DailyDAC
Share this...

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.

About DailyDAC

DailyDAC™ is the internet's oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, assignees for the benefit of creditors, auctioneers, and secured parties disposing of their collateral under the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.

Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.

The DailyDAC Editors
>