CASE STUDIES BY CATEGORY
Forensic Accounting & Financial Reorganization
Asbestos Trust Management
Liquidation Leads to Turnaround
Based on our experience and reputation in financial reorganizations, Gleason has often served at the request of the courts as a receiver.
When a Pittsburgh subsidiary of a Japanese company declared bankruptcy and ceased operations, Gleason was retained by counsel for the largest shareholder and appointed as receiver to conduct an orderly liquidation of the assets. Originally owned by Westinghouse Electric, the company was an innovator in solar power research and manufacturing, but at the time of liquidation, its payables and liabilities far outweighed its hard assets.
To maximize the return for creditors and shareholders, we pursued parallel tacks:
When the potential investors were unable to close
a deal, we took the company to auction, hoping to sell the assets as a
bulk purchase. Alternatively, we were also prepared to auction the hard
assets item by item.