Congratulations to Financial Poise Faculty Member, Tom Salerno

Financial Poise/DailyDAC faculty member Thomas Salerno, who is also a partner at Stinson LLP, was part of the team that took Advanced Green Innovations, LLC through a Chapter 11 restructuring and recapitalization in ten months (start to finish) in the Bankruptcy Court in the District of Arizona.

The confirmed plan deals with in excess of $250 million of debt (much from fraud claims resulting from the misdeeds of the now-ousted founder facing criminal fraud charges), converting it to equity in the reorganized debtor, renamed Proteum Energy, LLC. The plan also provided for liquidity in the form of post-effective date financing. Proteum is an innovator in the clean energy industry with patented technology.

This was an outstanding team effort, and a laudable example of what Chapter 11 can and should be used for.