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Creditors' Committee


Official Committee of Unsecured Creditors



Kapila & Company
has represented numerous Committees of General Unsecured Creditors to assist their members in obtaining an objective evaluation of financial ramifications.  Such representations include:

  Arrow Unsecured Creditor Trust
Comprehensive Clinical Development, Inc., et al
Ruden McClosky, P.A.
Banco Latino International

Jesup & Lamont, Inc., et al
Abraham D. Gosman
APL Corporation
Poinciana Development Company II, Inc.
Florida Entertainment,LLC (St Tropez)
Music Semiconductors
G-Site Associates
Hospital Staffing Services, Inc.
Tuttles Design Build, Inc.
Miami Shoes, Inc.
Thomas Aloysius Warmus
The Boca Raton Company
Southern Gun & Tackle, Inc.



ARROW UNSECURED CREDITOR TRUST

Kapila & Company was retained to provide litigation consulting services to the Unsecured Creditors Trust in connection with a Directors & Officers' lawsuit and other potential litigation.

COMPREHENSIVE CLINCIAL DEVELOPMENT, INC., & COMPREHENSIVE CLINICAL DEVELOPMENT NW, INC.
Kapila & Company was retained as the Financial Advisors to the Unsecured Creditors Committee. The Debtors are affiliated privately-held corporations operating as clinical research companies that provide contract services of over 200 clinical trials per year focusing on clinical pharmacology, central nervous system and oncology.

RUDEN McCLOSKY, P.A.
Kapila & Company served as financial advisors to the Official Committee of Unsecured Creditors in this Chapter 11 proceeding of a large law firm, Ruden McClosky. Kapila assisted the Creditors Committee in analyzing the sale of the firms assets and interests to maximize return to the creditors under a Section 363 sale of assets

BANCO LATINO INTERNATIONAL

Kapila & Company was engaged as accountants and financial consultants to the Official Committee of Unsecured Creditors of this $200 million Edge Act Bank operating in Miami. We provided financial analysis, including liquidation analyses under various alternatives, to the Committee to fulfill its fiduciary role of overseer for over 6,000 unsecured creditors. We acted as financial consultants and provided complex tax analyses, advice and consultation to conform the Plan of Reorganization, Disclosure Statement, and the Liquidating Trust with Internal Revenue Service procedures and guidelines. The case was hotly contested between competing interests and was confirmed with a 100% return to depositors.

JESUP & LAMONT, INC., ET AL


Kapila & Company was employed as accountants and financial advisors to the Official Committee of Unsecured Creditors of this 133 year old brokerage firm located in Manhattan, NY, which allegedly employed 300 advisers and had 30 offices. We are providing an objective analysis of the financial transactions in the pre-petition period and during the DIP proceeding to maximize recovery of assets for the estate.

ABRAHAM D. GOSMAN

Kapila & Company was engaged as accountants and financial consultants to the Official Committee of Unsecured Creditors of this multi-million dollar individual bankruptcy case. With assets and liabilities exceeding $250 million dollars, this is likely the largest and most complex individual bankruptcy Chapter 11 case filed in the Southern District of Florida. We assisted the Committee and its Counsel in evaluating numerous financial activities and transactions of this multi-millionaire. Mr. Gosman had interests in healthcare related businesses across the country as well as in real estate development transactions. Our role was to provide reliable assessments of the intricate transactions that Mr. Gosman entered into and perform a forensic analysis to assist in identification and tracing of assets to add value for the benefit of unsecured creditors. We also assisted in the formulation of the Plan of Reorganization and Disclosure Statement.

APL CORPORATION

Kapila & Company was engaged as accountants
and financial consultants to the Official Committee of Unsecured Creditors of this previously owned Victor Posner conglomerate. We assisted the Committee's counsel in aggressive litigation to replace corporate management. We provided reliable assessments of the company's various operating subsidiaries, and their condition and capabilities to help ensure the estate's principal assets were being preserved and properly marshalled. We assisted the Committee in evaluating alternative strategies and options to maximize the estate's value for creditors. We analyzed significant and complex related party transactions of this intricate group of companies.

POINCIANA DEVELOPMENT COMPANY II, INC.

Kapila & Company was engaged as accountants and finanacial consultants to the Committee of Unsecured Creditors of this home builder development. We investigated insider transactions to assist the Committee and its counsel to identify potential recovery targets.

FLORIDA ENTERTAINMENT, LLC (ST TROPEZ)

Kapila
& Company was retained as accountants and financial advisors to the Official Committee of General Unsecured Creditors in this gaming industry, Chapter 11 bankruptcy of a single vessel, gambling "cruise to nowhere" on the St. Tropez. We assisted the Committee in an objective analysis of the financial affairs, financial viability and operating reports analysis resulting in the appointment of a Chapter 11 Trustee.

MUSIC SEMICONDUCTORS

Kapila & Company was engaged as accountants and financial consultants to the Official Committee of Unsecured Creditors to conduct an objective analysis of the financial conduct of the Debtor for both the pre-petition and post-petition periods. The Debtor is a seller of binary computer chips manufactured by a related entity in the Philippines. We also assisted the Committee with their assessment of the viability of the core business, feasibility of the Debtor's Plan of Reorganization and their ability to reorganize.

G-SITE ASSOCIATES

Kapila & Company was engaged as accountants
and financial consultants to the Official Committee of Unsecured Creditors of this real estate and construction partnership involved in the development and sale of single family luxury homes. We assisted the Committee as financial consultants to monitor the financial operations of the Debtor as well as financial and tax matters relating to the preparation of the Plan of Reorganization and Disclosure Statement. We traced flows of assets to the parties "benefiting" therefrom. We also investigated insider relationships and voidable transactions, and developed the proof of insolvency for fraudulent transfer litigation.

Following confirmation, the Committee selected Soneet R. Kapila to be the Post-Confirmation President and CEO of the two corporate general partners of G-Site to implement the Liquidating Plan of Reorganization. He oversaw the construction of all remaining homes and pursued causes of action to recover monetary assets. He vigorously litigated causes of action against several creditors to maximize distribution to the remaining constituents.
 
HOSPITAL STAFFING SERVICES, INC.

Kapila & Company was engaged as accountants and financial consultants to the Official Committee of Unsecured Creditors of this publicly traded home health care and alternative health services delivery systems corporate group with revenues exceeding $45 million. We assisted the Committee by providing reliable assessments of the feasibility of the Plan of Reorganization. We reviewed the projections prepared by the Debtor, analyzed the ability of the Debtor to reorganize, and assisted in plan formulation strategies.
 
TUTTLES DESIGN BUILD, INC.

Kapila & Company was engaged as accountants and financial consultants to the Official Committee of Unsecured Creditors of this multi-million dollar nursery business to assist the Committee in obtaining an objective and in-depth understanding of the finances of the Debtor, and develop a strategic direction for the case.

MIAMI SHOES, INC.

Kapila & Company was engaged as accountants and financial consultants to the Official Committee of Unsecured Creditors to conduct an objective analysis of the viability of the core business, application of monetary assets and the ability to reorganize.

THOMAS ALOYSIUS WARMUS

Kapila & Company was engaged as accountants to the Official Committee of Unsecured Creditors of this individual Debtor. Mr. Warmus directly owned or controlled insurance companies in various states with reported aggregate assets of approximately $100 million. Additionally, the Debtor owned substantial real estate holdings. We provided analyses of the assets available to reorganize the Debtor and the tax ramifications of the Liquidating Plan of Reorganization to assist the Committee in determining alternative courses of action in fulfilling its fiduciary responsibilities.
 
THE BOCA RATON COMPANY

Kapila & Company was engaged as accountants to the Official Committee of Unsecured Creditors of this fragrance distributor. We performed an analysis of financial affairs and preferences.
 
SOUTHERN GUN & TACKLE, INC.

Soneet R. Kapila acted as accountant to the Unsecured Creditors' Committee. His duties included investigation and analysis of complex and intricate corporate transactions involving preferences and fraudulent conveyances.

Upon conversion to Chapter 7, we were retained by the Trustee to assist in the liquidation and administration of the estate, including analysis of preferential and fraudulent transfers and assistance in recovery thereof. Our investigation and analysis led to several lawsuits seeking affirmative recoveries, in which Soneet Kapila acted as an expert witness on fraudulent transfer and insolvency issues
.




 
Remarks Before the Honorable A. Jay Cristol,
Chief Judge of the U.S. Bankruptcy Court,
In and For the Southern District of Florida
 
 

14 September 1994

Case No. 93-11006-BKC-AJC

MS. BRADLEY: Yes. I just wanted to concur that the result is indeed excellent. It has everything to do, from what I understand Mr. Levine and Mr. Kapila. This was a very difficult case, and they've done some magic. They are to be commended.

Pg. 15-16, Ln. 24-25; 1-3


 

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