CASE STUDIES BY CATEGORY Valuation Forensic Accounting & Financial Reorganization Intellectual Property Litigation Economic Loss Asbestos Trust Management		If at First You Don't Succeed, Fly, Fly Again An unconventional approach to what at first seemed like an ordinary construction dispute resulted in a smooth landing for two airport contractors that hadn't been paid for their work. Engagement Gleason & Associates was retained by a mechanical and an electrical contractor after their contracts to help build an airport terminal in a major U.S. City were terminated for "convenience." Because the company that hired the contractors was in bankruptcy, to recoup what they believed they were owed for the significant amount of work completed, the contractors filed claims for "unjust enrichment" against two third parties that received benefits from the new terminal, the local municipality and its industrial development authority. Gleason's Role To make the case for our clients, we quantified their claims several ways. In addition to the traditional approach of documenting the costs of the work performed, we also quantified the value of the terminal to the city and region as well as the value of our clients' contribution to the terminal. Since the city operated the airport as a not-for-profit enterprise, this was a uniquely complex analysis. Instead of relying on conventional financial statements, we determined value by documenting the terminal's indirect financial benefits. We also valued the terminal by utilizing a valuation formula outlined in the city's own lease agreement with the airline, which originally contemplated the potential privatization of the terminal in the future. Results Because the defendants couldn't effectively argue that the new terminal wasn't valuable to the city and region, they also couldn't reasonably argue that they hadn't received value from our clients' construction services. The case settled favorably. Why Gleason | Practice Areas | Meet Our Team | Case Studies | Continuing Education | Resources | Site Map | Contact Us | Home © 2010 Gleason & Associates One Gateway Center, Suite 525, 420 Ft. Duquesne Blvd., Pittsburgh, PA 15222, Phone: 412.391.9010,