March 5, 2014
Bond Buyer interviews Bill Brandt, president of Development Specialists Inc. and chairman of the Illinois Finance Authority, analyzes the Detroit bankruptcy, state and local pension overhaul and creditor recovery. Click here to view the clip.
January 8, 2014
DSI welcomed Mark Manski to our New York office. Read more about Mark Manski by clicking here.
December 30, 2013
Daniel Stermer was featured on CNN regarding the Target hacking situation and what consumers can do to protect themselves. To view the CNN clip click here.
November 5, 2013
Joe Luzinski of our Miami office was quoted in The Detroit News regarding Detroit’s
bankruptcy case. “Threatening (bankruptcy) is one issue and doing it is another. It’s a threat you can’t make unless you have the (political) capacity to follow through.” To read the full article click here.
July 26, 2013
Bill Brandt comments on Troubled Times in Motor City in Turnarounds & Workouts…
“In appealing Aquilina’s order, says Brandt, the debate will involve the interpretation of the federal supremacy clause of the U.S. constitution and whether provisions in the bankruptcy code can override the dictates of a state’s constitution.” To read the full article click here.
May 31, 2013
DSI Consultants, Daniel Stermer and Yale Bogen, take part in turnaround management association panel. To read more click here.
May 21, 2013
An article by John Filan was published in the Turnaround Management Association’s monthly Journal on the underlying four trends which are expected to cause increased financial stress in local governments. To read the full article click here.
May 20, 2013
Yale Bogen and Daniel Stermer take part in Turnaround Management Association program. To find out more about the event click here.
March 22, 2013
DSI secures successful bid for bankrupt Toyota dealership, Lighthouse Imports. To read the full press release click here.
March 14, 2013
DSI wins distinguished deal of the year award from M&A Advisor, to read the full press release click here.
November 28, 2012
DSI applauds the installation of Daniel Stermer as the mayor of Weston, FL. To read the full press release click here.
November 28, 2012
Fred Caruso was recently interviewed by Turnarounds & Workouts on the success of his restructuring career including his leadership in the Gas City and Giordano's matters. To read the full article click here.
October 29, 2012
Daniel Stermer was featured as a fraud specialist on In Session, part of the CNN family, with regard to the case Illinois v. Kristin Holzman. Click here to watch.
October 18, 2012
Daniel Stermer’s article titled “Choosing A Proper Fiduciary” was published in the 2012 South Florida Legal Guide – Financial Edition that was published on October 15, 2012. To read the full article click here.
October 16, 2012
DSI is pleased to announce an article titled “Sales of Assets by an Assignee for the Benefit of Creditors” written by Geoff Berman was published in the October 2012 edition of the ABI Journal.
To read the full article click here.
June 15, 2012
Daniel Stermer is going to participate as a panel member in the Florida Attorney General, Economic Crimes Litigation Unit, Statewide Conference on June 26, 2012 the panel topic will be on receiverships, asset freezes, and injunctions.
May 14, 2012
Fred Caruso was asked by Turnarounds & Workouts to discuss his innovative strategy in the sale of Gas City. The sale was recognized by the M&A Advisor as being the top consumer retail products deal of the year over $50 million and the top real estate deal of the year under $500 million. To read the full article click here.
April 19, 2012
DSI is proud to announce that M&A Advisor has recognized Eric Sweitzer as one of this year’s Central Region 40 under 40. Eric was chosen by an independent judging panel of distinguished business leaders from among a pool of accomplished nominees in recognition of his accomplishments and contribution to the industry. The awards ceremony will take place in Chicago on June 7th. For more information, click here.
April 19, 2012
The ABI Bankruptcy Commission, created by ABI President Geoff Berman to study and propose reforms to chapter 11 and related statutory provisions, will hold its opening public hearing today at 9 a.m. ET in 2237 Rayburn House Office Building, Washington, D.C. For more information click here.
April 10, 2012
Daniel Stermer will be moderating “A Regional Approach to Transit” panel discussion at the upcoming May 4, 2012 Urban Land Institute – Southeast Florida/Caribbean District’s event entitled Envisioning South Florida’s Future: Mobility – Goods and People. For more information about the event click here.
April 10, 2012
Daniel Stermer participated in the “The Politics of Restructuring” panel discussion on March 15, 2012 at The 4th National Municipal Bond Summit presented by The Bond Buyer at the Doral Golf Resort and Spa. For more information about the event click here.
March 7, 2012
Geoff Berman contributed two chapters to the 3rd Edition of Strategic Alternatives for Distressed Businesses. The chapters were “An Overview of Assignments for the Benefit of Creditors” and the chapter on the application of assignments under California law. To obtain a copy of the book visit the Thomson Reuters Westlaw store by clicking here.
March 1, 2012
John Filan, a Vice President of DSI, was interviewed on WTTW’s Chicago Tonight on February 22nd regarding his analysis of the state budget announced that day by Illinois Governor Pat Quinn, with particular emphasis on Medicaid and Pension reforms, as well as the state’s structural budget issues, and whether the steps outlined in the budget will restore the state’s fiscal health.
To view the clip titled Quinn’s Budget Address Analysis (14:34) click here.
February 2, 2012
DSI was the recipient of three awards from The M&A Advisor 6th Annual Turnaround Awards. DSI received the "Chapter 11 Reorganization of the Year (Middle Market)" for its role in the acquisition of HearUSA, Inc. by Siemens. DSI was also awarded the “Consumer and Retail Products Deal of the Year (Over $50 Million)” and “Real Estate Deal of the Year (Under $500 Million)” for its role in the 363 Sale of Gas City, Ltd. To view the press release of The M&A Advisor 6th Annual Turnaround Awards please visit this link.
January 17, 2012
Bill Brandt participated in the 8:40 a.m. panel, "Restructuring Sovereign & Municipal Debt" at the Beard Group's 18th Annual Distressed Investing Conference, held in New York on November 28, 2011. To view an excerpt from the presentation please visit this link .
October 5, 2011 Bill Brandt will be speaking at the University of Chicago Business School Alumni's CEO Roundtable on November 8, 2011, on the topic of "What the State is Doing to Promote Economic Development and How to Participate."
October 5, 2011
On November 1, 2011 Bill Brandt will be a Panel Member at the International Bar Association Annual Conference; Insolvency and Creditors' Rights Section presentation in Dubai, UAE. The topic will be "Buying and Selling Distressed Commercial Real Estate Assets - Issues Relating to Hotels, Office Buildings and Other Commercial Properties."
October 5, 2011
Bill Brandt was a panel member at the National Food and HBC Manufacturers Credit Group’s Conference regarding “Bankruptcy Best Practices.” in Tempe, Arizona, on October 3, 2011.
September 2, 2011
Joseph Luzinski, senior vice president of Development Specialists Inc. and the trustee overseeing Michael Vick's bankruptcy, talks about Vick's plans to reimburse his creditors by 2014.
August 19, 2011
Geoff Berman will be one of the Professional Dispute Resolution Faculty Leaders, as part of the Inaugural Bankruptcy Mediation Training Program, hosted by the ABI and St. John’s University School of Law in Manhattan. Elayne E. Greenberg, Director of the Hugh L. Carey Center for Dispute Resolution at St. John’s University School of Law is the lead faculty member for the program, with Hon. Cecelia Morris, Hon. Barry Russell and Hon. Elizabeth Strong participating as Judicial Dispute Resolution Faculty Leaders.
August 18, 2011
This year’s National Conference for Bankruptcy Judges will feature Geoff Berman as Moderator for the Alternatives to Chapter 11 (Receiverships, Assignments, Friendly Foreclosures, UCC Sales) Roundtable in Tampa on October 14, 2011.
August 18, 2011
The 19th Annual Southwest Bankruptcy Conference will be showcasing Geoff Berman as Moderator for the Hotcakes & Hot Topics: Judges' Roundtable Q&A on September 10, 2011 with bankruptcy judges from the 9th Circuit and across the country to share their thoughts and perspectives on topics of current interest in business and consumer cases.
August 18, 2011
Bill Brandt is scheduled to participate in the panel Financial Advisor Track: Economic Outlook: Are We In an Economic Bathtub? at the
19th Annual Southwest Bankruptcy Conference on September 9, 2011 with panelists Rebecca A. Roof of Alix Partners LLP, and Peter M. Gilhuly of Latham & Watkins LLP in Las Vegas.
August 2, 2011
The ABI National Ethics Task Force (the “Task Force”), which was formed by ABI President Geoff Berman earlier this year, met in Brooklyn at the Conrad B. Duberstein United States Bankruptcy Courthouse on July 11, 2011.
August 10, 2011
WBEZ, a local Chicago public radio station, interviewed John Filan on July 27, 2011 on the topic of the effect of Federal debt limit that would impact Illinois. Filan, former Illinois budget director, described that Illinois projects and grant programs, road construction, schools and agriculture would be affected. Illinois could find itself applying for short term loans to get by, which taxpayers would have to pay off with interest.
August 3, 2011
Bill Brandt participated on the panel title Is the Municipal Bankruptcy Threat Real? The Multi-Billion Dollar Question at the 2011 Government Research Association Annual Policy Conference on July 25, 2011.
Michael Pagano, University of Illinois at Chicago, H. Woods Bowman, DePaul University, James Spiotto, Chapman & Cutler, LLP and The Honorable Kerry Cummings, President of the Village of Glenview were also panelists. Rich Ciccarone of McDonnell Investment Management moderated.
August 2, 2011
The ABI National Ethics Task Force (the “Task Force”), which was formed by ABI President Geoff Berman earlier this year, met in Brooklyn at the Conrad B. Duberstein United States Bankruptcy Courthouse on July 11, 2011. The mission of the Task Force is to consider ethics issues in bankruptcy practice and make recommendations for uniform standards, where appropriate. During its meeting, the Task Force further narrowed the scope of topics it intends to study and address and set a schedule for future meetings.
Judith Greenstone Miller has been appointed the Chair of the Task Force. Professor Nancy Rapoport and Professor Lois Lupica, bankruptcy ethics specialists at the University of Nevada Las Vegas and the University of Maine, respectively, are serving as the reporters for the Task Force. The Honorable Elizabeth Stong, United States Bankruptcy Court for the Eastern District of New York, is serving as the judicial liaison for the Task Force. The Task Force members include: Michael Richman, Richard Carmody, Richard Meth, Susan Freeman, Robert Charles, T. Edward Gavin, Claude L. “Chip”) Bowles, Jr., Theresa Brown-Edwards, Steven Schwaber, James Cossitt, and Andy Vara, Assistant United States Trustee for Region 9. Ex officio serving on the Task Force are Sam Gerdano, Amy Quackenboss, Geoff Berman, Robert Keach and James Marcus.
July 12, 2011 George Shoup has met with fellow panalists Stuart Laven of Benesch Friedlander, Patricia Missal of Aurura Management Partners, Joe Geraghty of Conway Mackenzie and Matthew Schwartz of Bederson & Co. on August 4, 2011 at the ABI Mid-Atlantic Bankruptcy Workshop in Hershey, Pennsylvania. The panel's topic was Financial Advisor Issues. >>>
July 6, 2011 Brad Sharp spoke on "Recent Developments in Bankruptcy, Restructuring & Regulatory Trends"
at the TMA 2011 Western Regional Conference in Santa Barbara, California on July 15. Lawrence Bass of Faegre & Benson, LLP was the moderator, Hon. Maureen A. Tighe, Bankruptcy Central District of California, Susan M. Freeman of Lewis and Rocca, LLP, and Richard M. Pachulski of Pachulski Stang Ziehl & Jones, LLP participated as co-panelists.
June 7, 2011 John Filan was extensively quoted in a May 24 article for Deal Flow Media's Distressed Debt Report on public sector restructuring. Commenting on the financial problems and challenges facing governmental entities and the need for public sector restructuring, Filan observes:
"I think most governments will go through some amount of financial restructuring," Filan said. "It would take an exceptional government entity to not have to go through some kind of changes organizationally or to not have a reduction of spending."
Filan said he expects to see governments seek restructurings but for very few to consider Chapter 9 bankruptcy.
"I don't think you'll see much, as far as Chapter 9 filings are concerned," he said. "It's very unlike Chapter 11. It's not very well defined by the court, and it's not advantageous to do. It's a very long and expensive process as Vallejo has learned."
The city of Vallejo, Calif., filed for a Chapter 9 bankruptcy in May 2008, which is still pending.
Filan said that state and local governments have been so decimated by declining property values and high unemployment that it may take several years for property tax and income tax revenues to return to sufficient levels for sound operation.
Filan is also of the view that the severity of the problem is deep and likely to be long-lasting:
"We've had 11 recessions since 1948, but none has been this deep and taken so long to recover," Filan said. "This has been a very deep recession with deep, protracted unemployment and declines in real estate values. The challenge for local governments will be the depth and duration of high unemployment and depressed housing values.
"In Florida, some homes have been assessed down 50 to 60% since 2008," he said. "If your property tax revenues are cut in half, you're in trouble. Housing has not been a part of the recovery. Real estate prices are not rising and new construction is not happening. Employment and property values are the two things that drive government revenues with income taxes and property taxes."
Filan said that one of the problems that will delay a recovery of property tax revenues is a "lag effect" in property tax valuations that can delay for up to three years the time from when an assessment is calculated to when collection is made based on that assessment.
The article, "Public Sector Restructuring to Grow With Declining Government Revenue" by Kirk O'Neil, is available to subscribers of the Distressed Debt Report.
May 23, 2011
On June 16, Bill Brandt joined Larry Grisolano of ASGK Public Strategies for a roundtable debate on "Budgets, Municipal Debt & Restructuring" at the Global M&A Network's Distressed M&A Intelligence Forum in Chicago.
May 19, 2011 Kyle Everett and Brad Sharp spoke at the California Bankruptcy Forum's 23rd Annual Insolvency Conference in Olympic Valley, California. On May 21, Kyle kicked off the day's events by moderating the panel, "Protecting Your Firm from Preference Exposure on Pre-Petitoin Payments: How to Ethically and Optimally Structure Fee Arrangements in Debtor Engagements" and later joined his colleagues to discuss "The Receivership Order -- You Can't Live Without It." Meanwhile, Brad and his fellow panelists explored "Emerging Trends in Commercial Real Estate and Real Estate Financing."
May 18, 2011 Bill Brandt was the keynote speaker at the William J. O'Neill Regional Bankruptcy Institute hosted by the Cleveland Metropolitan Bar Association on May 17 and 18. Bill's luncheon address, held on May 17, focused on legislative updates at both the state and federal level.
May 10, 2011 John Filan continues to elucidate on the subject of public sector distress with colleagues and students. On May 9, he joined former U.S. Transportation Secretary Mary Peters and others at the Public Private Partnership (P3) Roundtable in Chicago, and he was recently a guest lecturer at the University of Chicago Law School. At the P3 Roundtable, John discussed alternative uses and financing of municipal assets including leases, partnerships, monetization and privatization. As a guest lecturer, John focused on the depth and duration of the recession and its effect on state and local governments’ continuing economic outlook. The talk and subsequent discussion included issues and solutions regarding pension liabilities, and legal and public policy issues differentiating types of government debt versus business debt obligations.
business and government transportation experts including former U.S. Transportation Secretary Mary Peters. John will discuss alternative uses and financing of municipal assets including leases, partnerships, monetization and privatization.
May 3, 2011 Bill Brandt spoke at the ABI New York City Bankruptcy Conference on May 6 on the subject of "Municipal and Other State Agency Restructurings." Joining Bill were Hon. Martin Glenn, U.S. Bankruptcy Court for the Southern District of New York; Larry Stromfeld, Cadwalader, Wickersham & Taft, LLP; and moderator Marc Abrams, Willkie Farr & Gallagher, LLP.
May 2, 2011 Bankruptcy Court Decisions Weekly News & Comment interviewed Geoff Berman about his becoming President of the American Bankruptcy Institute in their April 19, 2011 cover story. The good people at Thomson Reuters were kind enough to let us post the interview in full here.
April 27, 2011
Recognizing the growing demand for public sector restructuring services, DSI announced the launch of DSI Civic Financial Restructuring (“DSI Civic”), a new venture designed to meet the unique demands of municipalities and other governments facing financial difficulty. Read the full press release.
April 25, 2011 Dan Stermer was the subject of the article, Thousands Save Millions Because of Weston Commissioner Stermer. Stermer serves as receiver for Hess Kennedy and its affiliates, which Florida's Attorney General described as "scam artists who prey on the vulnerable." Read the full article here.
April 12, 2011
On the issue of Municipal Financial Stress, John Filan addressed the question, "Is This Time Different?" at the Tri-State Municipal Conference in New York on April 13. This two-day conference addressed a variety of issues facing municipalities. John's presentation was delivered at the pre-conference workshop entitled, "Municipal Credit and the Markets."
April 6, 2011 DSI announced today that Geoff Berman, a Vice President in the firm’s Los Angeles office, was elevated last Saturday to the position of President of the American Bankruptcy Institute (ABI). The American Bankruptcy Institute is the largest multi-disciplinary, non-partisan organization dedicated to research and education on all matters related to insolvency. Mr. Berman has worked extensively with the ABI for 20 years, including serving on the Board of Directors since 2002, as the Vice President of Publications from 2007 until last year and as a member of ABI’s Executive Committee since 2007. As a true leader in the industry, Berman has also been a member of the Association of Insolvency and Restructuring Advisors for 12 years and a member of the separate Los Angeles, Orange County and Bay Area Bankruptcy Forums (all members of the California Bankruptcy Forum) for over 30 years. Read the full press release here.
January 17, 2011
ESPN talks to DSI’s Joe Luzinski about Michael Vick.