Goldin Associates - Select Engagements

SELECT ENGAGEMENTS

Refco Inc. and its Subsidiaries
Interim manager to Refco, Inc., the fifth largest bankruptcy filing in U.S. history. Goldin Associates' professionals served as CEO, CRO, CFO and in other key Refco management roles. The firm managed the wind down of Refco's global businesses, oversaw and monitored Refco's various investments, directed the investigation of Refco's financial affairs and interacted with various creditor constituencies. Goldin developed and obtained court approval of a largely consensual bankruptcy plan providing for the distribution of Refco's assets. The plan was achieved far more quickly than in other large US bankruptcies and provided creditors with much higher recoveries than had been expected. The distribution plan provided for 100% recovery to secured lenders, 83% to bond holders, 85% to securities creditors, and 25%-35% or more to general unsecured creditors.

Young Broadcasting
Restructuring advisor to one of the largest U.S. television broadcast groups, which operates network affiliates and independent stations across the country. Goldin Associates provided a CRO and management team to oversee bankruptcy preparation, cash and liquidity management, business plan development, financial reporting and budgeting.

SemGroup
Forensic financial advisor to the creditors’ committee in the largest energy bankruptcy in five years. Goldin Associates’ responsibilities included reviewing and advising the committee on issues relating to the company’s failure, trading activities that led to its failure, intercompany transactions, third-party claims, and various other matters.

Financial Guarantee Insurance Company (FGIC)
Financial advisor to credit default swap (CDS) counterparties of a large monoline financial guarantor. Goldin Associates supported the counterparties in negotiations respecting the reorganization of the insurer, including evaluating potential claims relating to its insured structured products (including residential mortgage-backed securities (RMBS) and asset-backed securities (ABS) - collateralized debt obligations (CDO)) and formulating proposals to recapitalize the company.

MX Energy
Financial advisor to revolving credit facility lenders to a retail energy utility company. Goldin Associates has provided advice to the secured lenders in negotiations on revising or exiting the credit facility and has analyzed financial forecasts and evaluated collateral.

Syncora Guarantee
Interim financial management and financial advisory services provided to a large monoline financial guarantor. Goldin Associates has been responsible for financial planning and reporting functions; its professionals have acted as principal financial officer and controller and supported the company’s ongoing restructuring activities.

Huntsman/Hexion
Financial advisor to the principal lenders in litigation relating to the failed Hexion/Huntsman merger transaction. Goldin Associates provided litigation support and expert testimony on solvency, valuation and other issues, including expert and rebuttal reports.

National Amusements, Inc.
Financial advisor to a principal creditor group in connection with the successful out-of-court negotiation of credit amendments and intercreditor agreements necessary to avoid a bankruptcy of the principal shareholder of CBS and Viacom. Goldin Associates’ clients received security interests in substantially all the company’s assets and obtained waivers and releases, tax guaranties and other important consideration.

Residential Capital (ResCap)
Financial advisor to the independent directors of ResCap in connection with various transactions between the company and GMAC, its corporate parent. Goldin Associates provided fairness opinions in connection with transactions involving the sale of RecCap’s interest in GMAC Bank, the sale of ResMor (Canadian subsidiary), the sale of a broker-dealer and the extension and expansion of credit.

Sumner Regional Health Systems
Financial advisor to senior lenders in connection with restructuring of a medical complex. Goldin Associates assessed the viability of the complex, analyzed financial performance, conducted due diligence on the current business plan, evaluated potential highest and best use and advised on alternatives to maximize recovery value.

Marshes Edge Development
Restructuring advisor and CRO to a not-for-profit developer of a large senior housing facility on land donated by The Sea Island Company on St. Simons Island, Georgia. Goldin Associates played an instrumental role in connection with the successful out-of-court sale and refinancing of the property.

Pace University
Financial advisor to a large private university, engaged to assess its operational and financial performance, evaluate cash flow and liquidity and assist in the development of a strategic long-term business plan. Goldin Associates developed key metrics for analyzing program margins and identifying opportunities for financial improvement. The university has received special financial progress recognition from the Middle States Commission on Higher Education and a key ratings agency noted the university’s improved financial performance.

Private Homebuilder
Restructuring advisor to a residential developer in the Northeast U.S. Goldin Associates assisted in the development of financial projections and negotiations with the lead lender. These efforts resulted in a loan forbearance that made possible ongoing sales and construction activities, including continuing infrastructure and site improvements.

Student Finance Corp.
Financial advisor to the principal creditor in connection with approximately $600 million of potential losses relating to a large student loan portfolio. Goldin Associates investigated the causes of the company’s losses and identified potential sources of recovery. Assisted in developing litigation strategies, providing expert testimony, recovering assets and reducing exposure in a number of related legal matters.

Adelphia Communications Corporation
Financial advisor to legal counsel for a group of parent company bondholders who challenged the fairness of Adelphia’s Plan of Reorganization (POR). Goldin Associates prepared a report and evaluation of the reasonableness of the settlement incorporated in the POR and provided expert testimony during the Adelphia confirmation hearing.

Mortgage Lenders Network
Financial advisor and valuation expert to a financial institution. Goldin Associates provided advice in connection with a dispute regarding the value of a private, subprime residential mortgage lender.

Qwest Communications / KMC Telecommunications
Financial expert for counsel to Qwest in support of litigation involving the interpretation of contractual provisions in their commercial agreements. Goldin Associates provided reports and deposition testimony leading to a successful settlement.

Loral Space & Communications Ltd.
Examiner charged by the Bankruptcy Court with investigating and reporting on the processes and procedures employed by Loral and its professionals in valuing Loral’s assets and businesses. Goldin Associates concluded that the valuation processes and procedures were professionally acceptable, but did not fully capture Loral’s value. The Court ultimately determined that the value of Loral’s assets and businesses was substantially greater than the Debtor’s valuation conclusions.

Circle T Family of Funds
Financial advisor to the curator of the Estate of Seth Tobias, founder and head of Circle T Family of Funds, a hedge fund management firm based in New York City. Goldin Associates advised the court-appointed curator in evaluating and accounting for the assets and recommended strategies to liquidate the interests of the Estate in Circle T funds and other investments.

Wood River Capital Management
Financial advisor to the SEC-appointed Receiver of an investment manager and its failed hedge funds. Goldin Associates assisted the Receiver to evaluate and liquidate the funds’ securities portfolios and investigate the activities of the funds prior to their failure.

Northshore Asset Management
Financial advisor to the SEC-appointed Receiver of a fund management company. Goldin Associates assisted the Receiver in (i) winding down the management company’s operations, (ii) analyzing its historical accounting and cash management practices and (iii) evaluating and disposing of the underlying funds assets.

Asia Global Crossing
Financial advisor and damages expert for the Chapter 7 Trustee. Goldin Associates provided enterprise valuation and other financial analyses that facilitated satisfactory settlements of claims against former directors and officers.

Vanguard Car Rental USA, Inc.
Financial advisor to the senior management team of this $2.7 billion global rental car company in the management of a multi-faceted due diligence process in support of several pending transactions and refinancings.

Tom’s Foods Inc.
Financial advisor to the Indenture Trustee for the Senior Secured Noteholders. Goldin Associates provided analysis and valuation support for the Trustee’s motions (i) to convert the Chapter 11 cases to Chapter 7 cases rather than sell the company’s assets under an inadequate sale process and (ii) to seek adequate protection of the Noteholders’ secured claims. The assets of Tom's Foods were ultimately sold at values approximately double the “stalking horse” bid price.

MCI / WorldCom
Financial advisor to bondholders of Intermedia Communications, Inc., a subsidiary of WorldCom. Goldin Associates helped implement a plan of reorganization under which senior Intermedia bondholders received stock and other consideration valued at 93% of bond claims.

NorthWestern Corp.
Financial advisor and valuation expert for subordinated bondholders (trust preferred security holders). Goldin Associates supported successful opposition to the debtor's plan of reorganization and renegotiation of the plan to provide more than five times recoveries initially offered.

Enron North America
Examiner and financial advisor charged by the Bankruptcy Court with facilitating a bankruptcy plan for Enron’s principal subsidiary. Goldin Associates renegotiated the debtors' joint plan of reorganization, resulting in a transfer of value of more than $1 billion to the ENA estates.

InterBank Funding
Financial advisor during the bankruptcy of a failed investment fund with interests in real estate, operating hotels, commercial mortgage loans, subprime residential mortgage investment vehicles and real estate development projects. Goldin Associates assisted the SEC trustee in marshalling, valuation and disposition of diverse assets, including operating companies.

STAR Telecommunications
Financial advisor and damages expert for counsel to the Creditors Committee in STAR’s bankruptcy. Goldin Associates investigated the causes of business failure and evidence in support thereof and provided a damages report leading to the settlement of certain claims in the matter.

Redding Life Care
Restructuring advisor to a large developer and operator of senior housing. Goldin Associates negotiated the successful out-of-court restructuring and refinancing of $86 million of accrued senior and junior debt obligations.

R.A.B. Holdings
Financial advisor to the ad hoc committee of bondholders of a large specialty food company (Millbrook, Manischewitz, Goodman’s, Season, Guiltless Gourmet, etc.) in negotiations resulting in definitive agreements for the restructuring of its outstanding debt.

PSINet Consulting Solutions
Chapter 11 trustee overseeing the management of a large software and technology consulting firm formerly known as Metamor. Goldin Associates was integral to a bankruptcy plan providing for 46% creditor recoveries.

Power Company of America
Post-confirmation trustee for an energy trading company that, at the time of its bankruptcy filing, was the largest failed independent power marketing company in the U.S. Goldin Associates played a key role in a plan involving creditor distributions of 32%, substantially exceeding expectations at the time of confirmation.

First Interregional Advisors
Plan administrator for an equipment leasing company, responsible for marshalling its assets and pursuing affirmative recoveries. Goldin Associates helped investors recover more than 43% of their out-of-pocket losses, a result that the Bankruptcy Court judge called "extraordinary."

Anchor Glass Container Corporation
Financial advisor to the Indenture Trustee for the Senior Secured Noteholders of an industrial company. Goldin Associates assisted in valuing collateral, evaluating restructuring proposals and helping to negotiate terms of a plan of reorganization.