Mile Willingham y PJ Solomon
pls. allow me to remind the board (for the newbies sake as well) that Mike Willingham and PJ Solomon were partners in the Mirant case. This is the reason why Willingham hired PJ Solomon in this case.
http://www.pjsolomon.com/transactions/330case_study_article.html
PROCESS
PJSC spent several months working closely with representatives of the company and the various other constituencies in developing a plan and determining a valuation. Eventually, however, it became apparent that PJSC and the other financial advisors, as well as the company, had different viewpoints regarding operational decisions and the valuation of Mirant Corp. These differences set the stage for an eventual valuation hearing to determine the proper valuation, the timeline of which follows:
In January 2005, the Debtor proposed a Plan of Reorganization that would provide shareholders with 5% out-of-the-money warrants based on a depressed valuation by the Debtor’s financial advisor.
In order to resolve the valuation dispute, the bankruptcy judge mandated that financial advisors for each committee file Expert Reports, Rebuttals and pursue discovery.
Following extensive discovery, a Valuation Hearing commenced in April 2005.
The hearing lasted 27 days in court, including a six day direct-, cross- and redirect-examination of PJSC Partner, Anders Maxwell, in defense of PJSC’s valuation.
On the strength of PJSC’s reports and testimony, the judge issued a letter adopting most of PJSC’s adjustments, implying a value for Mirant Corp. much closer to PJSC’s.