Valuations for Assignments for the Benefit of Creditors
Applied Business Strategy of Cleveland (ABS) provides valuations in distressed situations. Recently, ABS completed valuation projects in connection with General Assignments for the Benefit of Creditors (ABCs) filed in the Court of Chancery of the State of Delaware. ABS determined the value of various assets, including accounts receivable, deposits, inventory, fixed assets, and software (for bonding purposes) in three separate matters involving a biotechnology start-up, video-conferencing company, and medical device manufacturer.
Tom Pratt Named Agent and Collateral Agent for Tradefull
Tom Pratt has recently been named Agent and Collateral Agent for Kasper Holdings LLC, dba Tradefull, involving two separate debt based capital raises. In his role, Mr. Pratt helped negotiate an inter-creditor agreement and acts as collateral agent for the Secured Creditors pursuant to the security documents.
Tradefull provides outsourced e-commerce solutions using proprietary technology and services to help e-commerce companies drive revenue, save money, and make logistics more streamlined and efficient.
Winning Expert Witness Testimony
Defendants in a commercial litigation matter enlisted Applied Business Strategy of Cleveland (ABS) and John Stark to assist in a response to Plaintiff allegations of breach of contract, fraud, unjust enrichment and other allegations, which resulted in alleged damages. ABS prepared a rebuttal report to assist counsel in providing questions and exhibits for deposition and cross-examination of the Plaintiff’s expert. The case went to trial. With John Stark’s testimony and presented evidence, ABS’s client prevailed,
Forensic Analysis
A medical device and service company engaged John Stark and Applied Business Strategy of Cleveland (ABS) in connection with a shareholder dispute. ABS performed a forensic analysis, examining certain disbursements during periods before and after the sale of the company, and tracing receipts and distributions of the sale proceeds.
Protect Against Unauthorized Transactions
ABS recently completed a forensic investigation for a Cleveland based house of worship. The ABS forensic team uncovered numerous unauthorized transactions of a suspicious nature. Included in the transactions were several payments that had the appearance of self-dealing. Tom Pratt led the team of investigators and authored a report for the board of directors which included several recommendations for strengthening internal controls and processes to avoid similar transactions being conducted in the future.
Applied Business Strategy Retained as Chief Restructuring officer
Applied Business Strategy (“ABS”), retained as Chief Restructuring Officer in October 2021 for a large, privately held food contract manufacturer (“Company”) serving several large well-known consumer brands, such as Nestle and Hershey’s, is pleased to announce the successful restructuring of the Company.
In its role, ABS developed and implemented a comprehensive business model and turnaround plan focused on price increases, cost reduction and settlement of several large contingent obligations. The restructuring was completed without a bankruptcy