FOR IMMEDIATE RELEASE
Judge praises analytical work
Solvency analysis pleases trustee and bankruptcy judge
May 25, 2005 -- In late 2004, Bill Black teamed up with Jim Hart of the Lightfoot
Group (www.lightfootgroup.com) to assist a bankruptcy
trustee in confirming that the debtor was insolvent long before the company filed for bankruptcy. Among the
issues in the case was determining the starting point when the trustee could reclaim preferential transfers for the estate.
Hart and Black plowed through the accounting records and financial documents of the debtor, and
conclusively demonstrated that the subject company displayed a clear pattern of deteriorating margins,
dubious intercompany transactions, and repetitive borrowing far in excess of the company's repayment capabilities.
The trustee was able to use the team's findings to negotiate favorable settlements with a number of
significant creditors and enhance the value of the estate.
When the forensic accounting bill was presented to the court for approval earlier this year, Judge Margaret
Murphy reviewed the file. At the confirmation hearing, Judge Murphy stated "This was an exceptional
use of the resources of the estate." The trustee was also favorably impressed with the quality of the
work and the cost-efficiency of the forensic accounting team. ________________________________________
For More Information Contact:
Bill Black
William H. Black, PC
Tel: 770.698.8020
FAX: 770.399.6731
Internet:
http://billblackcpa.com
Email:
whb@billblackcpa.com
or
Jim Hart
Lightfoot Group, LLC
Tel: 678.320.0079
FAX: 678.320.0119
Internet:
http://www.lightfootgroup.com
Email:
jhart@lightfootgroup.com
|
William
H. Black, CPA, PC