Force Ten Partners is honored to be awarded "Financials Deal of the Year (Under $500 MM)"

Force 10 wins for the Chapter 11 Restructuring of XS Ranch Fund VI, L.P.  XS Ranch, sited in the metro-Austin city of Bastrop, TX, is an approximately 8,700 acre master-planned residential community entitled for 10,000 residential lots and 500,000 square feet of commercial space.

The M&A Advisor is pleased to announce the winners of the 13th Annual Turnaround Awards in each of the categories of Restructuring of the Year, Transaction of the Year, Refinancing of the Year, Sector Deal of the Year, Firm of the Year, Turnaround Product/Service of the Year and Professional of the Year. The awards will be presented at a Black Tie Gala on Thursday, March 28, 2019 at The Colony Hotel, Palm Beach, FL.

“The award winners represent the best of the distressed investing and reorganization industry in 2018 and earned these honors by standing out in a group of very impressive candidates,” said Roger Aguinaldo, Founder of The M&A Advisor. “In an environment that is increasingly demanding of its professionals we have recognized the leading transactions, firms and individuals that represent the highest levels of performance.”

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Force Ten Partners' Brian Weiss is appointed Federal Court Receiver over Eagan Avenatti

On February 13, 2019, Brian Weiss, a partner and co-founder of Force 10 Partners was appointed as the Federal Court Appointed Receiver overseeing the law firm of Eagan Avenatti, LLP.

As the Receiver, Brian is responsible to operate and conduct EA in the ordinary course of its business including managing the business affairs, maximizing the value of assets, investigating fraudulent transfers and avoidance actions, and pursuing litigation.

The case number is Case 8:18-cv-01644-VAP-KES and is pending in the United States District Court, Central District of California.

Force Ten Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.

Contact:
Force 10 Partners
20341 SW Birch Street
Newport Beach, CA 92660
949-357-2360
www.force10partners.com


Force Ten Partners Wins Speedy Confirmation of Re-org and $35m Exit Financing for Austin, TX Area XS Ranch Project

NEWPORT BEACH, CA -- Force 10 Partners, a Southern California-based provider of financial and strategic solutions to challenging business situations, today announced confirmation of the Chapter 11 Plan of Reorganization and closing of a $35 million exit financing package for XS Ranch Fund VI, L.P.  XS Ranch, sited in the metro-Austin city of Bastrop, TX, is an approximately 8,700 acre master-planned residential community entitled for 10,000 residential lots and 500,000 square feet of commercial space.

Force 10 Partner Michael VanderLey, who has served as the XS Ranch project’s Chief Restructuring Officer since May 2017, noted that the plan of reorganization and exit financing will result in all creditors being paid in full.

“This project faced some unique challenges -- at the point we were engaged, it was a tangle of aggressively prosecuted litigation and zero liquidity,” said VanderLey. “We’re quite pleased with this outcome -- the agreement we were able to structure and reach with all parties is fair, equitable and was achieved relatively quickly and efficiently.”

 

James Foster, CEO of XS Ranch developer Coast Range Investments, LC, said "Force 10 analyzed XS Ranch, its potential as a development project, and the surrounding litigation and decided it was a good investment of their time and resources. They recognized opportunity to help make the creditors whole, get XS Ranch back on track and generate ROI for our limited partners. Obviously, I am happy with the results -- now the project and the economic value it will create can continue to move forward."

XS Ranch's legal teams were led by Garrick Hollander of Winthrop Couchot Golubow Hollander, LLP and Pam Egan of Rimon P.C.

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About Force 10 Partners:

Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.

Force Ten Completes the Sale of eSurface's IP and Other Assets

Force 10 Partners is pleased to announce the sale of the majority of the assets, including the intellectual property of EarthOne Circuit Technology Corporation (dba eSurface) under section 363 of the United States Bankruptcy Code. eSurface was established in August 2010 to develop and market an evolutionary, patented technology for applied conductive materials on virtually any surface. eSurface focused on the circuit board (PCB).

eSurface filed for Chapter 11 bankruptcy protection on June 21, 2017, and operated as a debtor-in-possession until October 17, 2017 when the case was converted to Chapter 7 and Richard Marshack was appointed Chapter 7 Trustee. The Trustee employed Force 10 to maximize the value of assets for the benefit of all creditors. Concurrent with running a process to find the highest and best offer, Force 10 negotiated a stalking horse bid with the secured lenders which included cash consideration in addition to all of their secured debt. Force 10 then confirmed with other potential interested parties that there were no overbidders and the sale proceeded on December 12th, 2017. After the statutory appeal period expires, the transaction will close. Force 10 is also engaged to investigate and help pursue other liquidated and unliquidated assets of eSurface.

Force 10 partners have completed over 100 engagements. Force 10’s recent Chapter 11 success includes the Chapter 11 confirmations of AirFastTickets, Inc., Turnberry/MGM Grand Towers, and a $17 million individual real estate asset case. Other current engagements include the Creditor's Committee of East Coast Foods (dba Roscoe's Chicken and Waffles), Financial Advisor to the Trustee of Don Rose Oil and CRO roles with XS Ranch Fund and Pacific Mortgage Fund as well as numerous other debtors and creditors.

Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.

Contact:
Adam Meislik
Force 10 Partners, LLC
20341 SW Birch Street
Newport Beach, CA 92660
949-357-2360
www.force10partners.com

Force Ten Partners Committed to Real Estate Sector with Completion of $18.6 million DIP Loan and the Appointment of Michael VanderLey as CRO for XS Ranch

October 16, 2017 Newport Beach, CA -  Force 10 Partners, an advisory firm specializing in challenging business situations, including corporate restructurings, creditor/lender workouts, litigation support, expert testimony, distressed investment banking, and other special situations, announces the funding of a $18.6 million Debtor in Possession (DIP) loan and the appointment of Michael VanderLey  as CRO of Debtor-in-Possession, XS Ranch Fund VI, L.P.

XS Ranch is an approximately 8,700-acre master-planned residential project in Bastrop, TX, entitled for 10,000 residential lots and 500,000 sq ft of commercial space. XS Ranch was placed into an involuntary Chapter 7 Bankruptcy proceeding in the Northern District of California in December 2016. Force 10 was retained by the estate in May 2017 to map out a strategy to create value for creditors and equity holders.  The case was converted to a voluntary Chapter 11 as of June 2017.

Michael VanderLey is a Partner at Force 10. Michael is a career real estate and capital markets professional with an extensive background originating and asset-managing real estate equity and debt investments, plus over 15 years of advisory and consulting experience. He works with public and private sponsors, operators, investors and real estate dependent operating companies with respect to asset and portfolio-level transactions, debt and equity financings, restructurings and business combinations including joint ventures and M&A, and on strategic issues affecting enterprise value.

Over the course of his 30+ year career, Michael has led transactions involving every major real estate asset class and has originated, acquired, advised on or managed investment positions at every level of the capital structure and across the return spectrum from core to opportunistic. He has extensive special situations experience, having represented debtors, secured creditors, creditors’ committees and equity interests in connection with numerous restructurings and Chapter 11 cases - - including leading and advising on financing and sale processes totaling over $5 Billion. In addition, Michael has served as testifying expert or consultant-to-counsel on engagements involving Chapter 11 interest rate and plan feasibility matters, leasehold valuation and damages, partnership disputes, underwriting procedures, loan servicing and administration, and real estate capital markets conditions.

Prior to Force 10, Michael was a Senior Managing Director at FTI Consulting where, as part of the Corporate Finance segment and member of the Real Estate Solutions group, he led the Real Estate Capital Markets practice within FTI Capital Advisors, LLC, an investment banking subsidiary of FTI. Michael joined the firm as a Managing Director in 2009.

Force 10 partners have completed over 100 engagements. Force 10’s recent Chapter 11 success includes the Chapter 11 confirmations of AirFastTickets, Inc., and Turnberry/MGM Grand Towers. Other recent engagements include Freedom Communications (the Orange County Register),  Bacchus Development, Breckenridge Food Systems/StarRibs, Crystal Cathedral Ministries, and Walldesign, Inc. Force 10 is currently representing numerous debtors and creditors.

Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.

Contact:
Adam Meislik
Force 10 Partners, LLC
20341 SW Birch Street
Newport Beach, CA 92660
949-357-2360
www.force10partners.com

 

Force Ten Partners Continues its Special Assets Success

Force 10 Partners announces the sale of an illiquid real-estate-backed note for Trustee, Jeffrey I. Golden, in his capacity as bankruptcy trustee.

With an original face value of $850,000, the note was too small to gain wide attention from traditional direct buyers or find liquidity through debt capital markets exchanges. Nonetheless, Force 10 did solicit and receive bids. Ultimately, Force 10 determined a sale to the borrower was in the best interest of the bankruptcy estate and negotiated the price to 90% of face value. The sale was completed under Section 363 of the U.S. Bankruptcy Code via an uncontested motion and final bankruptcy court order.

Drawing on over 25 years' of special situations and restructuring experience, coupled with a unique and diverse network of relationships, Force 10 can value and monetize nonperforming loans, illiquid securities, judgments, claims, and liens.

Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.

Contact:
Force 10 Partners
20341 SW Birch Street
Newport Beach, CA 92660
949-357-2360
www.force10partners.com

Force Ten Partners' Expert Testimony results in Victory for VC Firm

A Force 10 Partners litigation support team, lead by Expert Witness Adam Meislik, successfully help defend Idanta Partners Ltd., a venture capital firm, by persuading a California jury to award zero dollars of unjust enrichment. The award followed a 10-year court battle where the plaintiff was seeking $25 million after a finding that the defendants had aided and abetted a breach of fiduciary duty.  Force 10 assisted the law firm of Fox Rothschild LLP, who scored their second major victory for Idanta and its principals. Fox was retained to handle an appeal after a jury hit the defendants with a $7 million unjust enrichment award. (Idanta was represented by a different law firm in the first trial.) The Fox Rothschild team was lead by Jon Shaeffer and Jeff Grant.  

Shaeffer and Grant convinced the appellate court to toss out the unjust enrichment award and ordered a new trial on that issue. Force 10 was employed to provide expert testimony in the retrial where it calculated and defended its opinion that there was no unjust enrichment.

Following a nearly three-week retrial, the jury deliberated for only two hours before returning a complete defense verdict and awarded the plaintiff nothing, thereby agreeing with Force 10's opinion.

In the suit, plaintiff American Master Lease, a real estate syndication business, alleged that Idanta had raided its employees and aided and abetted a breach of fiduciary duty. The sole issue on retrial was the amount of unjust enrichment to award.

Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.

Contact:
Force 10 Partners
20341 SW Birch Street
Newport Beach, CA 92660
949-357-2360
www.force10partners.com
 

Force 10 Agency Services named Assignee of Landmark Fence and Gate, Inc.

Landmark Fence and Gate Co., Inc., a California Corporation, executed a General Assignment for the benefit of its creditors in favor of Force 10 Agency Services LLC, a Delaware Limited Liability Company (the “Assignee”).  The General Assignment was accepted by the Assignee on November 18, 2016.

General Assignments are a well-established means to liquidate an insolvent company without filing bankruptcy. General Assignments have been a part of the law in the state of California for over 75 years.

The Assignee intends to sell certain of Landmark's assets via on-site auction on January 17, 2017. For more information, please see: http://mriauctions.com/landmark-fence-gate-company-jan-17-2017/

For more information on Force 10's General Assignment services, please contact f10agencyservices@force10partners.com.