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Case Studies - Oil and Gas
Bankruptcy/Business Reorganization
Case Study A
Engagement
A privately held oil and gas company filed for Chapter 11 bankruptcy. At the time of the filing, the oil and gas company was indebted to multiple institutions and individuals. Gleason & Associates was appointed as Trustee by the United States Bankruptcy Court for the Western District of Pennsylvania and continues to serve as escrow agent for holders of unsecured claims.
Gleason's Role
Gleason & Associates was appointed as Trustee and served as an escrow agent for Holders of Class 3 Unsecured Claims.
Results
On-going service in aforementioned role.
Case Study B
Engagement
The Plaintiff, an oil company, alleged that it experienced a financial loss as a result of out-of-court settlements with two companies that filed claims against the Plaintiff's directors and officers.
Gleason's Role
Gleason & Associates was retained to determine whether the Plaintiff suffered a financial loss as a result of the out-of-court settlements, and if so, to quantify the loss suffered.
Results
Gleason & Associates prepared an expert report and testimony demonstrating how the consideration in the form of company stock originally set aside during its bankruptcy represented a financial loss to the plaintiff and valued the loss.
The Defendant stipulated to the content of our report as to a financial loss.
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