A consortium of law firms needs equipment appraisal to value personal property assets of a Big 3 auto manufacturer

SITUATION

Due to a problem with security interest documentation, a consortium of more than 100 law firms sought to engage an appraisal firm for a post-bankruptcy retrospective appraisal.

SOLUTION

A series of sampling onsite inspections were performed, and a draft appraisal was completed, considering all three approaches to value. The retrospective appraisal was issued, appraiser was deposed, appraiser drafted rebuttal appraisal, was deposed again, assisted in preparation of direct testimony for court, appeared in federal bankruptcy court as an expert witness, also assisted attorneys with review of the appraisal and direct testimony of the opposing expert. Federal bankruptcy court found for the secured parties.