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Force 10

Engagements

The following are selected Force 10 engagements.

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BurgerFI

BurgerFi

Force 10 led the successful restructuring of BurgerFi and Anthony’s Coal Fired Pizza, two popular dining chains known for their innovative fast-casual concepts and high-quality offerings.

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Chapter 11 Reorganization In September 2024, BurgerFi International, Inc., the parent company of BurgerFi and Anthony’s Coal Fired Pizza & Wings, faced significant financial challenges due to declining consumer spending, sustained inflation, and rising food and labor costs. These factors led the company to file for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (Case Number: 24-12017). To navigate this complex restructuring process, BurgerFi retained Force 10 to provide a Chief Restructuring Officer (CRO) and comprehensive restructuring advisory services. As part of the reorganization efforts, BurgerFi sold the restaurants to affiliates of TREW Capital Management which also assumed certain liabilities.

BurgerFi operates BurgerFi and Anthony’s Coal Fired Pizza restaurants

Jeremy Rosenthal Nicholas Rubin Renee Albarano Raymond Leiva
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Refreshing USA

Refreshing USA

Force 10 is providing a CRO and restructuring support services to this national retailer specializing in workplace refreshment solutions via vending machines.

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Chapter 11 Reorganization In October 2024, Refreshing USA, LLC, a company specializing in automated vending and water solutions, faced significant financial and operational challenges. This led to their filing for Chapter 11 bankruptcy in the Southern District of Texas, Houston Division (Case Number: 24-33919). Recognizing the complexities of their situation, Refreshing USA retained Force 10 to provide both a Chief Restructuring Officer (CRO) and comprehensive restructuring advisory services. Force 10’s role is to take stock of and gain control over the widely distributed assets and interwoven liabilities, determining and implementing the best path forward for all stakeholders.

National retailer specializing in workplace refreshment solutions via vending machines.

Brian Weiss Isaac Chan Chad Kurtz Erik Nathan Michael VanderLey
Rubio's Coastal Grill

Rubio’s Coastal Grill

Force 10 led the successful restructuring of Rubio’s Coastal Grill, a popular casual dining chain known for its coastal Mexican cuisine.

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Chapter 11 Reorganization In June 2024, Rubio’s Coastal Grill, a San Diego-based fast-casual restaurant chain renowned for its fish tacos, faced significant financial challenges due to rising operational costs, including increased food, utility, and labor expenses. These economic pressures led the company to file for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (Case Number: 24-11164). To navigate this complex restructuring process, Rubio’s retained Force 10 to provide a Chief Restructuring Officer (CRO) and comprehensive restructuring advisory services. As part of the reorganization efforts, Rubio’s closed underperforming locations to streamline operations and reduce costs. The remaining company stores were sold to an affiliate of TREW Capital Management.

Fast casual restaurant chain specializing in coastal Mexican food

Nicholas Rubin Brian Weiss Raymond Leiva Chad Kurtz Anthony Puterman
Irwin Naturals

Irwin Naturals

Force 10 was retained by the Official Committee of Unsecured Creditors to maximize recoveries from this Chapter 11 Debtor.

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Financial advisor to the official committee of unsecured creditors

Dietary supplement company known for its range of vitamins, herbs, and nutritional products.

Adam Meislik Chad Kurtz Raymond Leiva
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Reliant Life Shares

Reliant Life Shares

Force 10 Partners is providing a CRO and financial restructuring services to this life settlement investment fund.

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Chapter 11 Reorganization

A financial services company focusing on life settlements, investment returns, escrow and trust services.

Nicholas Rubin Adam Meislik
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Mowbray's Tree Service

The Original Mowbray’s Tree Service Inc.

Force 10 is providing a CRO to this tree care and vegetation management services company.

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Chapter 11 Plan of Reorganization

Provider of comprehensive tree care and vegetation management services

Brian Weiss Anthony Puterman Raymond Leiva
CCIX

CCIX Global

Force 10 was retained to evaluate the fund's investments, liquidity and financial management.

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Venture Capital Fund Restructuring

Investment management firm focused on the rapidly evolving digital asset and technology sectors.

Brian Weiss Adam Meislik Isaac Chan
KPC Promise

KPC Promise

Force 10 spearheaded a comprehensive financial restructuring for this healthcare organization, which was grappling with severe liquidity constraints and substantial vendor liabilities.

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Out-of-court financial restructuring Force 10 served as the financial advisor to KPC Promise, a healthcare organization operating long-term acute care hospitals and skilled nursing facilities. Confronted with severe liquidity constraints and significant vendor liabilities, KPC Promise engaged Force 10 to lead a restructuring that prioritized continuity of patient care and operational stability. A critical aspect of the engagement involved addressing extensive vendor and creditor issues, including managing arrears, renegotiating terms, and restoring essential supplier relationships to stabilize operations. Force 10 also advised on liquidity management, achieving a significant reduction in cash burn, which ultimately came within 95% of budgeted targets. Additionally, Force 10 addressed complex personnel matters, including managing employee self-insurance programs. The restructuring included transitioning facilities in Texas and Kansas to landlord-designated operators through stipulated state court receiverships and facilitating the sale of facilities in Arizona, Louisiana, Utah, and Texas. A cornerstone of the restructuring was the implementation of multiple California Assignments for the Benefit of Creditors (ABC), enabling an efficient wind-down of assets and resolution of creditor claims. Force 10 also established interim management agreements, shared services agreements, and a payor collection regime that ensured compliance with secured credit agreements, resulting in paying back first lien claims.

KPC Promise operates long-term acute care hospitals and skilled nursing facilities (SNFs) across multiple states (KPC Promise is not a subsidiary of KPC Healthcare)

Adam Meislik Renee Albarano Pat Ryan
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DynaScale Alchemy

Dynascale/Alchemy

Force 10 was engaged as the investment banker for Parlement Technologies to manage the sale of its non-debtor subsidiaries, Dynascale and Alchemy.

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Investment Banker to Debtor In October 2024, Parlement Technologies, Inc., a debtor in possession, engaged Force 10 Partners as the investment banker to manage the sale of its non-debtor subsidiaries, Dynascale and Alchemy, both specializing in cloud hosting, data center operations, and managed services. Leveraging its expertise in distressed technology company mergers and acquisitions, Force 10 conducted a comprehensive Section 363 sale process under the United States Bankruptcy Code, ensuring the efficient sale of assets free and clear of liens and interests. Force 10 executed an extensive marketing campaign, reaching out to approximately 362 potential buyers to participate in the sale process. Out of these, 46 parties expressed interest, and 29 executed NDAs, granting them access to a detailed data room. Force 10 facilitated management meetings and facilitated additional diligence with external professionals engaged by interested parties. Following an on-the-record auction, the assets were sold to affiliates of the secured lender, ensuring the highest value for stakeholders and satisfying the procedural and financial requirements of the bankruptcy court.

Provider of private and hybrid cloud solutions and customized managed services as an alternative to Big Tech providers, serving more than 160 active customers, the company offers a suite of hosting, managed services, and advanced security solutions

Adam Meislik

Radford Motors

Chapter 11 Reorganization

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Chapter 11 Reorganization

Radford, founded by Jenson Button and Ant Anstead, is the builder of a supercar inspired by the iconic Lotus Type 62.

Nicholas Rubin Anthony Puterman
Force 10 Engagement

Confidential Life Sciences Company

Out-of-court financial restructuring

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Out-of-court financial restructuring

A global medical company specializing in the development, manufacturing, and marketing of innovative diagnostic products for chronic diseases, including gastrointestinal disorders, diabetes, and cancer

Brian Weiss Raymond Leiva
Force 10 Engagement

Confidential Healthcare Provider

Support out-of-court workout of municipal bond indebtedness

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Support out-of-court workout of municipal bond indebtedness

Skilled nursing and assisted living communities located in the Southeast

Adam Meislik Renee Albarano Nicholas Rubin Jeremy Rosenthal

Madera Community Hospital Liquidating Trust

Liquidation Trustee of the trust created for the benefit of the allowed general unsecured claims under the confirmed Plan of Liquidation related to Madera Community Hospital’s Chapter 11 bankruptcy.

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Liquidation Trustee of the trust created for the benefit of the allowed general unsecured claims under the confirmed Plan of Liquidation related to Madera Community Hospital’s Chapter 11 bankruptcy. Nicholas Rubin Ellen Sprague Monica Blacker

Large Retail and Wholesale Laundry Service

Force 10 was engaged to evaluate and quantify financial damages resulting from an eviction caused by a law firm’s breach of fiduciary duties to our client. Serving as an expert witness, we presented a compelling case in binding arbitration. Our client’s position was fully upheld, with the arbitrator determining damages based solely on our testimony, effectively countering and discrediting the opposing expert’s testimony.

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Expert witness for plaintiff to determine damages stemming from claims against a law firm, at the core, breached fiduciary duties to our client.

Large retail and wholesale laundromat located in Los Angeles

Adam Meislik Jim Miller

Tommy’s Boats

Tommy’s Boats, a leading water ski and wake boat dealership with 14 locations across eight states, engaged Force 10 Partners to serve as Chief Restructuring Officer and provide restructuring advisory services during its challenging financial restructuring. Initially operating under Chapter 11 after a state court receivership, Force 10 worked tirelessly to navigate complex negotiations with secured creditors and stabilize the business. Despite these efforts, the case ultimately converted to a Chapter 7 proceeding,

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Chapter 11 Reorganization

Large ski and wake boat dealer operating 14 dealerships across eight states

Monica Blacker Renee Albarano Nicholas Rubin Anthony Puterman
Force 10 Engagement

Confidential Healthcare Provider

Force 10 was retained to provide solvency and voidable transfer analysis to support defense of prior equity owner of an affiliate of Chapter 11 debtor.

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Provide analysis to defend alleged avoidable transfers

Skilled nursing facilities

Brian Weiss Adam Meislik Jim Miller Erik Nathan

Confidential Automotive Supplier

Supported sponsor in recapitalization to facilitate operational restructuring and growth.

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Supported sponsor in recapitalization to facilitate operational restructuring and growth.

Tier 1 OEM of carbon wheels for high-end automobile manufacturers

Brian Weiss Adam Meislik

Cano Health

Force 10 guided the Official Committee of Unsecured Creditors in Cano Health’s Chapter 11 bankruptcy, helping secure improved creditor recoveries and a streamlined reorganization plan that positioned the company for sustainable operations.

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Financial advisor to the official committee of unsecured creditors Force 10 served as the financial advisor to the Official Committee of Unsecured Creditors of Cano Health, which filed for Chapter 11 bankruptcy following an overly ambitious growth strategy, poor market selection, and substantial financial losses. After going public through a $4.4 billion SPAC merger, the company faced significant challenges, including an unsustainable debt burden and operational inefficiencies. At the time of the bankruptcy filing, Cano Health had $1.26 billion in funded debt and secured $150 million in debtor-in-possession (DIP) financing to support its restructuring efforts under a Restructuring Support Agreement (RSA). As financial advisor to the committee, Force 10 analyzed Cano Health’s financial condition, identified unencumbered assets, and evaluated the DIP financing terms to ensure they aligned with creditor interests. Additionally, Force 10 reviewed the company’s operations, provided input on the restructuring plan, and played a pivotal role in negotiating improvements to creditor recoveries. The Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on June 28, 2024, enabling Cano Health to emerge from Chapter 11 with a significantly deleveraged capital structure and streamlined operations.

Primary care provider and population health company

Monica Blacker

Eye Care Leaders

Force 10 safeguarded creditor interests and shaped a successful reorganization plan in Eye Care Leaders’ Chapter 11 bankruptcy, enabling the company to emerge with a stronger financial foundation and a path to operational stability.

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Financial advisor to the official committee of unsecured creditors Force 10 served as the financial advisor to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy of Eye Care Leaders. The company faced severe challenges, including ransomware attacks, security breaches, operational inefficiencies, and financial strains that hindered its ability to meet obligations to vendors and taxing authorities. Despite efforts by new leadership to stabilize operations, these issues ultimately led to the bankruptcy filing in January 2024. Force 10 played a pivotal role in assessing the company’s financial position, protecting creditor interests, and contributing to the development of a reorganization plan. The plan, confirmed in September 2024, allowed Eye Care Leaders to emerge from bankruptcy with a restructured balance sheet, positioning it for long-term operational stability and customer support continuity.

Provider of EHR and practice management solutions for eye care providers

Monica Blacker
Force 10 Engagement

Rainey v. Taylor (aka The Game)

Force 10 played a critical role in uncovering alleged financial maneuvers by hip-hop artist Jayceon Terrell Taylor, “The Game,” to evade a $7 million judgment. By analyzing over 24,000 transactions, real estate documents, and fund flows, a Force 10 professional provided expert testimony that proved pivotal in the court’s ruling. This led to a decision allowing the plaintiff to recover the funds awarded in the original judgment.

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Forensic accounting expert witness to support the plaintiff's alter ego and other claims against the defendant. The litigation between Priscilla Rainer and hip-hop artist Jayceon Terrell Taylor, known as “The Game,” involved allegations of financial maneuvers to evade a $7 million judgment. Ms. Rainer faced the challenge of proving that Mr. Taylor systematically diverted funds to circumvent the judgment, necessitating an exhaustive analysis of extensive financial records, including thousands of banking transactions, real estate documents, and loan files. A professional from Force 10 served as an expert witness, tasked with providing a detailed and authoritative analysis of Mr. Taylor’s financial dealings. The team employed a multi-faceted approach, which included: 1. Analysis of Banking Transactions: Over 24,000 transactions were scrutinized to trace fund flows and identify potential signs of intentional diversion. 2. Examination of Real Estate and Loan Documents: Property transactions and financial agreements were reviewed to uncover irregularities. 3. Sources and Uses of Funds Analysis: This effort established the origins and allocation of funds, highlighting connections to the alleged judgment evasion. The Force 10 expert’s testimony was pivotal in the court’s determination that Mr. Taylor’s entity functioned as an extension of himself, or an “alter ego.” This ruling allowed Ms. Rainer to successfully claim the funds awarded by the original judgment.

Hip-hop music artist Jayceon Terrell Taylor, known as “The Game,” presented a complex scenario of alleged financial maneuvers to evade a $7 million judgment

Brian Weiss Erik Nathan

Ecom Medical

Prepared detailed valuation to support company's restructuring objectives.

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Prepared detailed valuation to support company's restructuring objectives.

The company designed and sold electronic monitors, disposable endotracheal tubes, and accessories that display real-time parameters such as cardiac output, stroke volume variation, and systemic vascular resistance

Adam Meislik Jim Miller
Force 10 Engagement

Commercial Real Estate Project Located in Colorado

Force 10 was engaged to evaluate strategic alternatives to maximize the value of a three-building office project in Aurora, CO, comprising approximately 219,300 net rentable square feet on over 17 acres. We developed, recommended, and implemented restructuring plans, including potential Chapter 11 bankruptcy, and facilitated negotiations with creditors and stakeholders.

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Out-of-court financial restructuring

A 3-building, approximately 219,300 net rentable square foot office project located on 17.2 acres of land in Aurora, CO

Michael VanderLey
Tuesday Morning

Tuesday Morning

Force 10 acted as the Debtors' financial advisor in the Chapter 11 bankruptcy of this national retail chain specializing in closeouts. The engagement involved supporting a partial self-liquidation, facilitating the Section 363 sale of approximately 197 stores, and managing the wind-down of remaining operations and assets. Additionally, Force 10 provided critical financial analyses and participated in resolving a contentious dispute among secured creditors over credit bid rights, the valuation of pre-petition collateral, DIP loan terms, bid procedures, and the distribution of cash proceeds.

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Financial advisor to the Debtor during its 2023 Chapter 11 proceedings

Tuesday Morning is a national retail chain specializing in closeouts of medium to high-end name-brand gifts, luxury home textiles, home furnishings, housewares, and seasonal décor

Adam Meislik Michael VanderLey Chad Kurtz Monica Blacker
Olympia Sports

Olympia Sports

Force 10 began this engagement approximately six months before the Chapter 11 filing, analyzing this sports retailer's long-term viability. Working with management and the sponsor, we determined the best course was to liquidate the company's entire store fleet for the benefit of its creditors. The successful liquidations were completed very early in the Chapter 11 process, and a plan was promptly negotiated with creditors and confirmed shortly thereafter.

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Confirmed Chapter 11 Plan of Reorganization

Financial advisor to the debtor: 363 sale to lender and strategic partner Gunthy-Renker

Adam Meislik Chad Kurtz

Hello Bello

Force 10 maximized creditor recoveries in Hello Bello’s Chapter 11 restructuring, overcoming supply chain challenges and inflationary pressures to protect value for unsecured creditors.

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Financial advisor to the official committee of unsecured creditors Force 10 was retained by the Official Committee of Unsecured Creditors to maximize value and distributions to general unsecured creditors following Hello Bello’s Chapter 11 filing. The bankruptcy stemmed from pandemic-related supply chain disruptions, including rising shipping and production costs, compounded by challenges associated with operating a Texas manufacturing facility. Efforts to address these issues—such as scaling back international operations, adjusting shipping cost policies, and reducing the workforce—proved insufficient to counteract the adverse effects of inflation while maintaining affordable pricing.

Hello Bello, co-founded by Kristen Bell and Dax Shepard, offers eco-friendly and plant-based baby products, including diapers and personal care items, with a focus on affordability and sustainability

Force 10 Engagement

Cogir of Fallbrook

Force 10 was initially engaged to serve as Chief Restructuring Officer and provide bankruptcy accounting services for this assisted living community. Facing challenges with the broker-led approach to maximizing the estate asset’s value, we repositioned the facility’s highest and best use and marketed it accordingly. This strategic shift culminated in a sale to a buyer we identified, achieving a price nearly 50% higher than the original valuation.

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CRO and financial advisor to the Debtor.

Cogir of Fallbrook is an assisted living community

Nicholas Rubin Michael VanderLey Renee Albarano
Serta Simmons Bedding

Serta Simmons Bedding

Force 10 Partners was the financial advisor to the Official Committee of Unsecured Creditors of Serta Simmons Bedding, delivering significant outcomes for its constituents. These included expedited full payment to go-forward creditors and enhanced recoveries for others. Key contributions involved assessing business plan feasibility, investigating pre-filing transactions like the "Serta Uptier," and conducting solvency analyses. This work culminated in the confirmation of a consensual restructuring plan on June 6, 2023, ensuring optimized recoveries for stakeholders.

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Financial advisor to the official committee of unsecured creditors

Mattress manufacturer and distributor with approximately 20% of the US market share

Monica Blacker

Litigation Practice Group

Force 10 was the financial advisor to the Official Committee of Unsecured Creditors of this firm that had been accused of running a fraudulent business that dealt with consumers debt resolution. We took the lead in preparing the disclosure statement projections and monitoring the buyer's accounting and operations on behalf of the estate. The Chapter 11 bankruptcy plan was confirmed in September 2024, and Force 10 remains involved in the post-effective date activities.

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Financial advisor to the official committee of unsecured creditors Force 10 served as the financial advisor to the Official Committee of Unsecured Creditors in the Chapter 11 case of Litigation Practice Group (LPG), a firm accused of fraudulent practices in consumer debt resolution. The firm, which claimed to assist clients with collections harassment, FDCPA violations, and bankruptcy, faced over $400 million in claims from consumers, lenders, vendors, and others affected by its operations. Force 10 played a pivotal role in preparing disclosure statement projections and overseeing the buyer’s accounting and operations to ensure compliance and transparency on behalf of the estate. Following the confirmation of the Chapter 11 plan in September 2024, Force 10 remains actively involved, assisting the trustee of the Liquidation Trust in recovering assets to maximize creditor recoveries.

The Litigation Practice Group (LPG) was a firm that specialized in providing debt services across the United States. Operating in 48 states, the company offered a range of services aimed at helping consumers manage and resolve their debt-related issues

Adam Meislik Chad Kurtz

Envision Health

Envision Healthcare, heavily impacted by the COVID-19 pandemic and the No Surprises Act, filed for Chapter 11 bankruptcy in May 2023 to restructure its debt and address operational challenges. Force 10 Partners, as financial advisor to the Official Committee of Unsecured Creditors, played a key role in identifying unencumbered assets and shaping a consensual reorganization plan. This plan, confirmed in October 2023, paved the way for Envision and AMSURG to operate as independent entities, each positioned for growth in today’s evolving healthcare landscape.

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Financial advisor to the official committee of unsecured creditors. Envision Healthcare and its affiliates filed for Chapter 11 bankruptcy on May 15, 2023, in the Southern District of Texas as part of a strategy to address financial challenges and restructure the company’s debt. The company faced significant operational difficulties, primarily driven by the COVID-19 pandemic and the implementation of the No Surprises Act. These factors heavily impacted its emergency medicine and anesthesiology segments, leading to a substantial decline in patient visits and revenue. Envision entered into a Restructuring Support Agreement (RSA) backed by a significant portion of its creditors. Under the confirmed Plans of Reorganization, Envision was able to eliminate a large portion of its prepetition-funded debt, positioning itself to emerge with a significantly deleveraged balance sheet. Force 10 served as the financial advisor to the Official Committee of Unsecured Creditors and, alongside committee legal counsel, successfully identified and valued unencumbered assets and investigated liability management transactions to assess reasonably equivalent value. This work was instrumental in shaping a consensual plan, ultimately confirmed in October 2023, under which Envision and AMSURG will operate as separate entities with distinct leadership and ownership groups following the reorganization. This separation is part of a broader strategy aimed at enabling each entity to focus on growth and better navigate today’s complex healthcare environment.

Envision Healthcare Corporation is a leading provider of physician-led services, post-acute care, and ambulatory surgery services. The company provides a range of healthcare-related services to consumers, hospitals, healthcare systems, health plans, and local, state, and national government entities

Monica Blacker Anthony Puterman Victoria Tulsidas

iAero Tech

Financial advisor to the official committee of unsecured creditors

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Financial advisor to the official committee of unsecured creditors

iAero Tech and 15 affiliated debtors filed for Chapter 11 due to mismanagement by former leadership, unprofitable agreements, a significant arbitration award against them, and the temporary cessation of flight services for the U.S. Department of Homeland Security due to a mishandled contract extension. The company also faced financial pressures from the pandemic, which exacerbated existing issues. At the time of filing, the company had $860 million of secured debt, with $75 million facing near-term maturity

Monica Blacker

County Of Madera

Engaged by the County of Madera to address critical healthcare needs, Force 10 conducted a thorough assessment to evaluate the feasibility of reopening a local hospital. By identifying sustainable service lines, optimizing resources, and facilitating key partnerships, we helped secure a bankruptcy reorganization plan that ensures long-term care for county residents.

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Madera County Administration retained Force 10's healthcare team to determine if Madera Community Hospital could reopen and maintain financial solvency. Force 10 was engaged by the County of Madera, a key stakeholder concerned about ensuring quality healthcare for county residents, to conduct a comprehensive financial and operational assessment of the county hospital. The evaluation focused on the hospital’s performance and the feasibility of reopening, including identifying viable clinical service lines, appropriate staffing levels, supply costs, capital requirements, and physician contracts to secure its sustainable future. Additionally, Force 10 facilitated discussions with potential health system partners, enabling the hospital to optimize support staff, leverage expertise in contract negotiations, and secure access to capital. This initiative played a pivotal role in assisting American Advanced Management in confirming a Plan of Reorganization for the hospital.

Madera was the sole hospital for 150,000 residents in Madera County, California, providing vital services like emergency, maternity, intensive care, and obstetrics. However, it accumulated over $30 million in debt due to high operating costs and an unfavorable payor mix. Failure to be purchased by a health system led to the hospital’s closure in January 2023 and its ultimate filing for bankruptcy in March 2023

Nicholas Rubin Pat Ryan

American Physician Partners

Financial advisor to the official committee of unsecured creditors

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Financial advisor to the official committee of unsecured creditors

American Physician Partners, a medical staffing company based in Brentwood, Tennessee, filed for Chapter 11 bankruptcy due to a combination of financial pressures exacerbated by the COVID-19 pandemic, rising labor costs amid inflation, and regulatory challenges stemming from the No Surprises Act. The company, founded in 2015, provided emergency medicine, hospital medicine, and critical care management services across 15 states, involving more than 2,500 physicians and over 150 contracts with emergency departments and hospitals

Better Nutritionals

Better Nutritionals

Financial advisor to the Debtor during its Chapter 11 proceedings

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Financial advisor to the Debtor during its Chapter 11 proceedings

Contract manufacturer of nutritional gummies

Adam Meislik Chad Kurtz
Rothenberg Ventures

Rothenberg Ventures

Force 10 Partners served as financial advisor in a sub-advisor capacity to the named fiduciaries of this venture fund family, which had been severely impacted by sponsor misappropriations.

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Venture Capital Fund Management In late 2018, Force 10 Partners was retained as the administrator and acting sub-advisor of a group of venture capital funds formerly led by San Francisco-based fund advisor Michael Rothenberg. This followed a federal district court's order requiring Rothenberg to pay over $31 million in disgorgement, prejudgment interest, and penalties related to the misappropriation of investor funds. Force 10 began by conducting a comprehensive forensic analysis to untangle severely deficient accounting records, reconstruct limited partner (LP) equity positions, and verify portfolio data. This foundational work allowed us to establish proper fund management practices and focus on preserving and growing asset values. At the time Force 10 assumed administration, the funds held over 100 venture-level investments, including notable companies such as Robinhood, SpaceX, Patreon, Vicarious Surgical, and Andela. Our responsibilities included managing complex portfolio company matters, evaluating the impact of capital transactions on fund equity, and determining the best courses of action for the funds. Additionally, we investigated and addressed prior misappropriation issues, managed ongoing litigation, and provided accurate, transparent fund accounting and reporting. Through disciplined portfolio management, strategic decision-making, and proactive engagement with portfolio companies, the funds delivered significant investment gains. These efforts culminated in meaningful capital distributions to LPs, fully restoring the funds’ operational stability and accountability.

Venture capital fund family focused on seed and Series A investments

Adam Meislik Ellen Sprague
Force 10 Engagement

Soltanabadi v Aminpour

Partner dispute regarding alleged misappropriated funds

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Partner dispute regarding alleged misappropriated funds

Court-appointed forensic accountant for all litigants

Brian Weiss Erik Nathan

Aspiration

Force 10 played a pivotal role in restructuring this purpose-driven climate action company by realigning its two segments to focus on generating profits and creating value. To achieve these objectives and support a future change in control, the company implemented strategic measures, including reducing headcount and capital investment, refocusing its portfolio of carbon credit projects, and streamlining its online-only, environmentally conscious consumer bank.

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Represented company in operational reorganization and balance sheet restructuring.

Aspiration is a purpose-driven climate action company leading in the field of climate change solutions. With a dual focus, Aspiration operates in two domains. In the enterprise sector, it curates a portfolio of carbon credit projects and assets to aid corporate clients on their journey to achieve net-zero emissions. In the consumer realm, Aspiration offers a neobank that encourages environmentally conscious financial habits

Jeremy Rosenthal Brian Weiss Nicholas Rubin

Shilo Inns PDX

Representing secured creditor to Chapter 11 debtor

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Representing secured creditor to Chapter 11 debtor

Hotel

Michael VanderLey
StorCentric

Storcentric

Force 10 Partners guided StorCentric, a provider of enterprise data storage solutions, through a challenging Chapter 11 restructuring amid a severe liquidity crisis. With limited cash reserves and constrained access to new debt, Force 10 secured debtor-in-possession (DIP) financing to stabilize operations and preserve critical customer relationships. These efforts culminated in a successful Section 363 sale, ensuring the seamless transfer of assets to new ownership and maximizing value for stakeholders.

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Chapter 11 Reorganization

Provider of storage hardware, software, and data-centric security

Adam Meislik Chad Kurtz
Basic Water Company

Basic Water Company

As financial advisor and investment banker to the Debtor, Force 10 successfully confirmed a plan of reorganization for this non-potable water supply company after it became no longer economically viable to extract water from Lake Mead after historic droughts. The plan included selling certain assets and limiting future liabilities, enabling Basic Water’s parent company to exit the water transportation business.

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Financial advisor and investment banker to Chapter 11 Debtor

Basic Water supplied non-potable water to Henderson, NV, Lake Las Vegas, and surrounding industries

Nicholas Rubin Anthony Puterman
Reali

Reali

Out-of-court wind down of operations and assets

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Out-of-court wind down of operations and assets

A platform designed as a one-stop shop for home buyers and sellers, integrating real estate and financing

Jeremy Rosenthal Brent Altman Erik Nathan Renee Albarano
Force 10 Engagement

Mixed-use real estate development located in Buena Park, CA.

Force 10 developed an out-of-court restructuring plan for a modern entertainment and lifestyle destination catering to diverse tastes and interests. The property, heavily funded by EB-5 investors, faced unsustainable leverage that required resolution.

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Out-of-court financial restructuring

A modern entertainment and lifestyle destination that caters to a wide range of tastes and interests, the property was funded in large part by EB-5 investors

Nicholas Rubin Brian Weiss Michael VanderLey Anthony Puterman Chad Kurtz Renee Albarano

Bravo Sports

Assignment For the Benefit Of Creditors

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Assignment For the Benefit Of Creditors

Leading manufacturer and distributor of recreational and sporting goods, including skateboards, scooters, ride-ons, skates, and protective gear

Nicholas Rubin Monica Blacker Ellen Sprague
Force 10 Engagement

Complex Individual Chapter 11 Debtor

Chapter 11 Plan of Reorganization

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Chapter 11 Plan of Reorganization

Chapter 11 reorganization for an individual with vast commercial real estate holdings

Brian Weiss Michael VanderLey
Force 10 Engagement

Hemstreet Receiverships

Force 10 was appointed as Receiver for a hotel operator in the Pacific Northwest. In this role, we oversaw the disposition of the hotels to maximize value for secured and other creditors.

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Oregon State Court Receivership

Appointed Receiver over certain entities and interests related to Shilo Management Corporation, Cascade Hotel Corporation, and Mark S. Hemstreet's assets, including specific Shilo Inns locations

Brian Weiss Erik Nathan Renee Albarano
Force 10 Engagement

Stoa

Force 10 led a strategic wind-down to maximize the asset value of this software and services company focused on residential real estate investment. The company’s platform streamlined home purchase, renovation, and sales for real estate investors. Our role encompassed operational management, financial reporting, cash flow forecasting, IT wind-down, tax compliance, and corporate dissolution.

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Out-of-court financial restructuring

Stoa was a property technology company focused on closing the housing gap in America. Its software platform enabled real estate investors to purchase, renovate, and sell homes faster and more efficiently

Jeremy Rosenthal Renee Albarano Brent Altman Erik Nathan
Force 10 Engagement

VOIP Guardian

Force 10 assisted the bankruptcy trustee and legal counsel by conducting a thorough forensic accounting investigation and funds tracing analysis for a VOIP traffic financial services company. This engagement involved identifying and analyzing international fund flows among numerous entities and examining voidable transfers to recover for the benefit of creditors.

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Supporting litigation counsel in efforts to recover nearly $200 million in fraudulent transfers. Litigation is pending. VOIP Guardian was a telecom factoring company that supported the working capital needs of telecom carriers utilizing VoIP technology. The company specialized in providing trade finance and factoring services to small and mid-sized wholesale telecom carriers engaged in routing and terminating international calls and other communication services for larger carriers. VOIP Guardian operated with a line of credit from a lender, which it used to factor allegedly fraudulent invoices, contributing to significant financial exposure. The Chapter 7 Trustee of VOIP Guardian pursued claims against certain former directors and officers for breaches of their fiduciary duties of care and loyalty, as well as the avoidance of transfers to specific defendants. These alleged breaches and fraudulent transactions directly contributed to the company’s collapse, resulting in losses exceeding $200 million and over $1 billion of transactions. Force 10 was engaged to untangle the complexities of tens of thousands of financial transactions routed globally. Starting with thousands of pages of paper bank statements, we systematically created a programmatic database to support litigation efforts. Our work included producing litigation-ready sources and uses statements, comprehensive funds flow analyses, and identifying primary and secondary recipients of funds, providing critical clarity to support the Trustee’s causes of action.

VOIP Guardian was engaged in telecom financing, specifically factoring voice over IP traffic, with litigation pending

Adam Meislik Erik Nathan
Force 10 Engagement

Confidential Healthcare DCE/ACO

Provide operational and financial due diligence services

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Provide operational and financial due diligence services

Organizes the delivery of patient care and manages medical costs as a DCE/ACO

Adam Meislik Barbara Yost Pat Ryan

Fitco Fitness Equipment

Out-of-court wind down of operations and assets

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Out-of-court wind down of operations and assets

Wholesaler and retailer of fitness equipment

Nicholas Rubin Anthony Puterman Monica Blacker
Force 10 Engagement

Confidential Life Sciences Company

Out-of-court wind down of operations and assets

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Out-of-court wind down of operations and assets

A patient-centered health intelligence company dedicated to advancing healthcare through data-driven insights

Jeremy Rosenthal Michael VanderLey
Force 10 Engagement

Montgomery Reality Group

As the expert witness for the secured creditors in a real estate-related action, Force 10 Partners provided financial analysis and expert testimony that showed the Debtor’s proposed note payment structure failed both the total payments and present value aspects of the 1111(b) test. This resulted in the Debtor filing a motion to convert the case to Chapter 7, allowing the creditors to pursue recovery from both the asset and the sponsor’s personal guarantee.

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Represented Secured Creditor in Chapter 11 Real Estate Restructuring

Single Asset Real Estate (SARE) owned an approximately 100,000 sq ft, 2-story retail property in Concord, CA

Brian Weiss Michael VanderLey
Force 10 Engagement

125 Location Confidential Large Restaurant Franchisee

Out-of-court financial restructuring

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Out-of-court financial restructuring

Chain of American table service diner-style restaurants

Brian Weiss Renee Albarano
Watsonville Community Hospital

Watsonville Hospital

Force 10 served as financial advisor and later Chief Restructuring Officer to Watsonville Hospital Corporation during its Chapter 11 bankruptcy. Facing severe financial and operational challenges, Force 10 stabilized the hospital, secured Debtor-in-Possession financing, and facilitated its successful sale to a newly formed healthcare district. These efforts ensured the hospital's continued service to its underserved community.

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Confirmed Chapter 11 Reorganization and Trustee over Plan Trust Watsonville Hospital Corporation filed Chapter 11 bankruptcy due to poor management and liquidity issues. Force 10 was hired as the financial advisor to assist with the restructuring and facilitate the hospital's sale. The hospital had been struggling financially for years and was on the verge of shutting down when Force 10 was appointed Chief Restructuring Officer in September 2021. Force 10 also provided the hospital with financial and operational support and expertise. We stabilized the hospital’s financial and operational challenges and led the Chapter 11 bankruptcy process, which included successfully negotiating the Debtor-in-Possession financing and the sale to a newly formed healthcare district. Our efforts enabled the hospital to continue providing much-needed healthcare services to its underserved community throughout the Chapter 11 reorganization.

Watsonville Hospital is a community hospital in Watsonville, CA, a rural agricultural community

Jeremy Rosenthal Nicholas Rubin Renee Albarano Monica Blacker
Scoobeez

Scoobeez

Force 10 provided this enterprise delivery company with a Chief Restructuring Officer and financial advisory services. Working closely with the senior lender and creditors’ committee, Force 10 managed the restructuring process and successfully negotiated a joint consensual Plan of Reorganization between Scoobeez, the official committee of unsecured creditors, and Hillair Capital Management, LLC, the senior secured lender, to allow the company to emerge from bankruptcy with a new capital structure.

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Confirmation of Chapter 11 Plan of Reorganization

A leading delivery service provider with operations in Southern California, Illinois, and Texas

Brian Weiss
Yogaworks

YogaWorks

Force 10 Partners successfully restructured YogaWorks, a nationwide chain of yoga studios hit hard by the COVID-19 pandemic. At its peak, with 66 locations and over three million class participants, YogaWorks shifted its focus to online classes after many studios closed. As financial advisor, Force 10 secured DIP financing to stabilize operations, led a Section 363 sale process to maximize asset value, and guided Plan confirmation.

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Confirmation of Chapter 11 Plan of Reorganization Force 10 Partners was pivotal in successfully restructuring YogaWorks, a leading nationwide chain of yoga studios significantly impacted by the COVID-19 pandemic. At its peak, YogaWorks operated 66 locations and served over three million class participants. However, the pandemic forced the closure of many studios, prompting the company to pivot its focus to online classes and leveraging its well-established brand. As financial advisor, Force 10 secured debtor-in-possession (DIP) financing, providing the necessary liquidity to stabilize operations during the Chapter 11 process. This financing ensured the continuation of online classes, preserving the company's connection to its loyal customer base and minimizing disruptions for staff. Force 10 also led the execution of a Section 363 sale process, identifying buyers and maximizing the value of YogaWorks’ assets, including its iconic brand, lease portfolio, and intellectual property. Additionally, Force 10 delivered critical guidance on Plan confirmation, developing a strategy that not only addressed creditor claims but also positioned the company for future success. By focusing on innovative solutions and value maximization, Force 10 ensured a seamless restructuring process that preserved YogaWorks' legacy as a cornerstone in the fitness and wellness community while charting a path forward in a challenging market environment.

YogaWorks offered yoga classes, teacher training, and merchandise. At the company's peak, it had 66 yoga studios and over 3 million student visits

Adam Meislik Chad Kurtz Brian Weiss
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Cherry Man Industries

Financial advisor to Secured Creditor

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Financial advisor to Secured Creditor

Produces and distributes furniture

Brian Weiss
Force 10 Engagement

Airport Van Rentals

Force 10 Partners served as investment banker supporting confirmation of a new value plan.

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Investment Banker to Debtor related to new value plan process

The Debtor is in the business of renting large passenger vans, minivans, and SUVs in the areas surrounding high-volume airports in California, Georgia, Nevada, and Texas. The Debtor maintains a fleet of more than 1,000 vehicles.

Adam Meislik
Roscoe's House of Chicken N Waffles

Roscoe’s Chicken and Waffles (Plan Trustee)

Force 10 oversaw the post-Chapter 11 Plan of Reorganization for this well-known chain of chicken-and-waffle restaurants.

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Post Confirmation Chapter 11 Plan Trustee

Post Confirmation Chapter 11 plan of Famous LA-Based Chicken and Waffle Chain

Brian Weiss
South Coast Behavioral Health

South Coast Behavioral Health

As financial advisor to the Debtor and Trustee, Force 10 helped to stabilize and return this full-spectrum drug addiction treatment center to profitability, facilitating a successful sale.

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Financial advisor to Debtor and Trustee

Full-spectrum drug treatment community

Brian Weiss Chad Kurtz
Pacific Mortgage Exchange

PME Funds

Force 10 served as the Chief Restructuring Officer and Financial Advisor to this real estate loan investment fund, which was reorganized under Chapter 11.

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Confirmation of Chapter 11 Plan of Reorganization PME Mortgage Fund, Inc. began as a for-profit, sponsor-led "investment club" in the 1980s. The club's "members" loaned money to PME on an unsecured basis, and PME then loaned the investors' capital on a 1st, 2nd, or 3rd-lien basis. Over the years, PME had foreclosed on many of its loans. The sponsor then allegedly began to profit from the information and sophistication disparity among club members by purchasing Notes from PME at a discount, exchanging real estate, and restructuring investment terms – all in the name of providing liquidity to the investors/club members. Litigation ensued, and Force 10 was retained as Chief Restructuring Officer and Financial Advisor to guide PME through an orderly Chapter 11 liquidation. We initially stabilized the administration and collection of notes, then analyzed and determined which projects to liquidate and which to complete. We managed an orderly liquidation process of its REO portfolio, investigated transactions, and performed funds tracing to initiate and support breach of fiduciary actions and achieve settlements. Force 10’s involvement resulted in Chapter 11 creditors receiving recoveries far exceeding those paid to creditors who liquidated before Chapter 11.

Residential Mortgage Investment Fund

Nicholas Rubin Chad Kurtz Brian Weiss Michael VanderLey
Force 10 Engagement

Complex Individual Chapter 11 Debtor

Force 10 advised an individual Debtor regarding a high-value litigation judgment liability that involved a complex group of assets (operating entities, oil and gas properties, real estate, and cryptocurrencies) and ongoing business disputes. The Chapter 11 resulted in a confirmed Plan of Reorganization.

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Confirmation of Chapter 11 Plan of Reorganization

The debtor has interests in multiple venture-backed companies, oil and gas, real estate, crypto, and a consumer goods company

Adam Meislik Michael VanderLey Nicholas Rubin Chad Kurtz
QuarterSpot

Quarterspot

Out-of-court wind down of operations and assets

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Out-of-court wind down of operations and assets

Provider and servicer of small business loans

Jeremy Rosenthal Brent Altman Renee Albarano Erik Nathan
Secure Channels

Secure Channels

Acting as a State Court Receiver, Force 10 took control of this cybersecurity firm's intellectual property and IT infrastructure to preserve these assets for due diligence, discovery, and causes of action.

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State Court Receiver

A cybersecurity firm leveraging robust, state-of-the-art, patented encryption technologies

Brian Weiss Erik Nathan
Force 10 Engagement

Golden Hotel

Force 10 served as financial advisor to the Debtor, a hotel catering to Disneyland visitors in Orange County, CA, that entered Chapter 11 in 2020 during the COVID-19 pandemic.

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Confirmation of Chapter 11 Plan of Reorganization Golden Hotel owned a 200-room hotel in Buena Park, CA, next to Knott's Berry Farm and Disneyland. After the company filed Chapter 11 bankruptcy in 2020, Force 10 was hired to help with the restructuring process and conduct a liquidation analysis of the company's assets. Force 10 evaluated the available alternatives in light of the negative impact of the COVID-19 pandemic on the hotel and the significant deferred maintenance and debt load. The combination of these factors ultimately led to the hotel being sold. The case was completed as a structured dismissal that provided full recovery to the secured creditor, repayment of priority claims, and distribution to the unsecured creditors.

Hotel located in Orange County, CA, catering to Disneyland visitors

Brian Weiss Nicholas Rubin Ellen Sprague
Force 10 Engagement

BV Glendora

Force 10 was engaged to improve Plan feasibility and aid confirmation after the secured creditor's repeated objections.

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Confirmation of Chapter 11 Plan of Reorganization Force 10 was engaged just prior to the deadline for filing an amended Plan of Reorganization regarding this commercial real estate property after the secured creditor rejected the original Plan, which the court appeared likely to deny. We quickly analyzed the existing Plan, made market-based recommendations regarding the underlying economics and leasing timelines, and evaluated interest rates and property valuations. Our analyses and recommendations resulted in a reformulated Plan, the secured creditor withdrew its objection, and the revised Plan was confirmed.

Single-asset real estate commercial property located in Glendora, CA

Michael VanderLey Adam Meislik
Force 10 Engagement

Complex Individual Chapter 11 Debtor

Force 10 served as Chapter 11 Financial Advisor. The individual was involved in a business partnership subject to complex and litigious disputes involving a portfolio of approximately $40 million in real estate assets. The Chapter 11 resulted in a confirmed Plan of Reorganization.

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Confirmation of Chapter 11 Plan of Reorganization

Individual debtor with investments in approximately $40 million of real property

Adam Meislik
Travana

Travana

As the appointed custodian during litigation, Force 10 managed a complex multi-party discovery process involving the intellectual property, specifically software code, of this online travel services company.

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Custodian of intellectual property during pending litigation

Adam Meislik Erik Nathan
Force 10 Engagement

US Direct

Assisting the bankruptcy Trustee, Force 10 conducted a comprehensive forensic accounting investigation and prepared a detailed solvency analysis for this direct mail and marketing services company. The engagement included identifying and analyzing voidable transfers and working closely with counsel to recover assets from these transactions, maximizing value for the benefit of creditors.

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Assist Trustee and counsel in fraudulent transfers and voidable transaction recovery. Provide forensic accounting, solvency testimony and financial analysis.

The company conducted direct mail and marketing services for business customers

Adam Meislik Erik Nathan
Thomas Health System

Thomas Health Systems

As financial advisor, Force 10 assisted in negotiating a consensual Plan of Reorganization with municipal bondholders, the PBGC, and unsecured creditors of this hospital system in West Virginia by issuing new tax-exempt debt.

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Confirmed Chapter 11 Plan of Reorganization In January 2020, Thomas Health Systems (THS), a nonprofit healthcare system in West Virginia, filed for Chapter 11 bankruptcy to address its deteriorating financial condition. Operating two critical acute care hospitals, St. Francis and Thomas Memorial, and supporting services, THS faced mounting operational losses, a declining patient base, and a crushing $180 million secured debt burden. Force 10 was engaged as the financial advisor to help stabilize the organization and develop a path to financial recovery. One of the most pressing issues was THS’s $145 million of municipal bond debt. Force 10 worked closely with the bondholders to negotiate a restructuring plan that reduced the bond debt to approximately $60 million via a new issuance. Force 10 implemented rigorous cash flow management, including a 13-week forecast to prioritize expenditures and ensure compliance with Chapter 11 requirements. These efforts, combined with operational efficiency improvements, positioned THS to maintain uninterrupted healthcare services throughout the bankruptcy process—a critical achievement given the system’s importance to the community. This was accomplished in the face of the COVID-19 pandemic. Thomas emerged from Chapter 11 in 2021 with a significantly reduced debt load and a reorganized capital structure that ensured long-term sustainability. Ultimately, Thomas's restructuring led to an affiliation with the West Virginia University (WVU) Health System.

The hospital system operates a 241-bed acute care hospital under the name Thomas Memorial Hospital in South Charleston, WV, and a 142-bed acute care hospital under the name Saint Francis Hospital in Charleston, WV

Adam Meislik Chad Kurtz Nicholas Rubin
Force 10 Engagement

West Coast-Based Real Estate Investment Fund

Force 10 provided buy-side representation on a 60-property real estate portfolio spread across Marin and Sonoma Counties in Northern California. The portfolio, comprising more than 1.4 million square feet of commercial and multifamily space, was acquired for $436.5 million.

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Buy Side Representation

The seller was a Chapter 11 debtor that amassed a sizable real estate portfolio

Michael VanderLey
Carbonlite Recycling

CarbonLITE Industries

Force 10 navigated CarbonLite through $380 million in debt and years of negative margins, securing $75 million in DIP financing and $230 million in asset sale proceeds. By redesigning operational and pricing models—achieving customer buy-in for 25% price increases—Force 10 stabilized the business and positioned it for sale, culminating in a successful transaction that maximized creditor recoveries and resolved a complex restructuring.

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Confirmation of Chapter 11 Plan of Reorganization Force 10 was retained in the fourth quarter of 2020 to address underperformance and insolvency challenges related to CarbonLite's business model and complex capital structure, which included over $380 million in debt. This debt comprised $240 million of secured obligations across three publicly traded municipal bonds, a term loan, an asset-based lending (ABL) facility, and capital lease obligations. Via Chapter 11, Force 10 led CarbonLite’s restructuring efforts, securing four separate debtor-in-possession (DIP) loans totaling $75 million and facilitating the sale of four business units, generating approximately $230 million in proceeds. Force 10 implemented rigorous capacity utilization strategies to counteract years of negative gross margins and conducted detailed operational and financial analyses. These efforts resulted in a complete redesign of the operational and pricing models, reversing years of financial losses. As a result, most customers accepted up to 25% price increases. Throughout the Chapter 11 process, Force 10 oversaw operations, developed detailed cash flow models, negotiated and secured DIP financing, managed the investment banking process, and handled the preparation and execution of the due diligence process. These comprehensive efforts were instrumental in stabilizing CarbonLite and maximizing creditor recoveries.

One of the world's largest suppliers of post-consumer recycled polyethylene terephthalate (rPET), which is then used to produce high-quality food-grade recycled rPET material sold to the world's largest beverage companies for packaging

Brian Weiss Renee Albarano Chad Kurtz

Healthy Spot

As part of an out-of-court restructuring, Force 10 was retained to advise this pet care company that offers a wide range of products and services to promote healthy pet lifestyles. This involved recommendations to improve the company's capital structure, enhance cash flow, and set the stage for future growth.

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Out-of-court financial restructuring

A pet care company dedicated to treating pets as family, offering a wide range of products and services like organic food, toys, and grooming to promote healthy pet lifestyles, originated from a desire to positively impact animal lives. It has expanded across California with a mission to inspire healthy pet lifestyles

Brian Weiss Chad Kurtz
Jagged Peak

Jagged Peak & Trade Global

Force 10 served as the Chief Restructuring Officer and financial advisor to the Debtors, companies that provided end-to-end omnichannel e-commerce solutions. We arranged a rapid Chapter 11 restructuring that resulted in a sale that generated a significant return to creditors.

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Confirmation of Chapter 11 Plan of Reorganization Force 10 served as the Chief Restructuring Officer for this e-commerce solutions business. Working closely with counsel and management, we designed a strategy to file for Chapter 11 protection in the face of stakeholder disputes. We pursued speedy sales so the transactions could close before Black Friday, allowing the new owners to run the companies during the peak holiday season.

End-to-end, omnichannel e-commerce solutions include order, warehouse, and transportation management systems. Its sister corporation, TradeGlobal, provided 3PL services to Nespresso

Nicholas Rubin Jeremy Rosenthal Renee Albarano
VNA California

VNA California

Force 10 provided a Chief Restructuring Officer and financial advisory services to the Debtor, a hospice and home health care provider, guiding the company to become cash flow positive. We then oversaw the sale of its business segments during the COVID-19 pandemic while maintaining uninterrupted patient care.

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Confirmation of Chapter 11 Plan of Reorganization Working with the retained management company, Force 10 assessed VNA's operations and identified areas of inefficiency and potential for improvement. The team implemented strategic cost-cutting measures, streamlined administrative processes, and optimized resource allocation. These efforts resulted in tangible operating improvements, enhancing VNA's overall financial performance and positioning it for a successful 363 sale. Bristol Hospice, a reputable multi-state hospice provider with an expanding presence on the West Coast, acquired VNA's hospice operations. HealthSure Management Services, a provider operating throughout Southern California, acquired VNA's home health operations. The successful sale of VNA's hospice and home health operations represented a significant milestone in the Chapter 11 bankruptcy process. It provided creditors with a recovery, preserved jobs, and ensured the continuity of critical healthcare services for the community.

Largest hospice and home health care provider serving Riverside County, CA

Adam Meislik Chad Kurtz Ellen Sprague
Luminance

Luminance Health Group

Force 10 served as financial advisor and negotiated cash collateral with its secured lender to collect outstanding receivables to fund an orderly wind-down of operations for a group of rehabilitation and recovery centers in California. The insiders abandoned the company early on in the Chapter 11 case, and Force 10 stepped in to support the conversion to Chapter 7 and continue the orderly wind down. We then supported the Chapter 7 trustee in various avoidance actions.

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Chapter 11 and Chapter 7

Owned and operated rehabilitation and recovery centers in Orange County and Yuba City, CA

Adam Meislik Chad Kurtz Ellen Sprague
Friendly Village Manufactured Home Community

Friendly Village MHP

Force 10 served as the financial advisor to the Chapter 7 Trustee. We conducted a Section 363 sale process, culminating in the $11 million sale of this deeply distressed Mobile Home Park, which needed over $20 million of remediation and repair. We managed a complex due diligence process while communicating with more than 200 potential bidders.

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Sale of Mobile Home Community A global settlement of over $50 million for the residents of this mobile home park was reached after a jury awarded $39.5 million to an initial group of 30 litigants a year earlier. As part of the agreement, tenants also shared a portion of the proceeds from the park sale. Force 10 marketed the severely neglected facility, managing a complex due diligence process involving numerous soil, geology, and structural consultants. After a first stalking horse bidder broke its commitment, our efforts culminated in a Section 363 sale for $11 million amidst the initial confusion of the COVID-19 pandemic. The buyer also committed to significant property improvements of approximately $15 million. The sale price confirmed Force 10’s stabilized valuation of approximately $27 million.

182-space mobile home park in Long Beach filed for bankruptcy due to tenant litigation for failure to maintain and negligence

Adam Meislik Michael VanderLey
Coastal International

Coastal International

Serving as financial advisor, Force 10 confirmed a plan of reorganization for this provider of trade show installation and dismantling services during the COVID-19 pandemic. The insider provided "new value" in exchange for 100% of the reorganized Debtor's equity.

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Confirmation of Chapter 11 Plan of Reorganization Force 10 was retained to provide Chapter 11 bankruptcy financial advisory services to this Debtor struggling to pay an $8mm+ litigation judgment. The case proceeded through the pandemic's beginning when the Debtor's business reached a standstill. The Debtor's sole shareholder proposed a New Value Plan whereby he would retain 100% of the equity by paying more than fair market value for the company while providing some recovery for pre-petition creditors, rather than what would have been $0 under a Chapter 7 liquidation. Force 10 also marketed the Debtor's equity and proved the sole shareholder's proposal was the highest and best. The Plan of Reorganization was then confirmed.

Trade show installation and dismantling services

Adam Meislik Chad Kurtz Jim Miller
Rockport Development

Rockport Development

As Chief Restructuring Officer, Force 10 developed and confirmed a liquidating reorganization plan for this "fix-and-flip" real estate development fund. We completed the sale/disposition of the fund's owned assets and LLC interests, generating cash for the general unsecured creditors seeking to recover their claims.

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Confirmation of Chapter 11 Plan of Reorganization Force 10 acted as Chief Restructuring Officer for real estate developer Rockport, the direct owner of six properties, and the manager/member of 21 unique purpose entities. Pre-petition, its gross asset values were estimated to be over $70 million. Beginning in 2019, investors and lenders to Rockport and its affiliates asserted that Rockport and its principal had engaged in financial misconduct. As part of a court-supervised restructuring, the founding principal resigned, two independent directors were appointed, and Force 10 was appointed Chief Restructuring Officer. Force 10 developed and managed a transparent process to maximize asset values, addressing the properties in the portfolio and the interests in the LLCs. In just 13 months, Force 10 developed and confirmed a liquidating Plan of Reorganization, completed the sale/disposition processes for the estate’s owned assets and LLC interests, and generated cash for general unsecured creditors’ recovery on their claims. During the case, Force 10 also initiated the analysis of lender and investor litigation claims, along with a forensic accounting examination, which was turned over to the plan’s disbursement agent.

Fix and flip real estate development fund

Michael VanderLey Brian Weiss Ellen Sprague Adam Meislik
Synrgo

Synrgo

Initially serving as the Chapter 11 Chief Restructuring Officer for this deeply insolvent real estate services company that its equity holders had abandoned, Force 10 quickly determined the state court could provide a better venue for creditors. The motion to dismiss the case and to appoint a Receiver was successful.

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Chapter 11 / Dismissal

Provider of real estate document recording and post-closing services

Adam Meislik
Force 10 Engagement

Frost Venture Parters Seed & Early Stage Fund

Force 10 provided fiduciary services for this venture capital fund family after the sponsor was removed under allegations of misappropriation of funds, managing all the activities required to protect and support the value of the portfolio.

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Venture Capital Fund Management Pursuant to a binding arbitration ruling, we were retained in 2018 to serve as the Interim Manager of the fund family, which had total invested capital in excess of $49 million. Force 10 was then elected as the permanent Manager of the two venture capital funds. The former general partner was found to have breached his fiduciary duties to the funds and withdrew his excessive management fees. The arbitrator awarded the funds a judgment against that general partner in excess of $16 million. Force 10 Partners oversaw the portfolio companies’ investments, performing fund accounting, managing communications with the LPs, ensuring fund compliance, managing litigation matters, and seeking to maximize the portfolio's value.

Venture capital fund family focused on seed and Series A investments

Brian Weiss
Bruxie

Bruxie

Served as Assignee per a California Assignment for the Benefit of Creditors and sold the assets of this high-concept restaurant chain based in Southern California. Our approach allowed the buyer to immediately restart operations and settle litigation claims with secured creditors and others.

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Assignment For the Benefit Of Creditors

Bruxie is a restaurant concept based on unique fried chicken and waffle sandwiches

Adam Meislik Erik Nathan
Alpha Guardian

Alpha Guardian

Force 10 provided a CRO and financial advisory to and managed operations of Alpha Guardian, a residential safe and storage company,

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Confirmation of Chapter 11 Plan of Reorganization Alpha Guardian was established in July 2017 by acquiring and combining Cannon Safe and Stack-On Products to create a market leader in the safe and secure storage industry. The company operates manufacturing and distribution facilities in the U.S. and Mexico, and Alpha Guardian’s various brands provide secure storage solutions through major retailers across the U.S. Force 10 implemented aggressive efforts to stem operating losses at the company, including reducing payroll, improving operational efficiencies, creating oversight of accounting processes, and collecting significantly past-due receivables, considerably increasing cash flow. We secured debtor-in-possession financing, prepared the business for a Chapter 11 bankruptcy filing, oversaw the restructuring process, and successfully negotiated a consensual Plan of Reorganization between the Debtors, the secured creditors, and the official committee of unsecured creditors. Under the Plan, over $100 million of senior secured debt and over $30 million of junior claims were exchanged for interests in a trust. In contrast, the balance of the senior secured debt was converted into equity of the reorganized debt.

Leading manufacturer of safes and secure storage products

Nicholas Rubin Renee Albarano Monica Blacker
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Warrior Golf

Force 10 successfully confirmed a Chapter 11 Plan of Reorganization for a golf business primarily funded through fraudulent investments. Post-confirmation, serving as Plan Trustee, Force 10 oversaw the sale of the company’s golf courses and managed its golf equipment retail operations. The business operated efficiently until market conditions supported an orderly wind-down, maximizing stakeholder value.

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Financial Advisor to Chapter 11 Debtor and Post-confirmation Plan Trustee Warrior was a lifestyle brand specializing in golf equipment and golf course memberships, primarily capitalized by individual investors who purchased subordinated notes—many of whom were initially customers. The company’s viability depended heavily on continued customer investment. Force 10 was engaged to assume management of the company, serving as Chief Restructuring Officer, Financial Advisor, and ultimately the Bankruptcy Plan Trustee. During the Chapter 11 proceeding, Force 10 successfully stabilized operations, improved profitability, and executed the sale of golf course assets. Additionally, Force 10 conducted forensic accounting and collaborated with government agencies that were actively interested in the company, ensuring transparency and compliance throughout the process.

Warrior ran two distinct businesses: it owned and managed a portfolio of 17 golf courses and a custom golf club manufacturing and direct marketing company. Warrior was capitalized with over $100 million of potentially fraudulent investments

Nicholas Rubin Jeremy Rosenthal Erik Nathan
Sugarfina

Sugarfina

As inancial advisor and investment banker, Force 10 guided this chain retailer of luxury candies to a successful Plan of Reorganization. This included securing a Debtor-in-Possession (DIP) loan and a stalking horse bid. Additionally, Force 10 conducted a Section 363 process and successfully confirmed a Plan of Reorganization for this luxury candy brand. Throughout the process, Force 10 skillfully navigated a complex capital structure and balanced the diverse priorities of various stakeholders.

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Confirmation of Chapter 11 Plan of Reorganization When Sugarfina engaged Force 10 in May 2019, the company pursued growth capital and asked us to advise on their solicitation efforts and other strategic alternatives. Through these efforts, Force 10 became familiar with the company’s financial condition and the hurdles they faced as they attempted to complete the equity raise. Force 10 regularly advised Sugarfina’s board throughout the Series C round and became increasingly involved in cash management and negotiations with Sugarfina’s secured creditors. These negotiations resulted in the issuance of Secured Convertible Notes and an extension of a facility from Goldman Sachs and the first lien facility. Once it became apparent that the company should pursue a Chapter 11 to facilitate its reorganization, Force 10 was tasked with sourcing debtor-in-possession financing and a stalking-horse bid. During Chapter 11, Force 10 served as financial advisor and investment banker. Force 10 helped navigate Sugarfina through a successful Section 363 sale, completed within eight weeks of its bankruptcy filing, and confirmed a complex Plan of Reorganization designed to preserve NOLs and maintain optionality for the reorganized Debtor.

Luxury retail candy brand with boutiques, wholesale, and e-commerce

Adam Meislik Chad Kurtz Brian Weiss
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XS Ranch

XS Ranch

Force 10 served as Chief Restructuring Officer and developed and executed a strategy to finance the Chapter 11 Plan for XS Ranch, a partially-entitled master-planned community. Our exceptional work was awarded “Financials Deal of the Year (Under $500MM)” by The M&A Advisor.

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Chapter 11 Plan of Reorganization XS Ranch Fund VI was established in 2006 to acquire, entitle, develop, and sell "path of growth" land in Texas, raising approximately $54 million from 142 investors. By 2015, nine years after its formation, 57 limited partners (LPs) representing 53% of the fund's capital initiated arbitration against the Fund and its general partner. Their claims included breach of the partnership agreement, breach of fiduciary duty, accounting irregularities, and embezzlement. The petitioning LPs sought remedies, including dissolution of the Fund, removal of the general partner, and conversion of the Fund’s assets. The arbitration concluded with a settlement awarding the petitioning LPs rescission of their investment and a $29 million monetary award. However, when the award was not paid promptly, three LPs filed an involuntary Chapter 11 petition against the Fund in late 2016. Force 10 Partners was retained in early 2017 and provided a Chief Restructuring Officer (CRO). Force 10 managed the case's conversion to a voluntary Chapter 11, overseeing the Fund’s principal asset, XS Ranch—an 8,700-acre residential land development project in suburban Austin, Texas. The team was also tasked with creating a recovery strategy for the remaining 85 LPs, who collectively represented $25 million in invested capital and had chosen not to participate in the arbitration. - Developed and executed a strategy to finance the Chapter 11 case. - Re-acquired optioned land to raise cash and strengthen the Fund’s asset base. - Successfully resolved the claims of the "Rescission LPs" through an adversary proceeding, resulting in no additional recovery for the petitioning LPs. - Restructured the Fund’s operations to streamline management and reduce costs. - Confirmed a plan of reorganization that achieved full repayment of creditors, secured exit financing, and enabled the Fund and its remaining LPs to continue developing the property. Force 10 Partners won Financials Deal of the Year (Under $500MM) award from The M&A Advisor, recognizing the team's innovative strategies and exceptional execution.

Partially entitled master-planned community in Bastrop, TX (a suburb of Austin)

Michael VanderLey Ellen Sprague
Rock & Brews

Rock & Brews Restaurants

Force 10 acted as an investment banker to the franchisee of six casual dining restaurants branded Rock & Brews. We marketed and arranged Section 363 sales of the restaurants.

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Sale via Section 363

Operator of six franchisees of Rock & Brews, a casual dining restaurant providing American cuisine comfort food and craft beer

Adam Meislik Erik Nathan
Ruby's Diner

Ruby’s Diner

Force 10 acted as financial advisor to the Official Committee of Unsecured Creditors in a highly contested Plan of Reorganization that was subsequently converted to an operating Chapter 7 process, removing control from the Debtor's insiders.

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Financial advisor to the official committee of unsecured creditors*

A chain of iconic diners located in Southern California

Brian Weiss Adam Meislik Nicholas Rubin Chad Kurtz

Boro Transit

Force 10 was engaged by the Ad Hoc Committee of the Independent Directors of Boro Transit, Inc.’s Board of Directors to assess the fairness of the price paid for the capital stock of SNT Bus Inc., a school transportation provider.

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Fairness Opinion

School transportation provider in New York City

Adam Meislik Jim Miller
Force 10 Engagement

Rajysan (Chapter 7)

Solvency expert witness

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Solvency expert witness

Rajysan was a distributor of generators, air compressors, and related equipment to the oilfield services sector

Adam Meislik Brian Weiss Jim Miller
Force 10 Engagement

Chinese Investors

As financial advisor to the Official Committee of Unsecured Creditors, Force 10 determined that the unsecured creditors of Chineseinvestors.com, a financial news media and content provider targeting the global Chinese-speaking investor community, would be better served by a Chapter 7 Trustee. Based on our analyses and recommendations, the case was converted from Chapter 11.

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Financial advisor to the official committee of unsecured creditors Chineseinvestors.com generated revenue from customers who subscribed to its services. In 2017, the company entered the cannabis and crypto businesses, but these efforts were unsuccessful and began scaling them down in 2019. In 2020, the company made a voluntary Chapter 11 filing. The Creditors Committee hired Force 10 as their financial advisor to analyze the Debtor's financial projections, budgets, and key operating metrics, develop financial projections and valuations to assess the feasibility of the company's Chapter 11 reorganization plans and business valuation, provide accounting investigations, and evaluate solicited offers to purchase or invest in the company. Force 10 determined that a Chapter 7 Trustee would better serve the creditors, and the case was subsequently converted.

Company offering proprietary financial news media and financial content to the global Chinese-speaking investor community

Adam Meislik
Roscoe's House of Chicken N Waffles

Roscoe’s Chicken and Waffles

Roscoe's, a chain of chicken-and-waffle restaurants, was a Trustee in Possession under Chapter 11. Force 10, serving as financial advisor to the Official Committee of Unsecured Creditors, developed and confirmed an unsecured creditor Plan of Reorganization. As Plan Administrator, we ensured the reorganization proceeded as specified. Force 10 reduced IRS claims by $11 million, structured and monitored a $40 million real estate collateral package, monitored operations, and resolved covenant issues while collecting cash flow for the benefit of Plan beneficiaries.

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Financial advisor to the official committee of unsecured creditors*

Famous LA-based Chicken and Waffle Chain

Brian Weiss Chad Kurtz Nicholas Rubin Adam Meislik
ExtraView

Extraview

Force 10 served as an expert witness regarding valuation, solvency, and damages in a case involving this company that developed and marketed business processes, compliance, and change management software. Our testimony prevailed over the plaintiff's demands and position on damages.

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Expert Witness

Issue tracking, compliance, and change management software

Adam Meislik
Point 360

Point.360

Financial advisor to secured creditor

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Financial advisor to secured creditor

A comprehensive digital media services provider offering end-to-end solutions for content creation, management, and distribution across multiple platforms

Adam Meislik
Eagan Avenatti

Eagan Avenatti

Force 10 served as the Receiver in high-profile litigation involving former attorney Michael Avenatti (convicted of fraud and extortion). Following a Chapter 7 bankruptcy filing, we support the Trustee, and government agencies.

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Law Firm Receivership Force 10 served as the court-appointed Receiver over the law firm owned by Michael Avenatti (sentenced to 14 years in federal prison for stealing millions of dollars from clients and tax fraud and disbarred). As Receiver, we ultimately determined the bankruptcy court was a more robust forum to pursue claims. We produced complex funds tracing analysis that facilitated litigation, worked on forensic topics with the Criminal Investigation Unit of the IRS, the State of NY, and provided litigation support in pursuing avoidance actions by subsequently appointed Chapter 7 Trustee.

Legal services and representation

Brian Weiss Erik Nathan
Hoag Urgent Care

Hoag Urgent Care

Force 10 acted as the financial advisor to the Debtors of this group of urgent care centers during a Chapter 11 process.

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Chapter 11 Plan of Reorganization

Orange County, CA-based urgent care centers under the Hoag flag

Brian Weiss Adam Meislik Chad Kurtz
Aletheia Capital

Aletheia

Force 10 provided litigation support and opinions on solvency and fraudulent transfers in adversary proceedings involving a Los Angeles-based money management firm.

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Provided expert opinions to support adversary proceedings

Aletheia was an LA-based money management company

Adam Meislik
Morgan Drexen

Morgan Drexen

As a financial advisor to the Chapter 11 and Chapter 7 Trustees, Force 10 conducted an orderly wind-down of this consumer debt settlement company's operations, analyzed avoidable transfers and litigation, and provided litigation support.

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Financial advisor to Chapter 11 & 7 Trustees

Consumer debt settlement company

Adam Meislik Nicholas Rubin
Force 10 Engagement

Professional Healthcare Billing Services

Force 10 served as operating Receiver to a non-debtor affiliate of a Chapter 11 Debtor.

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State Court Receiver

Fix the grammar of healthcare billing provider

Adam Meislik
Force 10 Engagement

USA Sales

Force 10 served as the financial advisor to this wholesale tobacco distributor, facilitating the resolution of creditors’ claims through a structured dismissal process. During the pendency of the bankruptcy case, the company experienced significant improvements in business economics, leading to a successful and equitable outcome for stakeholders.

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Structured Dismissal

Wholesale distributor of tobacco products

Brian Weiss Chad Kurtz
Force 10 Engagement

Metropolitan Auto Parts

Acting as a financial advisor to the Chapter 7 Trustee, Force 10 conducted preference, fraudulent transfer, and solvency analyses concerning this aftermarket automotive parts distributor to support the Trustee's claims against transferees.

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Financial advisor to Chapter 7 Trustee

Aftermarket automotive parts distributor

Brian Weiss Adam Meislik
Force 10 Engagement

EZ 2 Own

Acting as Receiver of this shipping container rental and leasing business, Force 10 identified the flawed business model that led to its failure and oversaw the portfolio wind-down to maximize value for stakeholders.

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Receiver of Operating Business

Shipping container rental and leasing

Nicholas Rubin
Force 10 Engagement

Aurasound

Force 10 served as Trustee of the post-Chapter 11 liquidating trust of an innovative audio technology company that made high-quality, immersive wireless speakers, headphones, and smart home audio systems.

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Post Chapter 11 Liquidating Trust

An innovative audio technology company creating high-quality, immersive wireless speakers, headphones, and smart home audio systems

Brian Weiss
Don Rose Oil

Don Rose Oil

Force 10 assisted the Chapter 7 Trustee in maximizing value via an Article 9 sale of the assets held by this mineral rights investor and distributor of refined petroleum products in California's Central Valley after a judge denied a proposed Section 363 sale for the sole benefit of the secured creditor.

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Financial advisor to Chapter 7 Trustee

Mineral rights investor and distributor of a variety of refined petroleum products across the Central Valley of California

Adam Meislik
Southern Inyo Healthcare District

Southern Inyo Community Hospital

Force 10 served as financial advisor to this rural hospital undergoing a Chapter 9 Reorganization.

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Chapter 9 Municipal Bankruptcy

Community Hospital in Lone Pine, CA

Brian Weiss
esurface

eSurface

Force 10 served as investment banker to sell the patent portfolio of this non-operating business that had developed unique printed circuit board technology. Force 10's engagement resulted in the successful sale of the intangible assets.

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IP Asset Sale

Inventor and manufacturer of unique printed circuit board technology

Adam Meislik
Sendio

Sendio

Sendio, a provider of email security solutions, was challenged by a legacy cost structure and weary investors. Given its lack of liquidity, Sendio reorganized via an Assignment for the Benefit of Creditors, in which Force 10 served as the independent director and coordinated the transaction. Through an auction, Sendio was sold to a European-based fund, maintaining continuity with its employees and customers while significantly reducing operating costs.

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Assignment for the Benefit of Creditors

Provider of email security solutions

Adam Meislik Erik Nathan
Stadco

Stadco

By conducting a comprehensive cost and profitability analysis, Force 10 improved the enterprise value of this manufacturer of components for the aerospace and defense industries, benefitting the secured lender and shareholders. Our work resulted in the refinancing of secured indebtedness.

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Operational Restructuring

Manufactured critical components for the aerospace and defense industries

Adam Meislik
Force 10 Engagement

United Prosperity Group

Force 10 was the financial advisor, providing comprehensive valuation support for a management-led Section 363 sale and Plan of Reorganization. The engagement involved assisting a wholesale grocer through the complexities of the bankruptcy process, including developing strategies to maximize value for stakeholders and supporting the reorganization efforts.

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Confirmed Chapter 11 Plan of Reorganization

Grocery and related product wholesaler providing fresh-pack, cut fruits, and vegetables

Adam Meislik Nicholas Rubin
Force 10 Engagement

Alder Capital Partners

A Force 10 professional provided expert witness testimony on the capital raising process, including the roles and responsibilities of investment bankers and placement agents. The testimony addressed fiduciary duties, standard operating procedures for due diligence, and disclosure requirements in connection with a capital raise for a China-based company seeking investment from U.S. investors.

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Damages and valuation expert witness to Plaintiff Alder Capital Partners et al. v. Susquehanna Financial Group, L.P.

Capital Markets Financing Dispute

Adam Meislik
Styles for Less

Styles for Less

When this fast-fashion retailer succumbed to the pressure of omnichannel competitors, Force 10 executed an orderly liquidation to maximize recovery for creditors during Chapter 11.

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Chapter 11

Women's fast fashion retailer

Brian Weiss
Force 10 Engagement

KP3 Endeavors

Force 10 provided a solvency opinion and expert testimony in support of KP3, a ticket broker for concerts, sporting events, theatrical performances, and other live events nationwide, which had been placed in an involuntary Chapter 7 proceeding. Our testimony showed that the Debtor was solvent, and the case was dismissed.

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Opposition to Involuntary Chapter 7

Ticket broker for concerts, sporting events, theatrical performances, and other live events nationwide

Adam Meislik
GS Precision

GS Precision

Force 10 professionals marketed the assets of this manufacturer of components for the aerospace and defense industries and conducted a Section 363 sale via auction.

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Asset Sale via Section 363

Manufactured critical components for the aerospace and defense industries

Adam Meislik Nicholas Rubin
Force 10 Engagement

Complex Individual Chapter 11 Debtor

Force 10 obtained confirmation of this individual Debtor's Chapter 11 Plan, which involved complex and contentious court proceedings. Our efforts avoided lien attachments and levies, and the estate was resolved via a full-pay Plan of Reorganization.

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Confirmation of Complex Individual Chapter 11 Plan of Reorganization

Debtor with a complex capital structure and judgments

Adam Meislik
Freedom Communications

Freedom Communications

Separately, the principals of Force 10 served as financial advisors and investment bankers to the Debtor and legal counsel to a bidder in this Chapter 11 process.

Freedom Communications filed for Chapter 11 bankruptcy protection on November 1, 2015. The bidder, Digital First Media (digitalfirstmedia.com), submitted a $51.8 million bid that was approved by the United States Bankruptcy Court in Santa Ana, CA, after the U.S. Department of Justice filed an antitrust lawsuit against the highest bidder, Tribune Publishing. The final sale to Digital First Media closed on March 31, 2016, for $49.8 million.

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Confirmation of Chapter 11 Plan of Reorganization

The Orange County Register and The Press-Enterprise, three magazines and specialty publications, as well as an interactive media business, also owned 14.3 acres of partially improved real estate in Santa Ana and 6.5 acres of partially improved real estate in Riverside, CA

Adam Meislik Nicholas Rubin Michael VanderLey Jeremy Rosenthal
Idanta Partners

AML v. Idanta

After an initial award of $7.7 million, Force 10 served as the defense expert witness, testifying to the extent of monetary damages. The plaintiff's expert argued that damages exceeded $25 million. The jury sided with the Force 10 expert and awarded no damages.

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Monetary damages expert in relation to aiding and abetting breach of fiduciary duties Force 10’s expert testimony played a pivotal role in the defense of Idanta Partners, ultimately leading to the jury awarding zero damages in the case of American Master Lease LLC v. Idanta Partners, Ltd. The dispute arose after AML accused Idanta of aiding and abetting a breach of fiduciary duty and interfering with contractual obligations. AML alleged that members of its organization had improperly transferred its proprietary real estate investment strategy, the 1031 FORT model, to a competing entity, FORT Properties, Inc. (FPI), without proper authorization. According to AML, this action violated non-compete provisions and fiduciary duties outlined in AML’s operating agreement. AML sought over $25 million in damages, asserting that Idanta had unjustly profited from its involvement with FPI. Force 10 was engaged to evaluate the financial implications and determine whether Idanta Partners unjustly benefited from the transactions. Force 10 examined the financial transactions between Idanta Partners and FPI through meticulous analysis, focusing on whether Idanta’s actions constituted unjust enrichment. Force 10’s expert reviewed Idanta’s $2.3 million investment in FPI and the subsequent $3.2 million proceeds from the sale of their shares. This resulted in a modest $0.9 million net gain over three years. Force 10 concluded that this financial outcome did not represent an excessive or unfair profit, considering venture capital investments' inherent risks and typical returns. The testimony demonstrated that Idanta’s actions were consistent with standard business practices and did not unjustly harm AML. The jury found Force 10’s analysis compelling, ultimately returning a verdict in favor of Idanta Partners and awarding AML no damages. Despite AML’s pursuit of over $25 million, the expert testimony dismantled the plaintiff's claims, showing that Idanta’s modest returns were proportionate to its investment risks. This outcome underscored the importance of expert testimony in clarifying complex financial disputes and providing objective, data-driven conclusions, securing a complete defense victory.

Tenancy in Common (TIC) Fund

Adam Meislik
Turnberry

Turnberry/MGM Grand Towers

Force 10 professionals acted as financial advisors to a high-profile Las Vegas real estate development project embroiled in securities fraud allegations and other legal disputes. The claims were resolved through a Chapter 11 bankruptcy process. The project, a joint venture between Turnberry and MGM, involved the development of three luxury condominium towers strategically located behind the iconic MGM Grand on the Las Vegas Strip.

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Confirmed Chapter 11 Plan of Reorganization

Luxury condominiums are located in Las Vegas

Nicholas Rubin Adam Meislik
Foxconn

Foxconn

Force 10 professionals represented Foxconn, a major global contract manufacturer and the largest claimant and supplier to Fuhu, a children’s tablet and app maker, with respect to Fuhu's Chapter 11 bankruptcy. We assisted in settling cross-claims and succeeded in reducing Foxconn's potential exposure. Force 10 professionals also monitored the sale proceedings and asserted Foxconn's rights.

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Major creditor and vendor to Fuhu

Foxconn is a major global contract manufacturer

Adam Meislik Nicholas Rubin
Force 10 Engagement

Grimalda

Force 10 served as the rents and profits Receiver of an affiliate of a Bankruptcy Debtor.

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Real Estate Receivership

Commercial real estate

Adam Meislik
Landmark Fence

Landmark Fence

A Force 10 affiliate served as Assignee per a California Assignment for the Benefit of Creditors and oversaw the dissolution of this company, which installed fencing and gates. Force 10 retained an auctioneer to maximize asset value and conducted an orderly wind-down of operations.

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Assignment For the Benefit Of Creditors

Installer and servicer of fences and gates

Adam Meislik
Force 10 Engagement

Confidential Individual Defendants

Force 10 provided expert opinions on solvency and fraudulent transfers in response to Bankruptcy Trustee litigation seeking over $1.2 million. Force 10 participated in the mediation, and our client settled the claims below the Trustee's settlement demands.

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Fraudulent Transfer Defense

The transferees were landlords, customers, and investors of the debtor, The Tulving Company

Adam Meislik
airfast tickets

AirFastTickets

A Force 10 professional was appointed as Custodian and Receiver sua sponte by the Delaware Chancery Court and then served as the fiduciary through the Chapter 11 process for this online travel agency, raising cash through asset sales, avoiding preferences and fraudulent transfers, and settling D&O claims.

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Confirmation of Chapter 11 Plan of Reorganization AirFastTickets, Inc. (the Debtor), founded in 2011, owned and developed proprietary software to help consumers find low-cost airfares. The company was required to be accredited by the International Air Transport Association (IATA), but in mid-2014, it stopped making payments to airlines for the ticket sales it arranged. IATA revoked and terminated AirFastTickets' accreditation and license agreements due to the breach of IATA's regulations and because AirFastTickets owed $70 million to over 400 airlines and $38.5 million to various creditors. The Debtor's loss of its IATA accreditation caused it to become insolvent and unable to continue operations. We were brought on in April 2015 as financial advisors sua sponte and subsequently appointed as Custodian and then Receiver to help restructure the company and perform forensic accounting work. In June 2015, the Debtor's executives were informed that the founder of AirFastTickets had been perpetrating a fraud in which he took funds investors had' loaned to the company, created a fake vendor, and then siphoned the money into his own pocket. In July 2015, the Petitioning Creditors filed an involuntary petition for relief under Chapter 7, and later that year, the case was converted to a Chapter 11 proceeding. The Plan of Reorganization was successfully confirmed in 2016.

Retail online travel agency

Adam Meislik Nicholas Rubin Brian Weiss
Background Images

Background Images

Force 10 served as an Expert Witness on behalf of a creditor challenging the feasibility of the Debtor’s Chapter 11 Plan of Reorganization. The Debtor, a provider of audio/visual equipment rentals and services, faced scrutiny regarding the viability of its proposed plan. Force 10’s testimony was critical in achieving a stipulation that secured more favorable treatment for our client under the Plan.

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Chapter 11 Plan of Reorganization

Audio/visual equipment rental and services company, which primarily serves the entertainment industry

Adam Meislik
ISWest

IS West

Force 10 professionals testified to the valuation and sale feasibility of this company that provides website hosting and co-location services. Our testimony resulted in the removal of the state court-appointed Receiver. We then served as investment bankers and conducted a Section 363 sale that allowed all creditors to be paid in full and ended shareholder disputes with a distribution to equity.

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Confirmation of Chapter 11 Plan of Reorganization The company entered Chapter 11 after a partner dispute resulted in cross-claims. At first, a Receiver was appointed by the California state court. Working with counsel, insiders sought a Chapter 11 and termination of the Receivership. Chapter 11 sought to prohibit the Receiver from selling the business at below fair market value. Force 10 team members provided valuation testimony for the Debtor to support opposition to the proposed low-valuation transaction, arguing that more value could be obtained through an auction. The bankruptcy court agreed, and Force 10 team members (at their prior, separate firms) ran an auction and separately, acted as transaction manager in a fiduciary role. The result was a sale that generated approximately 60% more than the initial proposed transaction supported by the Receiver, full payment of all creditors, and a distribution to equity.

Website hosting and colocation provider

Adam Meislik Brian Weiss
Cyberdefender

CyberDefender

Force 10 professionals acted as the Financial Advisor to the Debtor, a provider of cybersecurity tools to consumers and small businesses. They arranged a Section 363 sale to Guthy-Renker, the strategic partner and secured lender.

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Chapter 11 Plan of Reorganization

Consumer and SMB cybersecurity provider

Adam Meislik
Force 10 Engagement

Renaissance Surgical Arts at Newport Harbor

Force 10 professionals took over the operations of this ambulatory surgical center, which was challenged by a lack of liquidity and fraud-like activity. We facilitated scheduled procedures to ensure continuity of patient care and oversaw an orderly wind-down as the facility would never generate a return for investors and lacked leadership. The insider was subsequently investigated for fraud.

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Chapter 11 and Chapter 7

A state-of-the-art ambulatory surgical center is challenged by a lack of liquidity and fraudulent activity

Adam Meislik
AGE Refining, Inc.

AGE Refining

Force 10 professionals were hired to advise Chase Capital during the bankruptcy proceedings for this oil refinery near San Antonio, TX. They provided Debtor oversight, coordinated the refinery's going-concern sale, and successfully executed the Plan of Reorganization.

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Chapter 11 Plan of Reorganization

Oil refinery located outside of San Antonio, TX

Adam Meislik

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Force 10 jumped right in and helped us sort through the complex issues left behind by prior management. We are once again generating returns for our investors.
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