Financial Advisor to Special Litigation Committee Large Gaming Operations Company
Total Deal Size: $9,000,000,000
Total Debt: $5,200,000,000
Situation
- Odyssey was engaged by the special litigation committee of the board of directors of a large cap Las Vegas gaming company to perform a comprehensive financial analysis related to potential fraudulent transfer claims in the wake of a $9 billion LBO transaction
Role of Odyssey Capital Group
- Acted as Financial advisor to the special litigation committee
- Worked with legal advisors to evaluate the merit of potential causes of action from the unsecured creditors committee (UCC)
- Performed in-depth analyses of the company's budgeting process and financial forecasting methodology
- Reviewed the reasonableness of financial forecasts used in the LBO in light of historical performance and contemporaneous views of Wall Street analysts
- Evaluated solvency at the time of the transaction by employing numerous valuation methodologies
- Evaluated relevant economic data during the time leading up to the LBO for indications that the LBO might not succeed
- Prepared to give expert testimony to the court regarding findings
Results
- Produced a comprehensive report on fraudulent conveyance claims and successfully defended our position in written testimony;
- Prepared to give oral testimony as part of a hearing on the UCC's motion for standing; and
- Worked with special litigation committee counsel to identify weaknesses in the UCC’s written motions.
