Bankruptcy News

Alvarez & Marsal Managing Directors Added

Alvarez & Marsal (A&M) continues to expand its presence in the Nordic region with the addition of Daniel Frigell, Managing Director, to lead its Nordic valuation practice. Frigell, the former Head of Valuation Services for KPMG Sweden, is one of several senior consulting professionals to recently join A&M's Stockholm office. His appointment further reinforces the firm's global expansion strategy and response to pan-European regulatory changes driving demand for independent, non-audit professional services. In his new role, Frigell will grow the firm's valuation practice across the Nordics, providing clients with deep expertise in dispute; tax and sell-side valuation; debt service modeling and analysis and investigative services. He joins A&M as one of the region's most experienced consulting professionals and noted experts advising on dispute valuation and incentive programs. Frigell's appointment bolsters A&M's commitment to the Nordic market while expanding the firm's suite of services and ability to maximize value for Nordic-based clients. Frigell brings 17 years of financial and strategic consulting experience, including an array of assignments for public and private companies, private equity firms and their portfolio companies. His work has encompassed valuations, transaction structuring, dispute/litigation support and incentive programs. He is regarded as a leading expert witness in Sweden for cases involving valuation and remedy/damage calculation. Before working at KPMG, Frigell served in senior positions at PwC and Cap Gemini Ernst & Young. He attended Uppsala University and the Stockholm School of Economics and earned a Certified European Financial Analyst (CEFA/AFA) certification. He has served as an invited guest lecturer at Stockholm University, Uppsala University and Linköping University, where he developed and taught courses on M&A and international business. Separately, A&M also announced that the firm bolstered its Corporate Performance Improvement practice with the addition of Scott Burgess and Keith Browning who join as Managing Directors in the Washington, D.C. and Atlanta offices, respectively. Both Burgess and Browning bring a transformation focus supported by a deep understanding of industry trends and how technology - amongst a range of other tools - can be integrated into corporate growth strategies and solutions. Their appointments demonstrate A&M's commitment to helping clients maximize value by driving change across the enterprise. Over the past 30 years, Burgess has advised senior executives and boards on many complex and pressing operational improvement challenges. He specializes in strategic repositioning (including acquisitions, divestitures and alliances), new operating models, organizational realignment and PMI, large scale operational efficiency initiatives and transformative technology investments. Burgess has in-depth experience evaluating financial technology opportunities and turnaround situations in the payments, mortgage, retail distribution and consumer finance sectors. Prior to A&M, Burgess led Acument Partners which advised global and regional financial institutions and service providers on a range of strategic repositioning initiatives. Earlier, he was the National Leader of Banking & Finance for Deloitte Consulting and co-led the North American Financial Services practice for Booz & Company. Browning brings more than 25 years of experience as an operator, consultant and marketing agency leader. He advises clients on solving issues arising from business disruption. Browning has worked extensively on projects examining the cause of such disruption and has outlined and implemented strategic initiatives to help businesses change their models, versus only analyzing the symptoms of the problem at hand. Browning has significant expertise in telecommunications; however, he has also worked with leaders across a broad range of industries executing on transformation assignments by building business intelligence platforms, marketing communication campaigns, customer experience programs and complex reporting systems. Before joining A&M, Browning was a V.P. with Hitachi Consulting where he focused on technology enablement, revenue enhancement and system integration. Previously, he spent over a decade as an Operator with AT&T, and prior to that, was a Senior Director with Arthur Andersen.

AlixPartners Managing Director Added

AlixPartners announced the appointment of Richard Lee as a Managing Director in the firm's Financial Advisory Services practice. He will work from the firm's Dallas, TX office. Lee has deep experience in valuations, forensic-accounting investigations, economic-damages analysis and other financial consulting services and is frequently called upon as a consultant and testifying expert in federal and state litigation cases as well as in international and domestic arbitration proceedings. He joins AlixPartners from Houlihan Lokey Financial Advisors Inc., where he was a Managing Director. Prior to joining Houlihan Lokey, he was a Partner at Deloitte Touche Tohmatsu Ltd. and, in total, spent more than 17 years working for "Big Four" accounting firms, including Ernst & Young and Arthur Andersen as well as Deloitte. Lee received an MBA from the Anderson School of Management at the University of California, Los Angeles (UCLA) and a bachelor's degree in business administration from the University of Southern California. He is a certified public accountant licensed in New York, California and Texas; is an accredited senior appraiser with the American Society of Appraisers and holds a business-valuation credential from the American Institute of Certified Public Accountants.

Quantum Fuel Systems Technologies M.O.R. Filed

Quantum Fuel Systems Technologies filed with the U.S. Bankruptcy Court a monthly operating report for October 2017. For the month, the Company reported a net loss of $16,316 on zero net sales/revenue and posted $16,316 in total non-operating expenses.

WestMountain Gold M.O.R. Filed

WestMountain filed with the U.S. Bankruptcy Court a monthly operating report for October 2017. For the month, the Company reported a net loss of $133,976 on $54,040 in net operating revenue and paid $57,215 in selling, general and administrative expenses and $80,490 in total operating expenses.

US Dataworks M.O.R. Filed

US Dataworks filed with the U.S. Bankruptcy Court a monthly operating report for October 2017. For the month, the Company reported a net loss of $5,792 on $397 in revenue and paid $520 in general and administrative expenses and $5,395 in total operating expenses. Cash at the beginning of October 2017 was $1.1 million and $1.2 million at month's end, with negative net cash flow of $1,469.

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