Tully, Conor
FTI Consulting Inc.
12
$63.8
$766.0
2
Pauker, David
Goldin Associates LLC
12
57.4
688.8
3
Preston, Seymour
Goldin Associates LLC
9
75.1
675.5
4
Star, Samuel
FTI Consulting Inc.
12
56.2
674.7
5
Eisenband, Michael
FTI Consulting Inc.
11
13.1
144.2
6
Nolan, Bill
FTI Consulting Inc.
6
13.8
83.0
7
Joffe, Steven
FTI Consulting Inc.
7
9.6
66.9
8
Kearns, Christopher
Capstone Advisory Group LLC
4
11.2
44.8
9
Chadwick, Peter
Capstone Advisory Group LLC
3
14.4
43.1
FTI Consulting Inc.
9
4.7
41.9
10 Greenspan, Ronald
noninvestment bankers , volume Rank
Professional
Firm
( $bill.)
Avg. No. of active cases assets
Assets
1
Feil, Tinamarie
BMC Group Inc.
71
$10.3
$729.0
2
Mendizabal, Lorenzo
Epiq Bankruptcy Solutions LLC
113
3.5
400.4
3
Kass, Albert
Kurtzman Carson Consultants LLC
126
2.0
248.2
4
Stein, Jeffrey
Garden City Group Inc.
83
2.7
225.5
5
Zucker, Clifford
J.H. Cohn LLP
3
8.9
26.7
6
Fielding, Jeremy
Kekst and Co.
6
3.9
23.4
7
Johnson, Craig
Garden City Group Inc.
3
7.6
22.8
8
Beekenkamp, B.; McDonald, M.
Ernst & Young Inc.
1
21.2
21.2
9
DesChenes, Denise
Sard Verbinnen & Co.
1
15.7
15.7
Kresler, T.; Stockham, A.
Rubenstein Associates Inc.
1
15.7
15.7
1
10.3
10.3
10 Kenski, Andrea
close
( $bill.)
Bank
< Index >
Franco Public Relations Group
cover
search
view
5
BANKRUPTCY
For Kurtzman Carson, the end of an era The claims firm is still going strong, but its namesake founders left to pursue other ventures turing lawyer who was recruited For more than eight years, to KCC by Carson five years ago, claims agent Kurtzman Carsaid the claims agent field has son Consultants LLC has held changed drastically since then. a prominent spot among nonNow there is an increasing eminvestment banks in the Deal phasis on digital technologies Pipeline’s Bankruptcy League among all involved parties. Tables, but the firm will go forKass also underscored a sigward without its two namesake nificant push for shorter and founders. cheaper bankruptcy procedures, It took Eric Kurtzman and which have made prepackaged Jonathan Carson 12 years to bankruptcies and asset sales build the business, but in Auconducted under Section 363(k) gust, they officially ended their of the Bankruptcy Code grow in tenures at KCC to move on to popularity. other things. Then there’s KCC itself. In “We’re really proud of what 2009, Kurtzman and Carson orwe built at KCC,” chestrated the sale said Carson, 41, a of their company Seemingly eager to once again scratch the entrepreneurial Los Angeles resident to Computershare itch that launched KCC, Kurtzman and Carson co-founded who serves on variLtd., an Australian Skywell, technology company developing technology to ous boards and, with stock share agent Kurtzman, is an inand shareholder extract drinking water from the air. vestor in Skywell, a servicer looking to fresh water technolbroaden its scope ogy company. “Eric and I have gotten a lot need of it.” in bankruptcy administration, for what of satisfaction from this entrepreneurial KCC was thus begun. turned out to be $152 million, including a venture.” “When you’re a lawyer, you’re taught $106 million cash portion and a $45.6 mil“Already a long time ago, KCC became to be risk-averse, and we did something lion three-year earnout. more than the Jonathan-and-Eric black that’s opposite of that,” Carson said, exCarson said that he and Kurtzman both box,” according to Kurtzman, 43, who lives plaining his sojourn from being at an es- agreed early on that once their firm had in Las Vegas and has also transitioned into tablished law firm to entering an entre- gained traction, the only natural step to investing in startup companies and serv- preneurial venture. grow further would be through a strategic ing on various corporate boards. “Even Over the next eight years, the startup partnership. though our names were on the door, it had grew into a key player in the claims and With the acquisition, the two agreed to evolved to become something far greater noticing industry, generating more than stay for the next three years, after which than the two of us had envisioned.” $100 million in annual revenue and em- they remained as advisers until August. In 2001 Kurtzman, then a corporate ploying more than 300 people. Ernst Seemingly eager to once again scratch restructuring attorney with Pachulski & Young LLP recognized the founders the entrepreneurial itch that launched Stang Ziehl & Jones LLP in Los An- as the Entrepreneurs of the Year in the KCC, they co-founded Skywell, a Santa geles, found himself serving as debtor greater Los Angeles area in 2008. Monica, Calif.-based technology company co-counsel on the Chapter 11 case of Sa“It was the first company to go after whose product extracts drinking water bratek Corp. with Carson, who at the former lawyers,” said Albert Kass, ex- from the air. They are also investors in time worked for Kirkland & Ellis LLP ecutive vice president and head of KCC’s several other startups, including Roozt. in Chicago. Seeing the case’s claims agent corporate restructuring group. “We go com, an e-commerce platform for socially “far under-deliver,” as Carson put it, was out and hire the folks who do this work conscious brands. an eye-opener for both men, who then themselves. I found that business model Neither man said he has any plan to saw the opportunity of bringing “better interesting.” return to corporate restructuring anytime technology to a space that was badly in Kass, a former Kirkland & Ellis restruc- soon. n by Anders Melin
close
print
back
< Index >
cover
search
view
6
BANKRUPTCY LEAGUE TABLES
lawyers , number Rank
law firms , number Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
No. of Cases
Law firm White & Case LLP Duane Morris LLP Ballard Spahr LLP Young Conaway Stargatt & Taylor LLP Latham & Watkins LLP Pachulski Stang Ziehl & Jones LLP Saul Ewing LLP Reed Smith LLP DLA Piper King & Spalding LLP Akin Gump Strauss Hauer & Feld LLP Morgan, Lewis & Bockius LLP Cooley LLP Richards, Layton & Finger PA Vedder Price PC Katten Muchin Rosenman LLP Skadden, Arps, Slate, Meagher & Flom LLP Weil, Gotshal & Manges LLP Greenberg Traurig LLP Goulston & Storrs PC Kirkland & Ellis LLP Cole, Schotz, Meisel, Forman & Leonard PA Chadbourne & Parke LLP Kaye Scholer LLP Gibson, Dunn & Crutcher LLP Holland & Knight LLP Buddy D. Ford PA
25
Ciardi Ciardi & Astin PC Rattet Pasternak LLP
26 27 28 29 30 31 32 33
Lowenstein Sandler LLP Kelley Drye & Warren LLP Morrison & Foerster LLP Nixon Peabody LLP Kutner Miller Brinen PC Alston & Bird LLP Latham Shuker Eden & Beaudine LLP Schulte Roth & Zabel LLP Sidley Austin LLP Dechert LLP Law Offices of Eric A. Liepins PC Jones Day
34
Polsinelli Shughart PC Stubbs & Perdue PA
35
Trenk, DiPasquale, Webster, Della Fera & Sodono PC
Wolff, Hill, McFarlin & Herron PA Bingham McCutchen LLP
36
Foley & Lardner LLP Pillsbury Winthrop Shaw Pittman LLP
1,168 278 252 178 170 148 142 135 134 133 127 126 116 110 110 106 95 91 89 86 82 78 73 72 71 71 70 70 70 69 65 65 64 62 61 60 60 59 58 58 56 56 56 55 55 54 54 54
Percent U.S. (%)
7% 100 100 99 90 100 99 99 99 98 100 100 100 99 99 100 99 99 100 100 95 100 96 99 100 100 100 100 100 100 100 100 100 100 100 100 98 100 97 100 96 100 100 100 100 100 100 100
Percent nonU.S. (%)
93% 0 0 1 10 0 1 1 1 2 0 0 0 1 1 0 1 1 0 0 5 0 4 1 0 0 0 0 0 0 0 0 0 0 0 0 2 0 3 0 4 0 0 0 0 0 0 0
Includes all debtor, creditor and other assignments within active bankruptcy cases. All assignments active as of Dec. 31, 2013.
close
print
back
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
19
20 21 22 23 24
25
26 27 28 29
30
Lawyer
No. of active assignments
Law firm
Schulte-Kaubrügger, Christoph
White & Case LLP
302
Pollack, David
Ballard Spahr LLP
Bähr, Biner
White & Case LLP
Huben, Brian
Katten Muchin Rosenman LLP
Branch, Dustin
Katten Muchin Rosenman LLP
Undritz, Sven-Holger
White & Case LLP
Carr, James
Kelley Drye & Warren LLP
Leanse, Thomas
Katten Muchin Rosenman LLP
Schmudde, Bettina
White & Case LLP
Minuti, Mark
Saul Ewing LLP
Daluz, Tobey M.
Ballard Spahr LLP
Hackländer, Philipp
White & Case LLP
Ford, Esq., Buddy
Buddy D. Ford PA
Herman, Neil E.
Morgan, Lewis & Bockius LLP
Meyers, Jeffrey
Ballard Spahr LLP
Collins, Mark
Richards, Layton & Finger PA
Summers, Matthew
Ballard Spahr LLP
Liepins, Eric A.
Law Offices of Eric A. Liepins PC
Stubbs, Jr., Trawick
Stubbs & Perdue PA
Kleinschmidt, Andreas
White & Case LLP
Jones, Laura
Pachulski Stang Ziehl & Jones LLP
Schein, Michael
Vedder Price PC
Nestor, Michael
Young Conaway Stargatt & Taylor LLP
Seife, Howard
Chadbourne & Parke LLP
Gibbs, Charles
Akin Gump Strauss Hauer & Feld LLP
Ciardi, Albert
Ciardi Ciardi & Astin PC
Lipke, Douglas
Vedder Price PC
Pasternak, Jonathan
Rattet Pasternak LLP
Bellavia, Leonard
Bellavia Gentile & Associates LLP
Brady, Robert
Young Conaway Stargatt & Taylor LLP
Genova, Thomas
Genova & Malin
Gottlieb, Lawrence
Cooley LLP
Reed, Margery
Duane Morris LLP
Oliner, Ron
Duane Morris LLP
Frankel, Mark A.
Backenroth Frankel & Krinsky LLP
Marr, Paul R.
Paul Reece Marr PC
Goe, Robert
Goe & Forsythe LLP
Weiner, Bruce
Rosenberg Musso & Weiner LLP
Lindauer, Joyce
Law Offices of Joyce Lindauer
Harris, Stephen
Belding, Harris & Petroni Ltd.
Geno, Craig M.
Harris Jernigan & Geno PLLC
Rosner, Douglas
Goulston & Storrs PC
Shuker, R. Scott
Latham Shuker Eden & Beaudine LLP
Sparks, Eric
Eric Slocum Sparks PC
Gilhuly, Peter
Latham & Watkins LLP
Kutner, Lee M.
Kutner Miller Brinen PC
Neumann, Timothy P.
Broege, Neumann, Fischer & Shaver LLC
Rosen, Kenneth
Lowenstein Sandler LLP
300 248 237 208 171 136 114 104 91 91 84 68 63 62 59 59 58 56 55 55 55 55 51 50 48 47 47 47 46 45 45 42 42 42 41 41 40 40 40 39 38 38 38 37 37 37 37
Includes all debtor, creditor and other assignments within active bankruptcy cases. All cases active as of De. 31, 2013.
< Index >
cover
search
view
7
BANKRUPTCY LEAGUE TABLES investment banks, number Rank
1
Firm Blackstone Group LP
No. of active cases
Percent U.S.
Percent non-U.S.
29
90%
10%
2
Houlihan Lokey Inc.
24
88
12
3
Solic Capital Advisors LLC
17
100
0
4
Duff & Phelps Securities LLC
16
100
0
5
Carl Marks Securities LLC
15
100
0
6
Lazard
14
86
14
7
Moelis & Co. LLC
13
85
15
8
Rothschild
12
75
25
9
Mesirow Financial Holdings Inc.
11
100
0
10
Jefferies LLC
9
100
0
crisis management firms, number Rank
Firm
No. of active cases
Percent U.S.
Percent non-U.S.
investment bankers, number Rank
1 2
3
4
Professional
Firm
No. of active assignments
Casas, E.; Luria, N.
Solic Capital Advisors LLC
9
Wu, Christopher
Carl Marks Securities LLC
9
Genereux, Michael
Blackstone Group LP
8
Huber, Jack
Solic Capital Advisors LLC
8
Murphy, B.; Williams, B.
Duff & Phelps Securities LLC
6
Hardie, William
Houlihan Lokey Inc.
6
Kaufman, Peter
Gordian Group LLC
6
Coleman, T.; Huffard, F.
Blackstone Group LP
5
Cullen, Brian
Duff & Phelps Securities LLC
5
Owsley, Henry
Gordian Group LLC
5
Kurtz, David
Lazard
5
Victor, J. Scott
SSG Capital Advisors LLC
5
crisis managers, number Rank
Professional
Firm
No. of active assignments
1
FTI Consulting Inc.
255
44%
56%
GlassRatner Advisory & Capital Group LLC
1
Fok, Vincent
FTI Consulting Inc.
52
2
124
100
0
2
Arboit, Bruno
FTI Consulting Inc.
44
3
Alvarez & Marsal LLC
49
65
35
3
Gavin, Edward
Gavin/Solmonese LLC
41
4
Gavin/Solmonese LLC
47
100
0
4
Glass, Ronald
GlassRatner Advisory & Capital Group LLC
35
5
Smith, Margaret
GlassRatner Advisory & Capital Group LLC
32
6
Kofman, Robert
Duff & Phelps Canada Restructuring Inc.
22
7
Atkinson, Michael
Protiviti Inc.
16
GlassRatner Advisory & Capital Group LLC
14
8
Brown, Adam Greenspan, R.; Simms, S.
FTI Consulting Inc.
14
Pauker, David
Goldin Associates LLC
14
Star, S.; Tucker, M.
FTI Consulting Inc.
13
Weitz, Wayne
Gavin/Solmonese LLC
13
DuFrayne, Michael
Executive Sounding Board Associates Inc.
12
Pugh, Sarah
Gavin/Solmonese LLC
12
Sieradzki, David
Duff & Phelps Canada Restructuring Inc.
12
5
Protiviti Inc.
29
100
0
6
Duff & Phelps Canada Restructuring Inc.
28
4
96
7
Development Specialists Inc.
23
100
0
8
Goldin Associates LLC
22
100
0
9
Capstone Advisory Group LLC
21
100
0
10 Conway MacKenzie Inc.
21
95
5
AlixPartners LLP
18
100
0
18
100
0
18
100
0
Executive Sounding Board Associates
11 Inc.
Focus Management Group USA Inc.
noninvestment banks, number Rank
Firm *
No. of active cases
Percent U.S.
Percent non-U.S.
1
Deloitte Touche Tohmatsu
1,604
1%
99%
2
BDO Consulting
580
2
98
3
Kurtzman Carson Consultants LLC
150
100
0
4
Duff & Phelps Ltd.
139
3
97
5
Garden City Group Inc.
136
99
1
6
Epiq Bankruptcy Solutions LLC
132
100
0
7
BMC Group Inc.
120
100
0
8
EisnerAmper LLP
118
100
0
9
KPMG
51
10
90
10
PricewaterhouseCoopers
37
22
78
*Deloitte includes Deloitte & Touche Inc., Deloitte & Touche LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and Deloitte Touche Tohmatsu; KPMG includes KPMG Corporate Recovery, KPMG Inc. and KPMG LLP.
close
print
back
9
10
noninvestment bankers, number Rank
Professional
Firm
No. of active assignments
1
Levin, Henry David
Deloitte Touche Tohmatsu
188
2
Kass, Albert
Kurtzman Carson Consultants LLC
143
3
Mendizabal, Lorenzo
Epiq Bankruptcy Solutions LLC
131
4
Lombe, David
Deloitte Touche Tohmatsu
119
Cussen, Neil
Deloitte Touche Tohmatsu
104
5
Feil, Tinamarie
BMC Group Inc.
104
6
Stein, Jeffrey S.
Garden City Group Inc.
96
7
Vance, David
Deloitte Touche Tohmatsu
92
8
Wallace-Smith, Simon
Deloitte Touche Tohmatsu
86
9
Greig, John
Deloitte Touche Tohmatsu
71
10
Helsingeng, Anne
Deloitte Touche Tohmatsu
51
search
view
< Index >
cover