Professional Documents
Culture Documents
EXHIBIT 2
ITEM 5(B)
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ITEM 5(B) A disclosure of all prior retentions in which the applicant testified as an expert
witness either in deposition or at a trial or hearing, including the title of the case, the court in
which the case was pending, the attorney who retained the applicant and the subject matter of the
testimony.
Over the last 40 years, Mr. Brandt has testified and/or been disposed as part of his responsibility
as Chapter 11 Trustee, Chapter 7 Trustee and as financial advisor and as an expert in litigation
matters. Given the sheer number of matters in which Mr. Brandt and his staff have been engaged
it would simply be too burdensome to list each and every case and each and every matter in
which deposition and testimony provided. Mr. Brandt and his staff often provide testimony as
either consulting witness or as expert. As a fiduciary in many of his cases, Mr. Brandt is often
asked to testify as to matters related to his case including sales, refinancing and plans of
reorganization. To the extent the case demand, Mr. Brandt has testified on behalf of and in
support many plans or reorganization.
As listed below, Mr. Brandt has been retained solely as a testify expert in several cases. As the
circumstances dictate Mr. Brandt has also been appointed as Receiver, Examiner and Examiner
with Expanded Powers. Given that these positions are also extraordinary remedies in which the
Court or J udge has found the need for independent analysis or review, the Applicant has included
a list of such cases for further consideration.
AS EXPERT WITNESS
Official Committee of Administrative Claimants on Behalf of LTV Steel Company, Inc.
v. Bricker, et al., Case No. 05CV2158, Northern District of Ohio, Eastern Division
Western Asbestos Company, Case No. 02-46284-T, Northern District of California,
Oakland Division
Western MacArthur Co., Case No. 02-46285-T, Northern District of California, Oakland
Division
MacArthur Co., Case No. 02-46286-T, Northern District of California, Oakland Division
AS EXAMINER
Abbott Products, Inc., Case No. 82B16496, Northern District of Illinois, Eastern Division
A. Marcus Company d/b/a Rockford Tool and Hillside Tool and Equipment Warehouse,
Case No. 85B01545, Northern District of Illinois Eastern Division
T.M. Products, Co., Case No. 85-01072-BKC-AJ C, Southern District of Florida
Virtual Network Services Corporation, Case No. 86B14849, Northern District of Illinois,
Eastern Division
Phoenix, Inc., Case No. 87B03234, Northern District of Illinois, Eastern Division
Antonio Del Grosso, Case No. 89B06606, Northern District of Illinois, Eastern Division
J ana Broadcasting, Co., Inc., Case No. 84B04012, Northern District of Illinois, Eastern
Division
(Examiner with Expanded Powers)
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EXHIBIT 3
ITEM 5(C)
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ITEM 5(C) - A disclosure of all prior retentions of the applicant or the applicants firm by any
governmental unit, including the identity of the governmental unit and the subject matter of the
retention.
x City of Altoona, Pennsylvania Retained by Law Firm Stevens & Lee, LLC to serve as
Co-Restructuring Coordinator on behalf of the Commonwealth of Pennsylvanias
Department of Community and Economic Development.
x City of Lauderdale Lakes, Florida Retained by the City Manager and approved by
the City Commission.
x State of New York, Bernard Ebbers Asset Trust Retained by Law Firm Katten
Muchin Rosenman LLP the acting counsel for MCI/Verizon. DSI was subsequently
named Trustee of the Ebbers Asset Trust by the Comptroller of the State of New York.
x City of San Francisco, California Retained by the San Francisco City Attorneys
Office to evaluate the Citys claim against Pacific Gas & Electric Company.
x State of Ohio, Capital Coin Fund I & II Retained by Special Counsel to the Ohio
Attorney General and Ohio Bureau of Workers Compensation and was designated
Replacement Manager of Capital Coin Fund I and Capital Coin Fund II.
x Roseland Community Hospital Retained on a pro bono basis by the Illinois Finance
Authority (IFA) on behalf of the State of Illinois to oversee the Hospitals restructuring.
x Sales Agent for Venture Portfolio Retained on a pro bono basis by the Illinois
Finance Authority (IFA) to sell a Venture Portfolio held by the IFA, on behalf of the
State of Illinois.
x State of Michigan Selected by the Michigan Department of Treasury to a prequalified
list of vendors to provide Restructuring and Transformational Services for potential
municipal restructuring engagements
x City of Buena Park, California Appointed to the Citys Advisory Committee
regarding their ongoing investments and participation under the proposed Bankruptcy
Plan for Orange County, California.
1. City of Altoona, Pennsylvania Having grown around the railroad industry, the city is
currently working to recover from industrial decline and urban decentralization experienced in
recent decades. DSI Civic was retained by the Pennsylvania Department of Community and
Economic Development (DCED) and served as Co-Restructuring Coordinator on behalf of the
commonwealth for the City of Altoona, PA and was co-leader of a team which prepared both a
comprehensive operational and financial assessment, as well as a (city and court adopted)
recovery plan for the city. This was followed by a third phase which implemented first ever
multi-period budgetary reporting and cash-flow forecasting; selected training of city personnel;
and initiation of a city-wide IT assessment.
Pennsylvanias Act 47 directs state government to provide oversight and formal partnership with
municipalities experiencing financial distress to ensure that citizens continue to receive
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necessary and vital services. Under Act 47 the Commonwealth appointed DSI Civic (and a law
firm) as CoRecovery Plan Coordinators for Altoona, PA. In this capacity, DSI Civic worked
closely with city officials, employees, bargaining units and city departments to review
operations, fiscal management, tax collection, revenue enhancements, collective bargaining
agreements, operational infrastructure and financial budgeting in order to prepare a
comprehensive restructuring plan aimed at creating a sustainable five-year financial plan. One of
the key issues was to identify and address the declining population / tax base (especially given
the large share of tax-exempt properties, which included many universities and hospitals).
The Recovery plan included over 43 initiatives focused on fiscal management, tax revenue and
collections, collective bargaining, benefits, service delivery, shared services/intergovernmental
cooperation and economic/community development.
2. City of Lauderdale Lakes, FL The City of Lauderdale Lakes is in Broward County,
Florida. The City of Lauderdale Lakes was incorporated in J une 1961, and was originally
popular as a retirement area for Northeasterners, notably New Yorkers according to media
reports. Many communities in Florida have experienced major losses in property tax revenues as
a result of the severe reduction in property values since the 2007 recession. Lauderdale Lakes
property tax revenues have declined each year since 2007, and include a large percentage of non-
paying parcels. When new City administration was selected in 2011, the City was significantly in
debt to the County for public safety services and to the community redevelopment agency for
loans received, and was behind on many payments to vendors. DSI Civic was retained to assist
the City with an immediate budget solvency plan, cash-flow projections and, in particular,
development of a five-year recovery plan to restore Lauderdale Lakes to financial health. The
DSI Civic team assigned to this task consisted of J ohn Filan, Ron Picur, Daniel Stermer, Steve
Victor and Matthew Farnsworth. With their guidance, the City has taken steps to reduce
operating costs (including compensation, benefits and workforce) and implement operational
changes (including merging services with adjoining communities), and has identified assets for
potential monetization. DSI Civic also participated in meetings with other governments and
groups to discuss the cash flow schedules we had assisted in developing and vetted, as part of the
County agreeing to continue providing (on a monthly basis) public safety and fire protection,
while an overall financial recovery plan was being developed for presentation to the City
officials, the County and other stakeholders. This entailed intense contact and presentation to
elected officials and other stakeholders in the community. As a result of these actions, the City
entered into a formal agreement that provides for the aggregate balance of all unpaid bills to be
repaid over a five year period.
3. State of New York, Bernard Ebbers Asset Trust DSI was named as Trustee of the
Ebbers Asset Trust by the Comptroller of the State of New York and MCI/Verizon. The trust
became the vehicle used to wind down and dispose of all of Bernie Ebbers personal holdings,
including a number of operating businesses as well as a significant amount of real estate and
other assets. This asset had a gross value in excess of $1 billion and included equity interests in
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timberlands, a trucking company, sawmills, a marina, large agri-business enterprises and various
other forms of real estate investments. In addition to having to negotiate with Mr. Ebbers in
connection with the disposition of virtually all of these assets, this DSI engagement included
sales of these businesses as well as sales of minority interests in other businesses, the refinancing
of some ongoing interests, the disposition of other wholly owned assets, as well as claims
negotiations, claims reconciliation and claims settlements.
4. City of San Francisco, CA DSI was hired by the San Francisco City Attorneys Office
to evaluate the citys claim against Pacific Gas & Electric for damages associated with a major
power blackout and enter into a major price and vendor contract negotiation with the Citys
major utility. DSI reviewed and analyzed the claims, and designed the methodology and verified
calculations to support the claims, which were then submitted to PG&E. In addition to claim
analysis and valuation, DSI successfully negotiated a settlement of the citys claim returning a
major reimbursement to the City.
5. State of Ohio, Capital Coin Fund I & II DSI was designated Replacement
Management by the Ohio Attorney General and the Ohio Bureau of Workers' Compensation
(BWC) to wind down Capital Coin Fund I and Capital Coin Fund II and to recover $50 million
invested in the coin funds on behalf of BWC. The BWC appointed DSI to manage the two
troubled coin funds, which had been operated by Ohio coin dealer Thomas W. Noe and were the
center of several major investigations by state and federal authorities, ultimately leading to more
than 22 individuals pleading guilty to various felonies and misdemeanors. DSI analyzed the
investments of assets and constructed a plan to ensure the highest recovery and net return to the
State. DSI also investigated all potential causes of action and then supervised the resultant
litigation stemming from Mr. Noes misappropriation and mismanagement of the funds. As a
result of these efforts, DSI was able to return to the State the entire $50 million investment, plus
additional sums to defray the cost of the investigation and collection efforts.
6. Roseland Community Hospital DSI was retained by the Illinois Finance Authority, at
the behest of the State of Illinois, to oversee the restructuring and reorganization of the
financially distressed Hospital located on Chicagos Southside. DSI undertook this engagement
on a pro bono basis.
7. Venture Portfolio Sales Agent Steven L. Victor of DSI was retained on a pro bono
basis by the Illinois Finance Authority (IFA) to sell a Venture Portfolio held by the IFA, on
behalf of the State of Illinois.
8. State of Michigan, Department of Treasury DSI Civic was selected by the Michigan
Department of Treasury to serve on a prequalified list of vendors for potential engagements
related to Municipal Restructuring and Transformational Services. At this time, DSI Civics
services have not been retained by the State to assist in any specific engagements.
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9. City of Buena Park, CA Geoffrey L. Berman of DSI was appointed to the Citys
Advisory Committee regarding their ongoing investments and participation under the bankruptcy
plan proposed by the County of Orange, California.
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EXHIBIT 4
ITEM 5(D)
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ITEM 5(D) - A disclosure of all prior retentions of the applicant or the applicants firm where
the retention related to the retaining partys connection with a governmental unit, including the
identity of the person or entity, the governmental unit and the subject matter of the retention.
x City of Altoona, Pennsylvania Retained by Law Firm Stevens & Lee, LLC to serve as
Co-Restructuring Coordinator on behalf of the Commonwealth of Pennsylvanias
Department of Community and Economic Development.
x City of Lauderdale Lakes, Florida Retained by the City Manager and approved by
the City Commission
x State of New York, Bernard Ebbers Asset Trust Retained by Law Firm Katten
Muchin Rosenman LLP the acting counsel for MCI/Verizon. DSI was subsequently
named Trustee of the Ebbers Asset Trust by the Comptroller of the State of New York.
x City of San Francisco, California Retained by the San Francisco City Attorneys
Office to evaluate the Citys claim against Pacific Gas & Electric Company.
x State of Ohio, Capital Coin Fund I & II Retained by Special Counsel to the Ohio
Attorney General and Ohio Bureau of Workers Compensation and was designated
Replacement Manager of Capital Coin Fund I and Capital Coin Fund II.
x Roseland Community Hospital Retained on a pro bono basis by the Illinois Finance
Authority (IFA) on behalf of the State of Illinois to oversee the Hospitals restructuring.
x Sales Agent for Venture Portfolio Retained on a pro bono basis by the Illinois
Finance Authority (IFA) to sell a Venture Portfolio held by the IFA, on behalf of the
State of Illinois.
1. City of Altoona, PA Having grown around the railroad industry, the city is currently
working to recover from industrial decline and urban decentralization experienced in recent
decades. DSI Civic was retained by the Pennsylvania Department of Community and Economic
Development (DCED) and served as Co-Restructuring Coordinator on behalf of the
commonwealth for the City of Altoona, PA and was co-leader of a team which prepared both a
comprehensive operational and financial assessment, as well as a (city and court adopted)
recovery plan for the city. This was followed by a third phase which implemented first ever
multi-period budgetary reporting and cash-flow forecasting; selected training of city personnel;
and initiation of a city-wide IT assessment.
Pennsylvanias Act 47 directs state government to provide oversight and formal partnership with
municipalities experiencing financial distress to ensure that citizens continue to receive
necessary and vital services. Under Act 47 the Commonwealth appointed DSI Civic (and a law
firm) as CoRecovery Plan Coordinators for Altoona, PA. In this capacity, DSI Civic worked
closely with city officials, employees, bargaining units and city departments to review
operations, fiscal management, tax collection, revenue enhancements, collective bargaining
agreements, operational infrastructure and financial budgeting in order to prepare a
comprehensive restructuring plan aimed at creating a sustainable five-year financial plan. One of
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the key issues was to identify and address the declining population / tax base (especially given
the large share of tax-exempt properties, which included many universities and hospitals).
The Recovery plan included over 43 initiatives focused on fiscal management, tax revenue and
collections, collective bargaining, benefits, service delivery, shared services/intergovernmental
cooperation and economic/community development.
2. City of Lauderdale Lakes, FL The City of Lauderdale Lakes is in Broward County,
Florida. The City of Lauderdale Lakes was incorporated in J une 1961, and was originally
popular as a retirement area for Northeasterners, notably New Yorkers according to media
reports. Many communities in Florida have experienced major losses in property tax revenues as
a result of the severe reduction in property values since the 2007 recession. Lauderdale Lakes
property tax revenues have declined each year since 2007, and include a large percentage of non-
paying parcels. When a new City Administration was selected in 2011, the City was significantly
in debt to the County for public safety services and to the community redevelopment agency for
loans received, and was behind on many payments to vendors. DSI Civic was retained to assist
the City with an immediate budget solvency plan, cash-flow projections and, in particular,
development of a five-year recovery plan to restore Lauderdale Lakes to financial health. The
DSI Civic team assigned to this task consisted of J ohn Filan, Ron Picur, Daniel Stermer, Steve
Victor and Matthew Farnsworth. With their guidance, the City has taken steps to reduce
operating costs (including compensation, benefits and workforce) and implement operational
changes (including merging services with adjoining communities), and has identified assets for
potential monetization. DSI Civic also participated in meetings with other governments and
groups to discuss the cash flow schedules we had assisted in developing and vetted, as part of the
County agreeing to continue providing (on a monthly basis) public safety and fire protection,
while an overall financial recovery plan was being developed for presentation to the City
officials, the County and other stakeholders. This entailed intense contact and presentation to
elected officials and other stakeholders in the community. As a result of these actions, the City
executed a formal agreement that provides for the aggregate balance of all unpaid bills to be
repaid over a five year period.
3. State of New York, Bernard Ebbers Asset Trust DSI was named as Trustee of the
Ebbers Asset Trust by the Comptroller of the State of New York and MCI/Verizon. The trust
became the vehicle used to wind down and dispose of all of Bernie Ebbers personal holdings,
including a number of operating businesses as well as a significant amount of real estate and
other assets. This asset had a gross value in excess of $1 billion and included equity interests in
timberlands, a trucking company, sawmills, a marina, large agri-business enterprises and various
other forms of real estate investments. In addition to having to negotiate with Mr. Ebbers in
connection with the disposition of virtually all of these assets, this DSI engagement included
sales of these businesses as well as sales of minority interests in other businesses, the refinancing
of some ongoing interests, the disposition of other wholly owned assets, as well as claims
negotiations, claims reconciliation and claims settlements.
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4. City of San Francisco, CA DSI was hired by the San Francisco City Attorneys Office
to evaluate the citys claim against Pacific Gas & Electric for damages associated with a major
power blackout and enter into a major price and vendor contract negotiation with the Citys
major utility. DSI reviewed and analyzed the claims, and designed the methodology and verified
calculations to support the claims, which were then submitted to PG&E. In addition to claim
analysis and valuation, DSI successfully negotiated a settlement of the citys claim returning a
major reimbursement to the City.
5. State of Ohio, Capital Coin Fund I & II DSI was designated Replacement
Management by the Ohio Attorney General and the Ohio Bureau of Workers' Compensation
(BWC) to wind down Capital Coin Fund I and Capital Coin Fund II and to recover $50 million
invested in the coin funds on behalf of BWC. The BWC appointed DSI to manage the two
troubled coin funds, which had been operated by Ohio coin dealer Thomas W. Noe and were the
center of several major investigations by state and federal authorities, ultimately leading to more
than 22 individuals pleading guilty to various felonies and misdemeanors. DSI analyzed the
investments of assets and constructed a plan to ensure the highest recovery and net return to the
State. DSI also investigated all potential causes of action and then supervised the resultant
litigation stemming from Mr. Noes misappropriation and mismanagement of the funds. As a
result of these efforts, DSI was able to return to the State the entire $50 million investment, plus
additional sums to defray the cost of the investigation and collection efforts.
6. Roseland Community Hospital DSI was retained by the Illinois Finance Authority, at
the behest of the State of Illinois, to oversee the restructuring and reorganization of the
financially distressed Hospital located on Chicagos Southside. DSI undertook this engagement
on a pro bono basis.
7. Venture Portfolio Sales Agent DSI was retained on a pro bono basis by the Illinois
Finance Authority (IFA) to sell a Venture Portfolio held by the IFA, on behalf of the State of
Illinois.
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EXHIBIT 5
ITEM 5(E)
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2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION
In re:
City of Detroit, Michigan,
Debtor.
Chapter 9
Case No. 13-53846
Hon. Steven W. Rhodes
STATEMENT OF WILLIAM A. BRANDT, JR. IN SUPPORT OF THE
APPLICATION FOR ORDER, PURSUANT TO SECTIONS 327 OF
THE BANKRUPTCY CODE, AUTHORIZING THE EMPLOYMENT OF
DEVELOPMENT SPECIALISTS, INC., AS THE COURTS EXPERT WITNESS
PURSUANT TO ITS APRIL 2, 2014 ORDER REGARDING THE SOLICIATION OF
APPLICATIONS TO SERVE AS THE COURTS EXPERT WITNESS ON THE ISSUE
OF FEASIBILITY
William A. Brandt, J r. states the following:
1. I submit this Statement in support of Development Specialists, Inc.s (DSI)
Application for Order, pursuant to Sections 327 of the Bankruptcy Code, Authorizing the
Employment of Development Specialists, Inc. as the Courts Expert Witness Pursuant to its
April 2, 2014 Order Regarding the Solicitation of Applications to Serve as the Courts Expert
Witness on the Issue of Feasibility (the Application). I have personal knowledge of all of the
matters set forth herein and, if called as a witness, would testify competently thereto.
2. I am the President of Development Specialists, Inc. (DSI)
1
, one of the nations
oldest and most respected financial restructuring, consulting and management firms, with
offices in New York, Chicago and a number of other major American cities, as well as an office
in London. The firm was founded in 1976, and my involvement with it and its predecessor
1
Development Specialists, Inc. (DSI) is an active Illinois corporation that provides financial restructuring,
consulting and management firms. DSI Civic Financial Restructuring, LLC (DSI Civic) is a Delaware limited
liability company that is authorized to and does transact business in Illinois and specializes in government
restructuring and reorganization, government debt restructuring and finance, forensic auditing and negotiations.
DSI and DSI Civic are affiliated and related, yet separate, entities who share certain personnel and resources as
necessary.
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3
practice dates to 1974. DSI routinely operates, manages, and consults troubled businesses on
behalf of lending institutions as well as other secured parties, bondholders, shareholder
committees, court-approved fiduciaries, and business owners. The firm is experienced in all
aspects of insolvency and bankruptcy consulting, and regularly serves as consultants to debtors
in both Chapter 7 and Chapter 11 proceedings, as well as in other fiduciary capacities such as
Chapter 11 Trustee, Chapter 7 Trustee, Court-Appointed Examiner, Post-Confirmation Trustee,
Federal Equity and state court receiver. Consultants from DSI have been involved in over
4,000 cases throughout the United States, Puerto Rico, the Virgin Islands, Canada and Europe.
3. In connection with my employment with DSI, I have personally served, since
1981, in over 8,000 matters as a Chapter 11 Trustee, a Chapter 7 Trustee, an Examiner, or in
similar fiduciary capacities in bankruptcy courts and in other courts in proceedings throughout
the United States and Canada, as well as abroad. For more than 20 years, I served as a member
of the private Panel of Trustees for the United States Bankruptcy Court for the Northern District
of Illinois, as well as briefly serving as a member of the corresponding private Panel of Trustees
for the Bankruptcy Court for the Southern District of Florida in the late 1980s. I believe that
DSI is well qualified to serve as the Courts Expert on the issue of the feasibility of the City of
Detroits (City and/or Detroit) Amended Plan of Adjustment of the City of Detroit, as may
be further amended, in this case.
4. The Courts April 2, 2014 Order, particularly Paragraph 5(e), requests A
disclosure of all present or past connections of the applicant or the applicants firm with the
City of Detroit and any of its creditors or with other professionals presenting them, or with the
State of Michigan. In connection with the preparation of this Statement, DSIs professionals
have conducted a review of their contacts with the Debtor, those of its creditors that receive
notice in this matter (Noticed Creditors), other parties-in-interest (as reasonably known to
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4
DSI) or their respective attorneys, that receive notice in this matter, and the State of Michigan,
except as disclosed in this Affidavit. The list of the parties reviewed in annexed hereto as
Schedule 1. DSIs review, completed under my supervision, consists of a query of the
Schedule 1 parties within an internal computer database containing names of individuals and
entities that are present or recent former clients of DSI. In addition, the review further included
querying all DSIs professionals relative to the same parties referenced above.
5. After a review of records maintained by DSI and responses from DSIs
professionals, to the best of my knowledge, information, and belief, and insofar as I have been
able to ascertain after reasonable inquiry, DSI does have or has had relationships with certain
Schedule 1 parties. The list of Schedule 1 parties with whom DSI had or has relationships is
annexed hereto as Schedule 2. Except as stated herein, DSIs relationships to these parties are
in matters unrelated to these proceedings and are noted for disclosure and presented on
Schedule 2 to this Affidavit. To the best of my knowledge, no services have been provided to
these entities that involve their rights in this proceeding, nor does DSIs involvement in this
matter compromise its ability to continue such services. DSI is willing to forego any retention
or engagement that might result in a conflict of interest in this case.
6. Based on the results of the relationship search conducted to date as described
above, DSI appears to have no connection with the Debtors, theNoticed Creditors, other
parties-in-interest (as reasonably known to DSI) or their respective attorneys, except as
disclosed in the this Affidavit. No one involved in this case or in DSIs business generally has
any connection to the United States Trustee for the Eastern District of Michigan (the U.S.
Trustee) or any person employed in the Office of the U.S. Trustee in this District as relates to
this matter.
7. Because of the nature of the insolvency business and its structure, relationships
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5
between DSI and many of the professional firms that may be involved in this matter, as well as
many of this cases creditors, may have existed in past years and may exist in the future. Any
such contacts or relationships do not relate to this bankruptcy case and thus do not create any
conflicts with respect to DSIs appointment as the Courts Expert on the issue of the feasibility
of the City of Detroits (City and/or Detroit) Amended Plan of Adjustment of the City of
Detroit in this case. Also, DSI has performed in the past, and may perform in the future,
consulting services for various attorneys and law firms, and has been represented by several
attorneys and law firms, some of whom may be involved in these proceedings. In addition,
DSI has in the past, may currently and will likely in the future be working with or against other
professionals involved in these cases in matters unrelated to the Debtors and these cases. It
should be noted that these relationships include involvement in a number of professional
organizations, including the American Bankruptcy Institute, where I currently serve on the
Commission to Study the Reform of Chapter 11 (the Commission). A member of DSI
currently is the Chairman of the Board of the ABI and also an ex-officio member of the
Commission.
8. DSI is not a creditor of the Debtor within the meaning of United States
Bankruptcy Code section 101(10). Further, to the best of my knowledge, information, and
belief, except as disclosed herein, DSI is a Disinterested Person, as that term is defined in
Section 101(14) of the United States Bankruptcy Code. To the extent that any disclosure herein
requires modification upon DSIs further analysis or as additional creditor information becomes
available to DSI, DSI will file one or more supplemental declarations with the Court.
9. Subject to the Courts approval, DSI will charge for its services on an hourly
basis in accordance with its ordinary and customary hourly rates in effect on the date services
are rendered. These rates are adjusted as of J anuary 1
st
of each year to reflect advancing
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6
experience, capabilities, and seniority of our professionals as well as general economic factors.
In the ordinary course, DSI maintains general, daily records of time and any actual and
necessary expenses incurred in connection with the rendering of services.
10. DSI understands and will accept compensation and reimbursement of expenses
in accordance with and subject to the Courts approval, Bankruptcy Code, Bankruptcy Rules,
Local Bankruptcy Rules, and Orders of the Court. DSI has not shared or entered into any
agreements to share: (a) any compensation that it may be awarded for its services on behalf of
the Court, except as set forth herein; or (b) any compensation another person or party has
received or may receive in connection with this case.
11. No promises have been received by DSI, or any principals or agents of DSI, as
to payment or compensation in connection with this case.
DATED: Chicago, Illinois
April 9, 2014
/S/ _________
William A. Brandt, J r.
Development Specialists, Inc.
70 W. Madison Street
Suite 2300
Chicago, Illinois 60602
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7
Schedule 1
LISTING OF PARTIES REVIEWED
I. Debtor(s)
The City of Detroit
II. Noticed Creditor(s)
1983 Claimants
36th District Court for the State of Michigan
Ad Hoc Bondholder Committee
Ad Hoc COPs Holders
Advisacare Health Care Solutions, Inc.
Amalgamated Transit Unions Local 26
Ambac Assurance Corporation
Assured Guaranty Municipal Corp
Berkshire Hathaway Assurance Corporation
Black Rock Financial Management, Inc.
Blue Cross Blue Shield of Michigan
Blue Care Network of Michigan
Brooks Wilkins Sharkey & Turco PLLC
Brown Rehabilitation Management, Inc.
Center for Community J ustice and Advocacy
CitiMortgage, Inc.
Citizens United Against Corrupt Government
City of Detroit Water and Sewerage Department
City of Detroit, Michigan
Clifford Properties, Inc.
Committee of Unsecured Creditors
DEPFA Bank PLC
Leland Prince DTE Energy Co
Dentons US LLP
Detroit Branch NAACP
Detroit Entertainment LLC
Detroit Fire Fighters Association, I.A.F.F. Local 344
Detroit Housing Commission
Detroit Institute of Arts
Detroit Police Command Officers Association
Detroit Police Lieutenants and Sergeants Association
Detroit Police Officers Association
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8
Detroit Retired City Employees Association
Detroit Windsor Tunnel LLC
Deutsche Bank Securities Inc.
Dexia Credit Local
Dexia Holdings, Inc.
Downtown Development Authority
Eaton Vance Management
Enjoi Transportation LLC
Erste Europaische Pfandbriefund Kommunalkreditbank Aktiengesellschaft in
Luxemburg SA
EverBank
Everhome Mortgage Company
FMS Wertmangagement
Federal National Mortgage Association
Fidelity Management & Research Company
Fifth Third Mortgage Company
Financial Guaranty Insurance Company
Fountain Court Consumer Housing Cooperative
Gabriel Roeder Smith & Company
General Motors LLC
General Retirement System of the City of Detroit
Genuine Parts Company
Get Back Up, Inc.
Godfrey & Kahn SC
Greektown Casino LLC
HP Enterprise Services LLC
HRT Enterprises
Hercules & Hercules Inc.
Housing is a Human Right Coalition
Hyde Park Co-Operative et al.
Hypothekenbank Frankfurt AG
Hypothkenbank Frankfurt International SA
IBM Corporation
IBM Credit LLC
Individual Creditor
International Association of Fire Fighters AFL-CIO CLC
International Business Machines Credit LLC
International Outdoor Inc.
International Union of Operating Engineers Local 324
International Union, United Automobile, Aerospace and Agricultural
Implement Workers of America
J ackie's Transport Inc.
J eff BV-SFH LLC
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9
J oliet Town Houses Cooperative Association
Kondaur Capital Corporation
Lafayette Town Houses Inc.
LaSalle Town Houses Cooperative Association
Caralyce M. Lassner
Lazard Freres & Co LLC
MGM Grand Detroit LLC
Maddin Hauser Wartell Roth & Heller, PC
Mario's Restaurant, Inc.
McAlpine PC
Merrill Lynch Capital Services Inc.
Michigan Auto Recovery Service Inc.
Michigan Bell Telephone Company dba AT&T Michigan
Michigan Council 25 of the American Federation of State, County & Municipal
Employees, AFL-CIO and Sub-Chapter 98, City of Detroit Retirees
Michigan Council 25 of the American Federation of State, County & Municipal
Employees, AFL-CIO
Michigan Property Tax Relief LLC
Michigan State Conference NAACP
Michigan Inc.
National Public Finance Guarantee Corporation
New England Fertilizer Company
Nicolet Town Houses Cooperative Association
Norddeutsche Landesbank Luxembourg SA
Nuveen Asset Management
Oakland County, Michigan
Official Committee of Retirees
P.P.T.A., Inc.
Police and Fire Retirement System of the City of Detroit
Public Lighting Authority
Retired Detroit Police Members Association
Retired Detroit Police and Fire Fighters Association
Service Employees International Union Local 517M
Sprint Communications Company LP
St. J ames Cooperative
St. Martins Cooperative
State of Michigan
State of Michigan, Department of Attorney General
Syncora Capital Assurance Inc.
Syncora Guarantee Inc.
Syncora Holdings Ltd
T&T Management, Inc.
T-Mobile USA Inc.
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10
The Bank of New York Mellon
The Chair of Saint Peter
The Kales Grand Circus Park LLC
Treasurer, City of Detroit
U.S. Bank NA
U.S. Bank National Association
UBS AG
US Health & Life Insurance Company
United States Nuclear Regulatory Commission
Upright Wrecking & Demolition LLC
Wade Trim Associates Inc.
Waste Management Inc. et al.
Wilmington Trust Company, National Association
III. Professionals
J ones Day
Miller, Canfield, Paddock, and Stone P.L.C.
Pepper Hamilton LLP
Roman Law PLC
Barnes & Thornberg, LLP
Mintz Levin
Allard Fish PC.
Rhoades Mckeee, LLP
Cousenslaw.com
Arent Fox LLP
Schaefer & Weiner PLLC
Chadbourne & Park LLP
Dykema
Garan Lucow Miller PC
Debevoise & Plimpton
Plunkett Cooney Law firm
McDonald Hopkins
Kramer Levin Naftalis & Frankel
Steinberg Shapiro & Clark
Carson Fischer PLC
Dib & Fagan PC
Bodman PLC
Raymond Guzall III PC
Foley & Mansfield
Loevy & Loevy
Dawda, Mann, Mulcahy & Sadler,
Vanessa G. Fluker Law
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11
Schneiderman & Sherman PC
Paterson Law
Kilpatrick & Associates PC
Honigman Miller Schwart and Cohn LLP
Financial Law Group
Morrison & Foerster LLP
Strading Yocca Carlson & Rauth, PC
Schiff Hardin
DTE Energy
Demorest Law Firm PLLC
Nabih H. Ayad & Associates, P.C
Eman Teicher Zucker & Freedman PC
Silverman & Morris PLLC
Sheldon S. Toll PLLC
Katten Muchin Rosenman LLP
Andrew J . Gerdes PLC
Gudeman & Associates PC
J acob & Weingarten
Ballard Spahr LLP
Orlans Associates PC
J amie Scott Fields Attorney at Law
Trott & Trott PC
Williams Williams Rattner Plunkett
Shaw Fishman
Cohen Weiss Simon LLP
Pentiuk Couvreur & Kobijak PC
Stevenson & Bullock PLC
Morgan & Meyers PLC
Arnold & Porter LLP
Barack Ferrazzano Kirschbaum & Nagelberg LLP
J onathan B. Frank PC
Godfrey & Kahn SC
Saschs Waldman PC
ACLU of Michigan
Maxwell Dunn PLC
Thornbladh Legal Group PLLC
Woodley & McGillvary
International Union, UAW
Osipov Bigelman PC
Lassner Law
Lippit O'Keefe PLLC
Dickinson Wright PLLC
Maddin Hauser Wartell Roth & Heller PC
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12
McGuigan Law PLLC
McAlpine PC
Warner Norcross & J udd LLP
Cadwalader Wickersham & Taft LLC
Davis Polk & Wardwell LLP
Lowenstein Sandler LLP
Dean & Fulkerson PC
Sidley Austin LLP
J affe
Kerr Russell and Weber PLC
Law Offices of A. Stephen Ramadan PLC
Dentons
Brooks Wilkins Sharkey & Turco PLLC
Goodman & Hurwitz PC
B.O.C. Law Group PC
Allen Law Group PC
Resnick & Moss PC
Strobl & Sharp PC
Schneider Miller PC
Kirkland & Ellis LLP
Quinn Emanuel Urquhart & Sullivan LLP
Wolfson Bolton PLLC
Norton Rose Fulbright
Seyburn & Associates PLC
Foster Swift Collins & Smith PC
Waller Lansden Dortch & Davis LLP
McDermott Will & Emery
Gold Lange & Majoros PC
Couzens, Lansky, Fealk, Ellis, Roeder, & Lazar, P.C
Ziulkowski & Associates PLC
IV. Other
United States Trustees Office - Detroit
Barclays Capital
United Automobile Workers
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13
Schedule 2
ADDITIONAL DISCLOSURES RELATED TO PARTIES
2
I. Debtor(s)
None.
II. Noticed Creditor(s)
State of Michigan
DSI and/or its affiliate DSI Civic to submit a proposal to the State of Michigan in
response to RFP/RFQ No. 271B430000007 as relates to Restructuring and
Transformational Services (Financial Review and Accounting, Benefits
Management, Labor Management and Restructuring Option Pre-Qualification
Department of Treasury and was appointed to be a prequalified list of vendors
capable of providing municipal restructuring services in Michigan, to assist
potentially distressed municipalities.
Deutsche Bank Securities Inc.
DSI has been involved and/or may be involved in one or more unrelated matters
with Deutsche Bank Securities Inc. over the years.
Fifth Third Mortgage Company
DSI has been involved and/or may be involved in one or more unrelated matters
with Fifth Third Bank over the years.
General Motors LLC
A member of DSI was formally employed by GMACCF, a subsidiary of GM.
Further DSIs General Counsel was a member of General Motors legal staff and
represented General Motors after separating from General Motors.
III. Professionals
Jones Day
DSI has been involved and/or may be involved in one or more unrelated matters
with J ones Day over the years.
2
DSI and its affiliate DSI Civic did communicate with the Debtor and various Noticed Creditors at the
commencement of this proceeding relative to potential engagement on behalf of and/or to assist the Debtor and/or
one or more specific Noticed Creditors. No retention(s) resulted from the communications.
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14
Pepper Hamilton LLP
DSI has been involved and/or may be involved in one or more unrelated matters
with Pepper Hamilton LLP over the years.
Arent Fox
DSI has been involved and/or may be involved in one or more unrelated matters
with Arent Fox over the years.
EverBank/Everhome Mortgage Company
DSI has been involved and/or may be involved in one or more unrelated matters
with EverBank/Everhome Mortgage Company over the years.
Honigman Miller Schwart and Cohn LLP
DSI has been involved and/or may be involved in one or more unrelated matters
with Honigman Miller Schwartz and Cohn LLP over the years.
Moreover, a member of DSI was formally with Honigman Miller Schwartz and
Cohn LLP
Mintz Levin
DSI has been involved and/or may be involved in one or more unrelated matters
with Mintz Levin over the years.
Allard Fish PC
DSI has been involved and/or may be involved in one or more unrelated matters
with Allard Fish PC over the years.
Morrison Foerster LLP
DSI has been involved and/or may be involved in one or more unrelated matters
with Morrison Foerster LLP Schwartz and Cohn LLP over the years.
Shaw Fishman
DSI has been involved and/or may be involved in one or more unrelated matters
with Shaw Fishman over the years.
Norton Rose Fulbright
DSI has been involved and/or may be involved in one or more unrelated matters
with Norton Rose Fulbright Company over the years.
Arnold and Porter
DSI has been involved and/or may be involved in one or more unrelated matters
with Arnold and Porter over the years.
Kirkland & Ellis
DSI has been involved and/or may be involved in one or more unrelated matters
with Kirkland & Ellis over the years.
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15
Sidley Austin
DSI has been involved and/or may be involved in one or more unrelated matters
with Sidley Austin over the years.
Ballard Spahr LLP
DSI has been involved and/or may be involved in one or more unrelated matters
with Ballard Spahr LLP over the years.
IV. Other
Barclays Capital
A member of DSI was formally with Barclays Capital.
United Automobile Workers
DSI has been involved and/or may be involved in one or more unrelated matters
with the United Automobile Workers over the years.
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EXHIBIT 6
ITEM 5(F)
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2
ITEM 5(F) Staffing Disclosure: A disclosure of the proposed staffing of the assignment by
other members of the applicants firm.
The team of professionals which will support William A. Brandt, J r. in fulfilling his duties and
responsibilities while serving in the role as Expert Witness, includes several former senior
executives who were directly involved in municipal and state government, and who have also
had long careers in the accounting and consulting professions, serving more than 75
governmental units. Their executive experience includes Chairmanship of a State Finance
Authority, Mayor of a City, Chief Executive Officer of several large urban school systems, Chief
Operating Officer of a state government, Budget Director of a large city and state government,
Chief Financial Officer of a large city, among other positions. Most of these positions involved
engaging with governments which were in significant financial stress (or alternatively, facing
significant financial challenges) during their tenure and accordingly involved significant
restructuring and turnaround initiatives.
Included among the diverse set of municipal governments served by members of our team (many
of which have experienced significant financial stress and population loss not unlike Detroit) are
the cities of Chicago, Pittsburg, San Francisco, Decatur and Springfield; Allegheny and DuPage
Counties; the Philadelphia, Bridgeport, Chicago and New Orleans urban school districts; as well
as several state governments, in a variety of capacities, including Kentucky, Indiana, Illinois,
Ohio, Pennsylvania and New York.
The following table contains an overview of the teams most applicable experience:
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3
John Filan
Adjunct Professor of Government, Illinois Institute of
Technology (IIT), Stuart School of Business
Page 33
Former Senior Consultant, Development Specialists, Inc;
Former Vice President, DSI Civic Financial Restructuring
LLC; current independent contractor
Former Act 47 Plan Co-Coordinator for the City of
Altoona, Pennsylvania
Former Chairman of the Comptrollers Municipal
Accounting Advisory Board
Former Chief Operating Officer of State of Illinois
Former Chief Executive Officer of Illinois Finance
Authority
Former Director of Office of Management and Budget
Former Managing Partner Regional CPA/Consulting firm
Daniel J. Stermer
Vice President DSI Civic
Page 38
Mayor of City of Weston, Florida
Member Broward County Planning Council
Former Chair Broward Metropolitan Planning
Organization (4 terms)
Former Assistant Attorney General, State of Florida
Former Special Assistant United States Attorney, Southern
District of New York
Ron Picur
DSI Civic Financial Restructuring, LLC independent
consultant
Page 44
Fiscal Policy Advisor, Governors Office of Management
and Budget, State of Illinois
Former Comptroller and Chief Fiscal Officer, City of
Chicago, Illinois
Former Partner Regional CPA/Consulting Firm
Professor and Head - Department of Accounting, Professor
of Finance, and Director of the Center for Governmental
Accounting Research & Education, University of Illinois
at Chicago
Pension Fund Trustee, Chicago Laborers, Municipal
Employees, and Firemens' Annuity & Benefit Funds
William G. Brandt Research Analyst, Development Specialists, Inc. Page 51
More detailed accounts of each team members complete professional experience are described
in the following section.
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5
GEOFFREY L. BERMAN
GEOFF BERMAN, Vice-President of DSI, joined DSI in 1997 and is located in our Los Angeles
office. Prior to joining DSI, Mr. Berman was with Credit Managers Association of California for
11 years, where he was the Manager of the Adjustment Bureau and a member of the
Association's senior management.
Mr. Berman is a former President of the American Bankruptcy Institute, Alexandria, VA. Mr.
Berman currently serves as an Ex Officio member of the American Bankruptcy Institutes
Commission to Study the Reform of Chapter 11. He previously served as ABIs Vice President
of Publications, with oversight of the ABI J ournal and other publication projects and a member
of ABIs Executive and Management Committees. He chaired the Task Force on General
Assignments, and wrote the ABI manual on general assignments, "The ABCs of ABCs," which
is now in its second edition. He also served as contributing editor and co-Executive Editor to the
American Bankruptcy Institute J ournal and has authored a law review article published in the
ABI Law Review.
Mr. Berman brings over 35 years of experience in the extension of secured and unsecured credit
and the liquidation of numerous businesses. He has expertise in all types of insolvency case
administrations with a specialty in the area of general assignments for the benefit of creditors (in
various businesses and industries including wholesale seafood, retail auto parts, various
manufacturing concerns, wholesale nursery operations, and high tech companies) and liquidating
and creditor trusts under Chapter 11 Plans of Reorganization. Mr. Berman, a certified mediator,
is on the Bankruptcy Mediation Panel for the Central District of California as well as the
Register of Mediators for the District of Delaware, and he has served as a Federal Court
Receiver.
Mr. Berman currently serves as Trustee of the USACM Liquidating Trust, the post-confirmation
estate for USA Commercial Mortgage in Las Vegas, Nevada. In that capacity, Mr. Berman is
responsible for prosecuting causes of action against the principals and professionals in an effort
to recover millions of dollars for the benefit of thousands of direct lenders to the company. He is
also the post-confirmation trustee for the Syntax Brillian Corp. Liquidation and Lender Trusts, as
established by the confirmed plan in these District of Delaware cases.
Mr. Berman has also been responsible for the administration of numerous other post-
confirmation estates, including the Sizzler Restaurants International, Inc. Creditor Trust,
WATTSHealth Foundation Creditor Trust (resulting from a state court conservatorship) and
Horizon Natural Resources Liquidating Trust and Vista Hospital Systems. Mr. Berman has also
administered the liquidation of numerous businesses through general assignments, including
Howard and Phil's Western Wear, Granny Goose Foods, Inc., FHC Medical Group, Inc.,
Franklin Press, LLC, Medical Selfcare, Inc., Avian Farms, Inc. and Avian Farms (USA) Inc. and
a number of high-tech/dot.com companies including Red Herring Communications, Inc. and
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Broadband Interactive Group, Inc. In addition, Mr. Berman has served as Examiner and Federal
Court Receiver.
Mr. Berman has previous experience with Union Bank (of California) and Mitsui Manufacturers
Bank. He graduated with honors from the University of the Pacific, Stockton, California in 1975
with a degree in business administration (accounting and finance) and wrote an Undergraduate
Honors Thesis in Finance. He also has a J uris Doctor from Southwestern University School of
Law, Los Angeles, California. He is also member of the Los Angeles, Orange County and Bay
Area Bankruptcy Forums and the Association of Insolvency Accountants, and is a frequent
lecturer on bankruptcy and insolvency subjects.
NOTABLE ASSIGNMENTS INCLUDE:
Trustee of the USA Commercial Mortgage Liquidating Trust, arising out of the largest
bankruptcy in Nevada history.
Trustee of the HNR Liquidating Trust.
Trustee for the Syntax Brillian Corporation Lender and Liquidation Trusts.
Overseeing DSIs role as Liquidating Trustee for the Appalachian Fuels Creditor Trust.
Post-Confirmation Plan Administrator and sole remaining officer of Vista Hospital Systems.
Trustee of the Sizzler Restaurants International Creditor Trust.
Trustee of the WATTSHealth Foundation Creditor Trust.
Oversight of hundreds of general assignments, including the largest general assignment in
Maine history (Avian Farms, Inc.), Howard and Phil's Western Wear, Granny Goose Foods,
Inc., FHC Medical Group, Inc., Franklin Press, LLC, Medical Selfcare, Inc. and Tmax Gear,
LLC.
Examiner Mark and Mary Ellen Leggio.
Federal Equity Receiver
EDUCATION
x University of the Pacific, Stockton, CA 1975
o BA Business Administration (Accounting, Finance), Undergraduate
o Honors Thesis, Finance
x Southwestern University School of Law, Los Angeles, CA 1985
o J uris Doctorate
EMPLOYMENT
x Development Specialists, Inc., Los Angeles, CA 1997 Present
x Credit Managers Association of California, Burbank, CA 1986 1997
x Mitsui Manufacturers Bank, Los Angeles, CA 1982-1986
x Credit Managers Association of California, Los Angeles, CA 1980 1982
x Union Bank (of California), Los Angeles, CA 1975 1980
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7
PROFESSIONAL ORGANIZATIONS
x Organization: American Bankruptcy Institute
o Number of Years: 20
o President, 2011-2012
o Member of the Board of Directors, 2002 - Present;
o Vice President Publications and Executive Committee (2007-2010)
o Member of the Management Committee 2010-Present
x Organization: Association of Insolvency and Restructuring Advisors
o Number of Years: 12
x Organization: Los Angeles Bankruptcy Forum, Orange County and Bay Area Bankruptcy
Forum (California Bankruptcy Forum)
o Number of Years: 31
x Organization: Commercial Law League of America
o Number of Years: 6
PUBLICATIONS
x Co-Author, Creditors Committee Manual (American Bankruptcy Institute Unsecured Trade
Creditors Committee) (1994 and later editions)
x Editor: ABI Preference Handbook (2002)
x Author, General Assignments for the Benefit of Creditors, A Practical Guide, (American
Bankruptcy Institute 2000)
x Editor, Mediation Manual (American Bankruptcy Institute 2004) Author, General
Assignments for the Benefit of Creditors, the ABCs of ABCs (American Bankruptcy Institute
2006)
x Contributing Editor, Last-Line-Column, ABI J ournal (2000 - 2006) Co-Executive Editor,
ABI J ournal (2005-2007)
x Strategic Alternatives for Distressed Businesses, West Publishing (2008, 2010); Executive
Editor, contributor of chapters on General Assignments for the Benefit of creditors and on
application of Assignments under California Law
x ABI Law Review Symposium, Model Rules for General Assignments for the Benefit of
Creditors: The Genesis of Change, American Bankruptcy Institute Law Review, Spring 2009
(Co- author with Catherine Vance)
ARTICLES INCLUDING
x State Law Preference Actions: Still Alive After Sherwood Partners v. Lycos (co-author),
Web posted and Copyright December 1, 2007, American Bankruptcy Institute.
x Priority of U.S. Government Claims in Non-Bankruptcy Proceedings: The Application of 31
U.S.C.3713, Web posted and Copyright February 1, 2005, American Bankruptcy
Institute and the American Bankruptcy Institute J ournal
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8
x Do "Insured vs. Insured" Exclusions Apply to Assignees in Assignments for the Benefit of
Creditors? (co-author), Web posted and Copyright February 1, 2004, American
Bankruptcy Institute
x When is Contemporaneous (as in Exchange) Not Contemporaneous? Web posted and
Copyright May 1, 2002, American Bankruptcy Institute
x The Receivership Alternative"A Response (co-author), Web posted and Copyright
August 1, 2001, American Bankruptcy Institute.
x Landlords Use Letters of Credit to Bypass the Claim Cap of 502(b) (6) (co-author), Web
posted and Copyright December 1, 2001, American Bankruptcy Institute.
x Use of the "Blanket" Security Interest for Trade Creditors in Out- of-Court Workouts, 24
CAL. BANKR. J . 297, 298 (1997)
x Common Law Assignments For the Benefit of Creditors, The Reemergence of the Non-
Bankruptcy Law Alternative, 21 Cal Bankr. J . 357 (1993)
SPEAKING ENGAGEMENTS (SINCE 2004 - SELECTED):
x National Conference of Bankruptcy J udges 85th Annual Conference, Non- Bankruptcy
Alternatives including Assignments for the benefit of creditors, Tampa, FL October 14, 2011
x American Bankruptcy Institutes 19th Annual Southwest Bankruptcy Conference, Moderator
for the J udges Panel, Las Vegas, NV, September 10, 2011\
x 35th Annual J udge Alexander Paskay Stetson University Seminar on Bankruptcy Law and
Practice, ABC vs. Chapter 11: The Use of Assignments for the Benefit of Creditors as an
Alternative to Chapter 11 Cases, Tampa, FL, March 2011
x American Bankruptcy Institute 16th Annual Rocky Mountain Bankruptcy Conference, Ponzi
Schemers and Their Modern Day Pursuers, Denver, CO, J anuary 2011
x Professional Education Broadcast Network telephone seminar Alternatives for Financially
Distressed Mid-Size Businesses, J anuary 2011
x American Bankruptcy Institute 3rd Hawaii Bankruptcy Conference, Real Estate
Bankruptcy Cases, Kona, HI, August 2010
x Lorman Education Services, Eau Claire, WI, teleseminar, Assignments for the Benefit of
Creditors: What You Need to Know, J anuary 2010
x American Bankruptcy Institute 17th Annual Southwest Bankruptcy Conference, Bankruptcy
Alternatives: Receiverships, Foreclosures and Workouts: In Search of a Better Way, Incline
Village, NV, September 2009
x California Bankruptcy Forum Conference, Surviving the First Weeks of a Turnaround,
Coronado, CA May 2009
x National Attorneys General Training & Research Institute, Follow The Money, Austin,
TX, March 2009
x National Association of Attorneys General, Seattle, WA, September 2008 (Bankruptcy
Alternatives)
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9
x American Bankruptcy Institute, Annual Spring Meeting, Washington, DC, April 2008
(Liquidation and Litigation Trusts: Formation, Management, J urisdictional and Other Issues)
x Connecticut Bar Association, Bankruptcy and Insolvency Section, New Haven, CT, March
2008 (Non-bankruptcy alternatives including General Assignments)
x Financial Lawyers Conference, Los Angeles, CA, J anuary 2008 (Non- bankruptcy
Alternatives for Distressed Healthcare Entities)
x American Bankruptcy Institute, Winter Leadership Conference, Rancho Mirage, CA,
December 2006 (Thinking Outside the Bankruptcy Box: Non-bankruptcy Options for Entities
and Individuals after BAPCPA)
x American Bankruptcy Institute, Southeast Conference, Kiawah Island, SC, J uly 2005 (Is
There Another Way? Assignments for the Benefit of Creditors, Receiverships and Other
Alternatives to Bankruptcy)
x American Bankruptcy Institute, Annual Spring Meeting, Washington, DC, April 2005 (Post
Confirmation Quagmire: Limits on Liquidating Trusts, Plan Modifications and Amendments
and Practical Business Issues)
OTHER
x Member, Bankruptcy Mediation Panel, U.S. Bankruptcy Court, Central District of California,
1995 Present
x Member, Registrar of Mediators, U.S. Bankruptcy Court, District of Delaware, 2003
Present
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10
R. BRIAN CALVERT
BRIAN CALVERT is a vice president at Development Specialists, Inc. (DSI) with over 25
years experience encompassing strategic planning, operations, corporate finance, valuation,
mergers and acquisitions, and complex financial restructurings. DSI is a management consulting
firm offering financial advisory services to companies and has offices across the United States.
Mr. Calvert has performed engagements in connection with acquisitions, divestitures, partial
investments on minority and majority bases, joint ventures, settlement agreements, plan
confirmation matters and determining the value impact of various strategic operating and
financing decisions. He has significant international experience, has performed analyses over a
broad range of industries and markets and has provided expert testimony in solvency and
valuation matters. Mr. Calvert has written about off-balance sheet financing techniques and
lectured extensively at various graduate schools of business in the areas of finance and creating
shareholder value.
Prior to joining the firm, Mr. Calvert was with L.E.K. Consulting, a global management
consulting firm specializing in corporate strategy. Mr. Calvert was primarily involved in the
Executive Education Practice where he assisted companies in implementing value-based
management techniques and employing sound corporate finance analysis to improve their
decision-making process. He also assisted commercial banks and other financial advisors in
using corporate finance analysis to understand their clients strategies and their value creation
potential, and to structure capital market solutions that addressed key client needs.
In 1997, Mr. Calvert joined the Office Products Group of General Binding Corporation (GBC)
as Vice President of Business Development. In that capacity he was responsible for all
acquisitions, divestitures, and joint ventures on a worldwide basis. Additionally, Mr. Calvert led
acquisition integration initiatives that included the rationalization of product lines, distribution
channels, manufacturing and warehousing facilities, as well as certain personnel. Mr. Calvert
was responsible for developing the Office Product Groups North American Strategic Plan and
he had operating responsibility for the Groups troubled Australian operations.
Prior to joining GBC, Mr. Calvert was a Manager in the Financial and Economic Advisory
Consulting Services Group of Arthur Andersen LLP. Mr. Calvert assisted clients in a variety of
merger and acquisition engagements that included transaction structuring, valuation, and
negotiation. Further, Mr. Calvert assisted clients in developing appropriate capital structures and
in raising financing.
Before joining Arthur Andersen, Mr. Calvert was a Relationship Manager for National Bank of
Detroit, providing senior debt financing to Fortune 500 and middle market companies.
Mr. Calvert has significant international experience, including an expatriate assignment in
Brussels, Belgium. He has performed transaction-oriented assignments in the following
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11
countries: Australia, The Netherlands, Belgium, New Zealand, Canada, Portugal, Denmark,
Sweden, Egypt, Switzerland, France, United Kingdom, Germany, and the United States.
Mr. Calvert serves on the Advisory Board of VALCON, an annual conference that focuses on
valuation issues in the context of restructurings, reorganizations and distressed sales. He has
served on the board of directors of private companies in the office products manufacturing
industry and the commercial printing industry as well as on the board of directors of the
Lookingglass Theatre Company in Chicago. Mr. Calvert is a member of the American
Bankruptcy Institute.
Mr. Calvert has been a guest lecturer and instructor at various executive education programs
such as the Arthur Andersen-sponsored Korean M&A School and Business Valuation School.
He has served on the faculty of the Merger Week program offered by the J .L. Kellogg Graduate
School of Management at Northwestern University. Mr. Calvert has been an instructor at the
American Institute of Banking and authored The Application and Effects of In-Substance
Defeasance in The J ournal of Commercial Lending and co-authored the Due Diligence
chapter in Bankruptcy Business Acquisitions, 2d Edition, American Bankruptcy Institute 2006.
He is has recently written a paper, Company Specific Risk Premiums: Update on the Scholarly
Evidence with Professor David C. Smith of the McIntire School of Commerce at the University
of Virginia.
Mr. Calvert received a Master of Business Administration from the University of Chicagos
Graduate School of Business with specializations in Finance and Marketing. He also holds a
Bachelors Degree in Policy and Administration from Indiana University.
LECTURES & PRESENTATIONS
x California Bankruptcy Forum, 25th Annual Insolvency Conference, San Diego, California,
May 17, 2013, Panelist: Wall Street: Effective Use of Financial Consultants and Experts in
Chapter 11
x Commercial Law League of America, Chicago, Illinois, April 11, 2013, Panelist: Use of
Turnaround Professionals in Fraudulent Conveyances and Other Avoidance Actions
x VALCON 2013, Las Vegas, Nevada, February 20, 2013, Presentation: (Expert) Report
Preparation in the Context of Daubert
x VALCON 2012, Las Vegas, Nevada, February 22, 2012, Presentation: Managing Post
Confirmation Issues
x VALCON 2011, Las Vegas, Nevada, February 23, 2011, Presentation: Application of
Discounts and Premiums
x University of Virginia McIntire School of Commerce, Charlottesville, Virginia , February 7,
2011, Lecturer: Cost of Capital (AMCV Case Study)
x National Conference of Bankruptcy J udges (NCBJ ), New Orleans, Louisiana, October 15,
2010, Presentation/Panelist: Valuing Assets in the Current Market
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x VALCON 2010, Las Vegas, Nevada, February 24, 2010, Presentation: Equity Risk Premium
and Small Business Risk Adjustments
x J ohn Marshall Law School, Chicago, Illinois, Bankruptcy and Insolvency Laws Affecting
Real Estate, October 22, 2009 and October 21, 2008, Lecturer: Fundamentals of Real Estate
Valuation
x United States Law Firm Group, Louisville, Kentucky, October 24, 2008, Presentation:
Whats New in the Restructuring World (This Week)
x Bay Area Bar Association, San Francisco, California, May 13, 2008, Presentation: Trimmed
Hedge Funds: How They Might Behave Differently Given Present Market Conditions
x University of Missouri School of Law, Columbia, Missouri, April 11, 2008, Lecturer:
Principles of Corporate Valuation and Working with the Expert Witness
x Chicago Bar Association, Chicago, Illinois, November 6, 2007, Lecturer: Avoiding Pitfalls
and Bad Opinions: Tips for Working with Experts
x National City Bank, Cleveland, Ohio, October 5, 2006, Lecturer: Collateral Concerns in an
Overheated Market
x Commercial Law League of America, Chicago, Illinois, April 10, 2005, Panelist/Valuation
Expert: Litigation Strategies and Evidence Presentation
x Columbia University Graduate School of Business, J une 27, 2003, Lecturer: Building
Turnarounds That Last
x University of Nevada, Las Vegas, William S. Boyd School of Law, Conference on Valuation
of Distressed Assets, February 6-7, 2003, Presentation: Valuation at the Confirmation
Hearing
x Scotia Capital, Toronto, Ontario, Corporate Banking Group, May 13-17, 2002, Instructor:
Topic Applied Corporate Finance
x SunTrust, Atlanta, Georgia, Corporate Banking Division, March 25-28, 2002, Instructor:
Topic - Corporate Finance for Private Companies
x Northwestern University, Kellogg Graduate School of Management, November 11-16, 2001,
May 20-May 25, 2001, Faculty - Merger Week: Creating Value Through Strategic
Acquisitions and Alliances
x Socit Gnrale, May 23, 2001, Instructor: Topic Using Discounted Cash Flow
RECENT EXPERT WITNESS ENGAGEMENTS
In re: Western Asbestos Company, Western MacArthur Co. and MacArthur Co. (2003)
x Case Nos. 02-46284-T, 02-46285-T and 02-46286-T of the United States Bankruptcy Court
for the Northern District of California, Oakland Division.
In re: American Classic Voyages Co., et al (2006)
x Case No. 01-10954 (KJ C)
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STEVEN L. VICTOR
STEVEN VICTOR has been a member of the professional staff of Development Specialists, Inc.
("DSI"), since 1988. While with DSI, Mr. Victor has had the opportunity to assist financially
distressed entities and municipalities to work out of difficult financial situations. Mr. Victor has
been with the Firm for 25 years.
In April 2011 Mr. Victor completed the Best Practices in Local Government Fiscal Management
Training Program offered by Michigan State University and is a qualified Emergency Financial
Manager (EFM) in the State of Michigan.
On the commercial side, Mr. Victor has administered, consulted with and/or managed both
public and private organizations spanning a broad spectrum of industries. These engagements
include operations and management consulting, refinancing and sale transactions and fiduciary
services for formal insolvency matters and out-of-court restructuring engagements. In addition,
Mr. Victor has been appointed as CEO, CFO CRO, Trustee and Administrator in a variety of
circumstances including Chapter 7 Bankruptcy and Chapter 11 Bankruptcy.
As a result of the instability of the technology sector, Mr. Victor has spent a significant amount
of time involved with workout situations and bankruptcies in the telecommunications and dot-
com arenas. His engagements have spanned these industries, handling such areas as broadband
capacity, co-location facilities, DSL providers, equipment manufacturers, retail services and
telecom accounts receivable factoring.
Mr. Victor has also been appointed as a consultant for financially distressed municipalities. In
those matters, Mr. Victor works closely with the elected officials, city managers and oversight
committees to review debt structure, revenue and expense items. These efforts are done in
concert with, and with the assistance of the existing community leadership. This approach
allows DSI Civic to provide expertise and critical independent analysis to municipalities on both
financial and operational issues. The ability to bring independent verification to the process leads
to easier negotiations with lenders, public workers, and public unions and other state and local
officials. Much of this analysis is done in order to assist the community leaders, managers and
city councils identify expense cuts and revenue opportunities. In the course of these matters, Mr.
Victor has also worked extensively with unions and retirees on contracts, benefits, termination
and grievances.
Mr. Victor has had an opportunity to work with investigatory agencies in numerous matters
involving fraud. On other occasions, Mr. Victor has been appointed as a fiduciary to manage the
affairs or wind down of assets seized by the government in State and Federal receivership
matters. Recently, Mr. Victor was appointed by the office of the Attorney General and the board
of directors of a not for profit hospital that was purchased by a for profit entity. Mr. Victor
served as CEO to wind down all of the open affairs of the hospital system and through this
process, fund a newly created foundation that was created by the parties as part of a Consent
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Order entered to approve this sale. Mr. Victors role and his efficient wind down of the hospital
allowed for the transfer of over $50 million to the new foundation. These funds and the
foundation were then tasked with providing valuable and much needed health care services to the
community, a particularly important issue with the loss of the not for profit hospital.
Mr. Victor's strengths include operations, management, financial analysis, budgeting, business
valuations, marketing services, and resource management. His areas of expertise include
telecommunications, manufacturing, real-estate, healthcare and financial services.
Mr. Victor received a Bachelor of Science degree in investment banking and real estate from the
University of Illinois and a Masters degree in Business Administration from the University of
Southern California.
PROFESSIONAL QUALIFICATIONS
Professional Fiduciary with more than 25 years experience successfully administering and
managing both public and private companies involved in high-stakes Chapter 11 and Chapter 7
bankruptcies, workouts and out-of-court liquidation proceedings. Consultant to financially-
distressed businesses plus experience restructuring and reorganizing distressed municipalities.
FIDUCIARY EXPERIENCE
Key strengths include operations, management, financial analysis, budgeting, business
valuations, marketing services and resource management. Industry expertise includes
telecommunications, technology, healthcare, oil and gas, real estate and financial services.
Directed the sale of numerous debtors, including their assets, stock and/or related interests.
Items sold have varied from business units and site locations to individual pieces of machinery
and equipment. Managed the sale of such diverse interests as:
x Oil refineries
x Commercial real estate entities
x Steel mills
x Health care
x Mortgage brokers and portfolios
x Candy manufacturers
x Plastic injection molders
x Chemical companies
x Propane distributors
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BOARDS/OFFICER ROLES
Board Chair & Restructuring Officer, Rouge Steel Company
Director & CEO, Victory Wind-Down Company
Independent Director, FCL Graphics, Inc.
Independent Director, Coso Geothermal
COMMUNITY INVOLVEMENT
Chairman, Development Committee, Director and Treasurer
Respiratory Health Association of Metropolitan Chicago, 2007-present
Director, Executive Committee Member, Gala Co-Chair
American Lung Association of Metropolitan Chicago, 2003-2007
Member of Director Circle, Steppenwolf Theater, 2004-2013
Member of Circle of Champions, Midtown Education Foundation
Member, American Israel Public Affairs Committee (AIPAC) and its Illinois Executive
Council
PROFESSIONAL AFFILIATIONS/MEMBERSHIPS
American Bankruptcy Institute
Commercial Law League of America
California Bankruptcy Forum
Turnaround Management Association
SPEAKING ENGAGEMENTS
Californias Fiscal Crisis
x Sponsored by UC Berkeley Institute of Governmental Studies (IGS), Co Producer
x Prospects for Deficit Reduction and Pension Reform in the Golden State
x September 2012
Florida State Firefighter Convention, International Association of Fire Fighters IAFF
x Designing and Implementing Sustainable Pension Programs, J une 2012
Financial Stress in Governments, Wharton School of the University of Pennsylvania
x Hosted by Fels Institute of Government
x Moderator and panelist: Chapter 9: Hero or Goat?
x J anuary 2012
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Assumed operating responsibility and/or Chief Financial Officer functions for a publicly-
traded recreational vehicle manufacturer, a publicly-traded specialty petroleum product
refinery and a mortgage servicing company.
Provided interim management services to one of the largest 7-11 franchisees in the country
and to the markets largest manufacturer and distributor of artificial nails and nail polishes.
Served in a consulting role for a residential home manufacturer, a bank, a luxury resort,
various general contractors, retailers and printing and health care companies.
President of MGF Acquisition Corporation in the Eurolife matter.
CHRONOLOGY SUMMARY:
1988 Present Senior Vice President of Development Specialists, Inc.
2012 Altoona, Pennsylvania
2011 Lauderdale Lakes
2009 Chapter 11 Trustee for Kobra Properties and affiliated entities.
2004 Plan Administrator Trustee for J illians Entertainment Holdings, Inc.
2004 Chief Restructuring Officer and Chairman of the Board of Rouge Industries, Inc.
2003 Chief Restructuring Officer of Orion Refining Corporation.
2001 Principal Advisor in numerous telecom and dot-com cases, including Blue Star
Communications
2001 Principal Advisor in numerous telecom and dot-com cases, including Colo.com.
2000 Principal Advisor in numerous telecom and dot-com cases, including Pacific Gateway
Exchange
1999 President of MGF Acquisition Corporation in the Eurolife matter.
1998 Chief Financial Officer of Contemporary Industries Corporation.
1997 Principal Advisor in numerous telecom and dot-com cases, including Network One.
1997 Chief Financial Officer of Summit Plastic Solutions.
1996 Chief Operating Officer of Great Lakes Telecommunications.
1993 Chief Financial Officer of Premium Sales, Inc.
1991 Directed DSI actions related to Commonwealth Mortgage.
1991 Chief Operating Officer of Commonwealth Mortgage Company.
1990 Chief Operating Officer of Calumet Industries.
1988 Master of Business Administration, University of Southern California
1986 Bachelor of Science, University of Illinois
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ROBERT WEISS
ROBERT WEISS assumed the role of General Counsel of Development Specialists, Inc.
(DSI), effective J uly 2012. While headquartered in DSIs New York and Chicago offices, Mr.
Weiss is responsible for DSIs legal affairs throughout the country.
Before joining DSI, Mr. Weiss was a Senior Partner at the law firm of Honigman Miller
Schwartz and Cohn, where he headed the firms Commercial, Restructuring and Bankruptcy
practice. A significant portion of Mr. Weiss practice while at Honigman consisted of the
representation of automotive OEMs and Tier I and II suppliers regarding financially troubled,
single source, critical component suppliers.
During the course of his 30-year tenure at Honigman, Mr. Weiss led the firms engagement in a
number of major restructuring/bankruptcy matters, including the firms assignment as one of
three counsels for the debtor in the General Motors Corporation Chapter 11 bankruptcy
proceedings. Prior to joining Honigman, Mr. Weiss was a member of the General Motors
Corporation legal staff. Upon graduating law school, Mr. Weiss practiced briefly as a litigator in
private practice in Cleveland before joining the General Motors corporation legal staff.
Mr. Weiss holds a Bachelors degree from Yeshiva College and was awarded a J .D. with Honors
from Case Western Reserve University School of Law, where he was appointed to the Order of
the Coif. He is a member of the state bars of Michigan and Illinois, respectively.
EMPLOYMENT
Commercial Law, Bankruptcy and Reorganization Department Chair, Partner
Honigman Miller Schwartz and Cohn LLP
J une 1982 J uly 2012 (30 years 2 months)Detroit, MI
Emphasis of practice is the representation of varied business interests in commercial law matters,
with special emphasis in the automotive sector.
The depth and breadth of his experience in the commercial business context includes
representing manufacturing companies in complex commercial transactions (both within the
United States and cross border) and structuring and negotiating complex commercial supply
contracts over the past twenty-five years.
Was the firm's liaison partner with General Motors Corporation and led the Honigman team in its
representation of GM and its affiliates throughout North America and, in particular, regarding
supply chain issues and transactions.
Repeated inclusion in The Best Lawyers in America reference volume evidences Mr. Weiss'
reputation among his peers.
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Recognized by Chambers USA: America's Leading Lawyers for Business, 2009-2011, as one of
America's leading business lawyers in the Banking and Financing field in Michigan.
Member of International Insolvency Institute
Recognized in DBusiness as a Top Lawyer for 2010 and 2011
General Motors
Staff Attorney, Law Department
General Motors
1977 1982 (4 years) Greater Detroit Area
ORGANIZATIONS
x State Bar of Michigan
x State Bar of Illinois
x Yeshiva College Board of Overseers
o Member of board
o J anuary 2012 Present
x Young Israel of Southfield Board of Trustees
o Member of board
o May 2013 Present
HONORS & AWARDS
x Chambers USA America's Leading Lawyers, 2009-2011
o Chambers
o Recognized as one of America's leading business lawyers in the Banking and
Financing field in Michigan.
o In 2010,the Chambers Guide states, "Robert Weiss has carved out an impressive
niche advising the automotive industry on commercial law. Clients are effusive in
their praise: "His advice is clear, well-reasoned and demonstrates a comprehensive
grasp of the automotive industry."
x The Best Lawyers in America, 1995-2011
o Named 2010 Detroit Bankruptcy and Creditor-Debtor Rights Lawyer of the Year
x Michigan Super Lawyers, 2007-2011
x DBusiness Top Lawyers, 2010 and 2011
x Lawdragon, recognized as a finalist in 2010
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EDUCATION
x Case Western Reserve University
o J .D., law
o 1972 1975
x Yeshiva University
o B.A.
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PAUL G. VALLAS
PAUL G. VALLAS joined DSI Civic in 2014, bringing considerable government experience and
expertise to the groups national distressed governmental and municipal practice. Mr. Vallas is
known within the education community as a turnaround expert. He has a history of reforming
and rebuilding school districts in the wake of both natural and manmade disasters. In late 2011,
he completed a four-year tenure as superintendent of the Recovery School District of Louisiana
(RSD), where he played a critical leadership role in building the public school system in the
wake of hurricane Katrina, and in developing a statewide school intervention system to help turn
around failing schools across that state. In addition to other projects, he is now engaged in
turnaround in the largest school system in Connecticut, as Superintendent of the Bridgeport
Public Schools, where high school graduation rates and other indicators lag far below national
averages, and do not approach national or state standards.
In New Orleans, in the aftermath of hurricane Katrina, he led the creation of the nations first
100 percent school choice district. New Orleans parents can now select any of that citys public
schools school for their children, and all school principals can recruit, and retain teachers and
staff based solely on performance. As leader of the RSD, he also presided over the creation of
the nations first majority charter school district, and helped the Katrina-devastated school
system secure the largest FEMA settlement for any school district in the nations history. As a
result of his stewardship, test scores have improved in every grade, in every year, at growth rates
that far exceed those of the statewide average. Graduation rates have also improved every year,
with New Orleans 2012 four-year cohort graduation rate at nearly 80 percent, up from just 56
percent when he assumed responsibility for the district in 2007. This means that for the first time
ever, 80 percent of New Orleans high school students are graduating on time after four years of
high school. These improvements come in a district in which an excess of 80 percent of the
children live below the poverty level and 90 percent are minorities. He also implemented the
largest school construction program in the State of Louisiana history, and one of the largest ever
in the nation.
Mr. Vallas success in New Orleans followed his similar successes in two other troubled
districts: Chicago (1995-2001) and Philadelphia (2002-2007). In both districts test scores
improved every year at rates that exceeded statewide test score growth, budget deficits were
eliminated and historic school construction programs were implemented. For example, in
Chicago Mr. Vallas initiated reforms that saw improved reading scores every year and math
scores in all but one year. Concurrently he eliminating a projected $1.25 billion budget gap, and
upon his departure, left the district fiscally healthy, with more than $300 million in reserves. At
the same time, he conceived and implemented the nations largest school construction program
ever at that time, in the amount of $3 billion. That program resulted in 76 new schools and the
renovation of more than 350 others, in just six years.
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In Philadelphia, the curriculum and instruction program Mr. Vallas designed and implemented,
which remains intact today, produced a nationally unprecedented ten-years of test score growth,
including the tripling of math scores and doubling of reading scores. The past decade of test
score and graduation growth in Philadelphia has been among the nations greatest for large urban
school districts, when compared to state testing averages. Mr. Vallas also eliminated a large
budget deficit in Philadelphia, while overseeing that districts largest school construction
program ever, at more than $1.7 billion.
Mr. Vallas success in turning around some of the largest and most troubled U.S. school districts
brought him to international attention and resulted in his recruitment to help other countries
rebuild and strengthen their school systems.
In 2010, concurrent with his responsibilities in New Orleans, Mr. Vallas was appointed to two
international projects. In the first, he was asked to serve as a lead education consultant to the
Government of Haiti (GOH) in the wake of the J anuary 2010 earthquake, under the auspices of
the Inter-American Development Bank. In that capacity, he has worked directly with the
Ministry of Education, as it strives to create a publicly a subsidized school system that will make
education accessible to all of Haitis children, including the thousands of Haitian children who
have never attended school or who are currently not in school. The plan also includes the
development of a national curriculum, quality professional development for Haitis teaching
workforce and the building of new schools engineered to withstand earthquakes and hurricanes.
The plan has been adopted by the GOH and approved by the international donor community.
The second project came at the invitation of the Government of Chile, which asked Mr. Vallas to
assume responsibility for turning around and improving test scores in 1,100 of Chiles lowest
performing schools. Based on this invitation, and his work in Haiti, Mr. Vallas formed The
Vallas Group, Inc. He has recruited a world class team of educational experts with specific
expertise in all functional areas of education, including curriculum and instruction, teacher
training and re-training, student and teacher assessments and interventions, and organizational
and finance management.
Under Mr. Vallas leadership in Santiago, enormous institutional changes were achieved, while
at the same time the test scores and school leadership in the designated schools improved.
Students are now provided with quality curriculum supplements and interventions, with their
learning progress assessed by benchmark testing for the first time, to ensure that struggling
students are provided with the extra support they need to learn. Additionally, The Vallas Group
developed a model for recruiting and training more than 100 Chilean School Improvement
Teams to assess individual school deficiencies and to develop corresponding corrective action
plans. As part of the project, these teams used the Vallas model to recruit and train a school
leadership team at each of the 1,100 schools. Those teams then provided support and training to
the teachers in the schools, while assisting principals with implementing their corrective action
plans.
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Mr. Vallas wide-ranging experience has led him to believe that any school system,
whether a domestic district or an international nationwide system, can be reformed in spite of
natural or manmade disaster, troubled finances, poorly trained teachers or political and
community disunity. The key to his continued success is an unwavering focus on what he has
termed The Five Essential Practices. These are: (1) ensuring that schools have superior
standardized curriculum and instruction; (2) ensuring that schools are provided with
comprehensive interventions to turn around failing schools, to support teachers and to help
struggling students; (3) ensuring that a strategy is in place to create local school leadership teams
and then using those teams to drive instruction and to facilitate year-round, site-based
professional development and mentoring for teachers; (4) ensuring that school systems are
organized around the critical functional areas of education, while decentralizing and streamlining
the central office into a school support agency, with the resulting cost savings going directly into
the classroom; and (5) ensuring that the system is effectively collecting, aggregating and sharing
student performance and school data to facilitate timely provision of the appropriate
interventions. Mr. Vallas requires that districts under his control implement The Five Essential
Practices with fidelity, and the results have shown the wisdom of this approach in every district
and/or system he has reformed.
In addition to his understanding of academics and the educational process, Mr. Vallas is known
for his budgetary and organizational abilities. He teaches schools how to leverage their resources
to finance needed reforms. He is also a firm believer in partnering with outside entities such as
non-for-profits, NGOs, public and private universities and commercial organizations to
encourage the flow of resources into the schools he oversees. His skill at developing funding
resources where few existed before is based on his experience outside of the education sector.
Prior to Mr. Vallas work in the education sector, he served as the Director of the City of
Chicagos Office of Budget and Management, during which time he turned around city finances
and secured bond rating upgrades, while concurrently financing the Citys largest investment in
infrastructure repairs and the largest expansion of public safety services in the Citys history. Mr.
Vallas also served as the Citys Revenue Director, where he reformed the Citys scandal- ridden
Tax and Fee Collection Agency, while at the same time recording revenue increases. He has also
held a number of prominent positions in Illinois state government, including Executive Director
of the Illinois Economic and Fiscal Commission, principal policy advisor to the President of the
Illinois State Senate and primary staff person assigned to both the Elementary and Secondary
Education and Appropriations Legislative committees and the Illinois Senate Revenue
Committee. In those positions he enjoyed considerable success in both public policy and finance,
including being the architect of the nations most successful tax amnesty program at that time,
and which is now used as a model in other states.
One of Mr. Vallas proudest achievements was the opportunity to serve 13 years in the Illinois
National Guard, including three as a military instructor at the Officer Candidates School at Camp
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Lincoln, Illinois. He has three sons, two who are currently serving in the military, including his
oldest son who recently returned from active duty in Afghanistan as a combat medic attached to
the 1st Marine Division.
EDUCATION
Western Illinois University, Macomb, IL M.S., 1980; B.S., 1976
PROFESSIONAL EXPERIENCE
2014 DSI Civic Financial Restructuring, LLC
Senior Consultant
2012-2014 BRIDGEPORT PUBLIC SCHOOLS, Bridgeport, CT
Superintendent
Recruited in December 2011 by the Connecticut Board of Education and Commissioner of
Education to assist with the development of a state-operated Turnaround District.
Assigned to lead the management of recovery from crisis in the states largest school district,
where two-thirds of the schools were failing and the administration was facing massive
teacher layoffs, school closures, increased class sizes and programmatic cuts as a result of a
serious budget deficit.
Tasked with developing and implementing a strategy, within the first five weeks, to close a
2010-2011 school-year structural budget deficit which was in excess of five- percent of the
annual budget.
Developed and implemented a comprehensive five-year financial plan. Balanced two
consecutive budgets with no borrowing. Secured capital funding to reconstruct three schools
and expand two elementary schools to include 7th and 8th grade.
Developed and implemented a comprehensive, long-term, district-wide academic reform and
improvement plan. Replaced 10-year old textbooks district-wide with all new language arts,
math and science books. Upgraded lacking technology with smart boards and desktops for all
teachers, and laptops for all high school students.
Opened five new high schools, three inter-district science academies and one inter- district
military/first responder academy.
Established tuition-free dual enrollment and early college programs with all area higher
education institutions open to eligible high school seniors.
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Implemented and enforced one of the nations tougher discipline policies, which included
expulsion to alternative schools. In 2005-2006 serious incidents decreased by 14.4% from the
previous year, including a 33% decline in moral offenses.
Instituted the most ambitious capital program in District history with a $1.7 billion capital
plan designed to build new school and modernize existing schools.
1995-2001 THE CHICAGO PUBLIC SCHOOLS, Chicago, IL Chief Executive Officer
Responsible for the development, implementation, oversight and management of education
reform measures within the Chicago Public Schools.
Managed an operating budget in excess of $4 billion annually.
Hand-picked as CEO by former-Chicago Mayor Richard J . Daley to successfully implement
and execute city control over Chicago Schools while working with state legislature, city
council, teachers union and business community to reform the schools.
Initiated broad educational and operational reforms to reverse persistent failure in the
schools. Some key achievements include: (1) developed and implemented after school and
summer school programs that served more than 150,000 students; (2) eliminated, within the
first two years, a projected four-year shortfall of $1.3 billion and balanced the systems
budget each year thereafter; (3) restored financial credibility and earned thirteen bond rating
upgrades by three bond agencies within a six-year period; (4) left the school system in 2001
with a $330 million budget reserve; and (5) implemented an unprecedented capital
improvement program which saw 76 new buildings were erected and more than 350 existing
buildings rehabilitated, thereby creating classrooms more conducive to teaching and learning.
Iowa Test of Basic Skills scores increased nearly 14%; reading scores increased for six
consecutive years, math scores increased 5 out of 6 years.
Streamlined the systems administration by eliminating 1,700 duplicative non-teaching
positions and replacing ineffective operations with privately managed services in the areas of
real estate and property management, construction and repair, custodial and food services.
Increased school accountability by ending social promotion in the face of community and
political pressure.
Personally led contract negotiation teams with the teachers union. Successfully negotiated
two 4-year teacher contracts. Never had a strike or had a contract go to arbitration.
1990-2001 THE CITY OF CHICAGO, Chicago, IL
1993-1995 Budget Director, City of Chicago, IL
Closed the Citys $125 million budget gap and received the first unanimous city council vote
for passage of a city budget in more than 40 years. Developed budgets that allowed the City
to: (1) finance the largest capital improvement program in Chicago history which, among
other items, provided for the repaving of 70% city streets; (2) establish the Citys first
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comprehensive affordable housing program; and (3) within a three-year period, hire an
additional 1,500 police officers and built new police and fire stations.
Structurally balanced the Citys budget for three consecutive years.
Increased the Citys bond rating.
1990-1993 Revenue Director, City of Chicago, IL
Achieved an increase in the Citys bond rating.
City revenues progressively increased each year and programs were initiated that effectively
reformed the Citys license and tax codes. Specific accomplishments include implementation
of: (1) parking enforcement program that practically doubled Chicagos parking ticket
collections; (2) an impoundment program for vehicles used in crimes; and (3) an
information-sharing program with the Illinois Department of
Revenue that assisted state tax investigations.
Rewrote the Citys tax and fee ordinances, generating record revenue increases from many of
the revamped ordinances.
Reformed the Departments audit functions to generate record collectibles from account
settlements.
1980-1990 THE STATE OF ILLINOIS, Springfield, IL
1985-1990 Economic and Fiscal Commission, State of Illinois
Executive Director
Responsible for reviewing and analyzing legislation and for assessing the legislative impact
on state finances and state and local taxes as well as economic development.
Named The Best State Agency the by Illinois Times.
1983-1985 Illinois State Senate
Senior Policy Advisor
Served as policy advisor to Senate President Phillip Rock.
Served as principal advisor to the Senate Revenue Committee and the Senate Elementary and
Secondary Education and Appropriations committees.
Played a critical role in all major education and financial initiatives during the period.
1980-1983 Illinois State Senate
Policy Advisor
Architect of the most successful tax amnesty program in the nations history at the time.
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JOHN FILAN
J OHN FILAN is an Adjunct Professor of Government at the Illinois Institute of Technology
(IIT), Stuart School of Business, was a Senior Consultant, Development Specialists, Inc., and
was a Vice President with DSI Civic Financial Restructuring LLC, with concentrations in both
the public and nonprofit sectors. Prior to joining DSI, Mr. Filan held several positions in state
government, most recently as CEO of the Illinois Finance Authority. He has also been Chief
Operating Officer (management operations, economic development, infrastructure and business
regulation) and, prior to 2007, Director of the Office of Management and Budget.
In addition to his government service, for 25 years Mr. Filan led and became Managing Partner
of FPT&W, Ltd., a regional accounting and consulting firm (one of Crain's Top 25), where he
was also the head of its consulting practice prior to becoming the Managing Partner. The firm
had an extensive public sector practice with more than 75 state and local government clients
throughout the Midwest and Eastern United States. The practice subsequently merged with
Crowe Horwath & Co. in 2005. Mr. Filan began his career with Price Waterhouse & Co. and
later with IBM Corp.
Mr. Filan has served on the boards of the Civic Federation, the Chicago Board of Education, the
Comptrollers Municipal Accounting Advisory Board (as Chair) and the Illinois Development
Finance Authority, among other organizations. He also serves on the boards of Casa Central
Social Services, the Chicago Sisters Cities - Galway, Ireland Council, and is active in Concern
Worldwide, and also serves as a high school basketball official.
Mr. Filan has been an adjunct professor at the University of Illinois, City Colleges of Chicago
and St. Xavier University. He has been a guest speaker at the City Club of Chicago, the
Taxpayers Federation, various Chambers of Commerce, the Government Finance Officers
Association, the Bond Buyer and other conferences, as well as Northwestern Universitys Public
Policy School and the National Conference of Actuaries, among other organizations and recently
published an article on municipal financial stress for the J ournal of Corporate Renewal of the
Turnaround Management Association. He also has been a guest or panel member on many
broadcast and cable news and public interest shows.
Mr. Filan has an MBA degree (Economics and Finance) from the University of Chicago, a B.S.
degree (Accounting) from St. J oseph's College and continued post-graduate work in cross-
cultural studies and economics at the University of Illinois and Northwestern University.
CHRONOLOGY SUMMARY:
J anuary, 2011 to 2013 DSI Civic
November, 2009 to J anuary, 2011 Consultant to Civic Committee of the Commercial Club
of Chicago
February, 2003 to October, 2009 State of Illinois (COO and other positions)
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February, 1977 to J anuary, 2003 FPT&W, Ltd. Partner (Head of Consulting Division)
and Managing Partner
PROFESSIONAL EXPERIENCE:
J anuary 2011 to 2013 Vice President of DSI Civic
o Direct the firms national public sector consulting division through eight U.S. and
international offices including marketing , promotion, media relations and interviews,
conference sponsorship, conference design and joint venture partnerships in the state
and local government sector
o Responsible for project supervision, client communications and negotiations
o Recruitment of subject matter experts for technical components of restructuring
projects (e.g., infrastructure; housing; public safety; etc.)
Dec 2009 to 2010 Independent Consultant
o Provided strategic and financial advisory services to civic and social service
organizations regarding government policies, revenues, programs and budgetary
outlook
October 2008 to November 2009 Chief Executive Officer (and Board Advisor) to ILLINOIS
FINANCE AUTHORITY (IFA)
o Directed the States independent bonding and venture capital authority for economic
development with particular emphasis on the energy, health care, agricultural and
educational sectors
o Statewide authority has a combination of conduit, moral obligation and full-faith-
and-credit debt issuance authority with an outstanding debt portfolio of approximately
$25 billion
o Developed strategic direction for cooperative intergovernmental and private equity
funding to expand and attract business development
o Architect of a unique $3 billion state guaranteed loan program for renewable energy,
energy efficiency and clean coal projects. Guarantees will match U. S. Department of
Energy competitive loan programs. Organized and led unified Illinois Energy Team
including five state universities, Argonne National Laboratory, Illinois EPA and other
state agencies to determine the environmental, technical and economic viability of
energy projects
J anuary 2007 to October 2008 Chief Operating Officer to STATE OF ILLINOIS
o Directed the States general economic programs including: business development,
trade and investment, workforce development, infrastructure, tax policy, business
regulation, environmental regulation, and higher education. Entailed oversight of the
approximately 20 related state agencies that operate the above referenced programs
o Responsible for the states infrastructure budget for transportation, education,
environment, state facilities and other capital development programs which had an
outstanding debt portfolio of approximately $22 billion
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February 2003 to December 2006 Director, Office of Management and Budget to STATE OF
ILLINOIS
o Dec 2006 Directed preparation of the states $45 billion operating and $10 billion
capital budgets, as well as oversight of the performance measurement systems for 40
state agencies
o Maintained the States AA bond rating by reducing the historic accumulated deficit
and increasing the pension funding ratio from 48% to 62%. Restructured 65 agencies
into 46, consolidated administrative functions, reduced pension benefits for new
employees and permanently reduced headcount by more than 20% which resulted in
an absolute reduction in government operations spending for each of four consecutive
years. These reductions facilitated expansion of childrens and womens health care,
early childhood education and increases in P through 12 education funding
o Conceived and managed the consolidation of seven independent development and
bonding authorities for industrial development, renewable energy, education and
cultural facilities, health care, agricultural development and local government capital
assistance into a single statewide bonding authority. Consolidation enabled a cohesive
and focused economic development catalyst in partnership with the States economic
and regulatory programs
o Led the consolidation of the internal audit functions for more than 50 executive
branch agencies into one agency - the Illinois Office of Internal Audit (IOIA) and the
chaired the first statewide
o Internal Audit Committee. The IOIA is responsible for financial, compliance;
program evaluation, investigative and special audits as assigned by the Committee,
and in turn works closely with the Inspector Generals office
o Directed implementation of the states first Shared Service Centers. Restructured 15
state agencies into two shared service centers providing accounting, budgetary,
human resources, procurement and other administrative services to the departments.
Also, merged four regularity agencies into one department
1998 to 2002 Managing Partner to FPT&W, LTD. (since merged with Crowe Horvath &
Co.)
o Co-founder of regional accounting and consulting firm (Crains Top 25). Managed
the firms overall operations and professional services for government, higher
education, non-government organizations and privately held businesses
1977 to 2002 Head of Consulting Practice and New Business Development to FPT&W,
LTD. Representative consulting projects include:
o Coordination of Rating Agency and Media Presentations
o Project Management for Technology Systems
o Tax Policy and Program Analysis for Legislative Committees
o Establishing Fee Policies for Government Services and Programs
o Market and Feasibility Studies
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DANIEL J. STERMER
DANIEL J . STERMER joined DSI in 2009, bringing with him more than 20 years of private and
public sector experience. Mr. Stermer has been appointed as fiduciary by both state and federal
courts to liquidate a variety of businesses. In addition, he has acted as advisor to others appointed
as the fiduciary, where he has managed the day-to-day operations of receiverships, assignment
and other estates, coordinated and assisted the estates legal, accounting and other professionals,
investigated the estates interest in or ownership of assets, and managed the recovery and
disposition of those assets. He has also coordinated claims processes and analysis and consulted
and strategized with clients regarding potential and ongoing governmental investigations and
prosecutions.
Mr. Stermer currently serves as Mayor of the City of Weston (Florida), being elected without
opposition in November 2012. Since his election in 2012, Mr. Stermer has been appointed to the
Broward County Planning Council, selected to serve as Vice Chair of the Broward League of
Cities Ethics Task Force, selected to serve on an Ad Hoc Affordable Housing Committee
comprised of representatives from Broward County, the Broward County Planning Council, and
the Broward League of Cities, and selected to continue to serve on the Oversight Committee for
the Implementation of the Interlocal Agreement for Public School Facility Planning.
Mr. Stermer previously served as a Commissioner for the City of Weston (Florida) from 2002
through 2010, leaving office due to term limits. Mr. Stermer served on and was elected Chair of
the Broward Metropolitan Planning Organization for four terms, rose to become the First Vice
President of the Broward League of Cities, served as Chairperson of the Broward League of
Cities Sustainability Committee for three years, and served on the Oversight Committee for the
Implementation of the Interlocal Agreement for Public School Facility Planning, Broward
County, Florida. During Mr. Stermers terms in office, the City of Weston achieved a Triple A
rating from Standard and Poors and Moodys, consistently had the lowest ad valorem tax rate in
Broward County, and maintained reserves in excess of $50MM.
Mr. Stermer led the DSI Civic team engaged by a Florida municipal government which was in
severe financial distress. DSI Civic provided a strategic and operational review, financial
assessments, and recommendations regarding restructuring public safety services and asset
financing, as well as a review and renegotiation of existing debt obligations, and is currently
preparing a multi-year financial recovery/action plan.
Before joining the private sector, Mr. Stermer served in the Economic Crimes Litigation Unit of
the Florida Attorney Generals Department of Legal Affairs, where he commenced and
participated in all facets of civil enforcement pre-complaint investigations and litigation,
including bankruptcy litigation, related to Floridas Deceptive and Unfair Trade Practices Act
and Racketeering Influenced Corrupt Organizations Act, from the inception of investigation
through trial. While with the Office of the Bronx County, New York, District Attorneys office,
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Mr. Stermer served as Special Assistant United States Attorney in the Organized Crime Unit and
as Assistant District Attorney in a federally-funded task force prosecuting high-volume narcotics
trafficking and related violent crime.
Among his fiduciary appointments, Mr. Stermer is the Receiver for the Hess Kennedy
Receivership Estate; a matter commenced by the Florida Attorney Generals Office against a
number of entities who were supposed to provide debt settlement and debt consolidation services
to over 90,000 consumers across the country but did not. As Receiver, Mr. Stermer has obtained
in excess of $150 million in debt forgiveness for consumers, trade line deletions for more than
15,000 consumers, and has conducted an extensive claims procedure including more than 20,000
submitted claims providing distributions of over 30.5% to Approved Claimants.
Mr. Stermer received his J uris Doctor degree in 1988 from Touro College, J acob D. Fuchsberg
Law Center and his Bachelor of Arts from State University of New York at Binghamton in 1984.
As an adjunct professor at St. Thomas University School of Law, Mr. Stermer regularly teaches
Receivership Practice and the Inter-Relationships between the Legal, Accounting, and Business
Worlds and his professional and community involvement includes his participation in local bar
associations and the Florida Fiduciary Forum.
PROFESSIONAL EXPERIENCE
DEVELOPMENT SPECIALISTS, INC., 2009 Present, Consultant
Appointed by Federal and State Courts as fiduciary to liquidate a variety of businesses and as
trustee. Assist and manage Court-appointed fiduciary, including, but not limited to, receivers,
trustees, and assignees for the benefit of creditors, in carrying out all aspects of their duties and
responsibilities. Areas of responsibility include, but are not limited to: day to day operation of
receivership/trusteeship/assignment; coordinate and assist professionals of
receiver/trustee/assignee, including but not limited to legal counsel, accountants, and other
professionals; investigate and determine what assets are estate property; recovery and disposition
of assets of the estate; and coordinate claims process, including but not limited to, creation of
process and analysis of claims. Consult and strategize with clients with regard to
potential/ongoing governmental investigations/prosecutions.
LEWIS B. FREEMAN & PARTNERS, INC., 2000 2009, Principal
Appointed by Federal and State Courts as fiduciary to liquidate a variety of businesses and as
trustee. Assist and manage Court-appointed fiduciary, including, but not limited to, receivers,
trustees, and assignees for the benefit of creditors, in carrying out all aspects of their duties and
responsibilities. Areas of responsibility include, but are not limited to: day to day operation of
receivership/trusteeship/assignment; coordinate and assist professionals of
receiver/trustee/assignee, including but not limited to legal counsel, accountants, and other
professionals; investigate and determine what assets are estate property; recovery and disposition
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40
of assets of the estate; and coordinate claims process, including but not limited to, creation of
process and analysis of claims. Consult and strategize with clients with regard to
potential/ongoing governmental investigations/prosecutions.
OFFICE OF THE ATTORNEY GENERAL, DEPARTMENT OF LEGAL AFFAIRS, STATE
OF FLORIDA, 1996 2000, Assistant Attorney General
Economic Crimes Litigation Unit
Commence and participate in all facets of civil enforcement pre-complaint investigations and
litigation related to Floridas Deceptive and Unfair Trade Practices Act and Racketeering
Influenced Corrupt Organizations Act, from inception of investigation through trial; coordinate,
participate, and work with federal/state/local law enforcement actions and prosecutions;
commence and participate in litigation in the United States Bankruptcy Court for the Southern
District of Florida.
OFFICE OF THE BRONX COUNTY DISTRICT ATTORNEY, 1988 -1996, Special Assistant
United States Attorney - Southern District of New York
Organized Crime Unit
Cross-designated for a federal/state investigation/prosecution that has resulted in thirteen pleas of
guilty and two convictions after trial; initiated original state prosecution.
Assistant District Attorney
Major Case Narcotics Investigation Unit/Housing Task Force/Narcotics Bureau/Appeals Bureau
Selected to serve in federally funded task force prosecuting high volume narcotics trafficking
and related violent crime, including homicide, occurring in public housing projects; authorize
and draft search warrants; debriefed confidential informants; and investigated street gangs.
Participated in all facets of extensive litigation, from pretrial motions and hearings to felony
judge and jury trials; including sale of narcotics to undercover police officers and possession of
guns and drugs; voir dire, witness examination, expert witness testimony, and summations;
presentation of cases to the Grand J ury; conducted extensive plea bargaining with judges and
attorneys; and handling of multiple cases simultaneously in an effective, expeditious manner.
Researched, briefed and argued in excess of twenty-five cases before Appellate Division, First
Department; litigated federal habeas corpus petitions in the Southern District of New York;
litigated post-judgment motions, extradition and rendition proceedings, Article 78 petitions and
mental competency law, during which witnesses were often presented.
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EDUCATION
J uris Doctor 1988
Touro College, J acob D. Fuchsberg Law Center - Huntington, New York
Bachelor of Arts 1984
State University of New York at Binghamton - Binghamton, New York
CERTIFICATIONS AND LICENSES
Federal: Southern District of New York 1989
Eastern District of New York 1989
State: New York 1989
Florida 1995
ELECTED OFFICE
City of Weston
Mayor
November 2012 November 2016 Elected Unopposed
Appointed to serve on Broward County Planning Council
Appointed to serve at Vice Chair Broward League of Cities Ethics Task Force
Appointed to serve on Ad Hoc Committee regarding Affordable Housing comprised of
representatives from Board of County Commissioners, Broward County Planning
Council, and Broward League of Cities
City of Weston, Commissioner
September 2002 November 2010 Term Limited Out of Office
First Elected in 2002 Special Election and Re-Elected in 2003 and 2006 (unopposed)
Elected Chair of Broward Metropolitan Planning Organization 2007/2008 2008/2009
2009/2010 2010/2011
Elected Vice Chair of Broward Metropolitan Planning Organization 2005/2006 and
2006/2007
Designated to serve as Westons representative to the Metropolitan Planning
Organization
Elected First Vice President of the Broward League of Cities 2010/2011
Elected Second Vice President of the Broward League of Cities 2009/2010
Elected Secretary of the Broward League of Cities 2008/2009
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RONALD D. PICUR
RONALD D. PICUR is an independent consultant with DSI Civic. He has a long career in
government accounting and finance, and is a nationally recognized expert in property tax
systems, debt management, pension funding analysis, and has extensive experience in multi-year
budget forecasting. Mr. Picurs career includes partnership in a leading regional accounting and
consulting firm with over one hundred public sector clients (including many counties and cities).
Mr. Picur was also the Comptroller and Chief Fiscal Officer for the City of Chicago from 1985-
1989. Throughout his career Mr. Picur has been a Professor of Accounting and Professor of
Finance at the University of Illinois at Chicago and served for a number of years as the
Department Head as well as Director of the Center for Governmental Accounting Research and
Education.
Recent representative projects have included budgetary and debt management services to the
State of Illinois Governors Office of Management and Budget (GOMB); budgetary and pension
disclosure services to the Securities and Exchange Commission (SEC); and multi-year
forecasting for the State of Illinois, the City of Chicago, the Chicago Public Schools, the Chicago
Park District, and the cities of Lauderdale Lakes, Florida and Altoona, Pennsylvania.
Mr. Picur is a recognized expert and has worked extensively in the following areas:
Debt Management as a financial structuring advisor for over $40 billion of government debt
issuance.
Rating Agency Communications including extensive presentations to all major agencies as
well as investors.
Multi-Year Financial Forecasting with emphasis in recognizing how to measure variability of
specific revenues and expenditures.
Budget Monitoring & Control Systems for many state and local governments.
Cash Flow Analysis as a necessary part of cash management during downturns in revenue.
Pension Funding including liability forecasting, funding gaps, pension benefit restructuring,
and contribution analysis.
Capital Budgeting System including infrastructure assessment and debt affordability
determination.
Performance Measurement and Performance Budgeting based on service outcomes and peer
comparisons.
Mr. Picur holds a B.S.B.A degree in Accounting, an M.S. degree in Accounting and Information
Systems and has a Ph.D. degree in Accounting and a minor Systems Analysis all from
Northwestern University. He is a CPA and Certified Government Finance Manager (CGFM).
Mr. Picur has served as a National Technical Advisor to the Government Finance Officers
Associations (GOFA) national committees on Budgeting & Management and Debt
Management, as well as a member of the Governmental Accounting Standards Boards (GASB)
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Budgetary & Financial Reporting: Designed and structured a Budget Reporting Systems
(reflecting both cash and budget bases) as well as development of Quarterly Financial
Reports for public disclosure purposes; prepared financial reports to the National Association
of State Budget Officials (NASBO) and the National Council of State Legislatures (NCSL).
Budget Monitoring & Control Systems: Conceptualized and implemented the Revenue
Tracking, Expense Monitoring and Variance Analysis reporting systems, as well as reserve
and allotment procedures.
Revenue Forecasting & Monitoring: Developed a semi-monthly revenue tracking system to
monitor performance versus budget; Serve as advisor and member of the Governors
Commission of Economic Advisors (CEA) charged with providing advice and counsel on
revenue forecast incorporated in the Governors introduced budget.
Governmental Accounting: Advised on accounting treatment and Comprehensive Annual
Financial Report (CAFR) presentations regarding alternate GAAP accounting choices for
revenue and expenditure recognition including preparation of policy papers and pro forma
financial reports.
Fiscal Communications & Presentations: Participated in editorial board meetings, rating
agency presentations, legislative committee hearings and newspaper background briefings;
provided technical support to Press Office and media communications for the Governors
Office of Management and Budget.
Specialized Analyses: Conducted Gross Receipts Tax (GRT) analyses, Tax burden & equity
analyses, Cash Flow analyses for G.O. Notes, and pension funding alternate scenarios.
Gaming Analyses: Reviewed and analyzed alternate scenarios for expansion of gaming at
existing and new facilities within Illinois including testing sensitivity of results to key
assumptions; reviewing and vetting of Racino proposals; participated in various
negotiating sessions with industry representatives.
Special State Funds Database and Analyses: Conceptualized and designed a database and
financial reporting system (including an administrative charge-back sub-system) used for
budgeting, monitoring and cash flow analysis for approximately 600 special revenue, trust
and agency funds utilized by the State.
Illinois Department of Transportation Capital Budgeting System: Structured a budgeting and
reporting system to integrate IDOTs multi-year capital plan with cash flow data to facilitate
debt issuance planning.
Illinois Department of Transportation Public Transportation Division: Analyzed proposed
budget and increased fare proposal for the CTA; conducted sensitivity analyses and
projections of fuel costs given changes in crude oil market prices; drafted Op Ed pieces for
Governors Office.
Due Diligence of Illinois State Tollway Financing Plan: Vetted feasibility and traffic studies,
plan of finance, multi-year forecasts encompassing traffic, revenue and expense projections,
sensitivity analyses, debt financing and rating agency presentations.
Due Diligence and Financial Analyses For State Agencies: ISAC, IHFA and IFA.
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Director of the Office of Management & Budget: Conceptual design and implementation of a
monthly budget reporting system including year-to-date variance analyses (actual vs.
budget), as well as monthly projections of financial results for the remainder of the fiscal
year to provide monitoring information for Senior Management and the Board.
Budget Analyses and Revenue Forecasts for Chicago Transit Authority
Chairman of the Boards Office: Analyses, comments and options regarding operating and
capital budgets prepared by Presidents Finance Department; Develop volume estimates and
revenue projections (to subsidize regional public transportation) for conversion of
Chicagoland expressway lanes into toll lanes including congestion pricing.
PARTNER, FPT&W, Ltd (now Crowe Horwath): 1991-2003
Responsibilities: Practice area encompassed financial advisory and debt management; long-
term financial planning including multi-year forecasting; operating, capital and performance
budgeting; cash and treasury management; enterprise resource planning systems selection
and installation; and GASB 34 services.
FA Services: Chicago Park District, the Chicago Public Schools and DuPage County as well
as to a series of Illinois municipalities. These FA engagements represented in excess of $1.5
billion in various forms of debt instruments encompassing GO bonds, Limited obligation
bonds, alternate revenue bonds, revenue bonds, TIF bonds, tax anticipation warrants, and
variable rate debt including SWAPs and Auction Rate Notes. Picur also served as project
manager and prepared a Fiscal and Economic Indicator Report for Cook County that was
targeted to rating agencies and the investment community. That report subsequently received
the Achievement Award from the National Association of County Officials (NACO).
COMPTROLLER AND CHIEF FISCAL OFFICER, City of Chicago: 1985 to 1989.
Responsibilities: Debt management; preparation of the Comprehensive Annual Financial
Report; receipt and disbursement of all City funds; coordination of external financial and
compliance audits; and overall management of the public finance, real estate, risk and
benefits management, and internal audit functions.
Debt Management: $4 billion in debt issuances encompassing a broad scope of obligation
types, financing instruments (including variable rate demand notes and bonds as well as
associated liquidity instruments) and funding purposes. The bond ratings of the City were
increased by both major agencies reflecting in part such financial improvements as a multi-
year Fiscal and Economic Indicator Report, interim financial statements, and accounting
policy and control directives.
Taxpayers' Advocate Office: Established in 1986, the Office counseled more than 10,000
homeowners and conducted workshops throughout Chicago.
Pension Fund Trustee: Chicago Laborers, Municipal Employees, and Firemens' Annuity &
Benefit Funds. Led a movement toward incorporating various "good government" provisions
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49
into the State Pension Code, including requirements for formal adoption of annual budgets
and independent audits.
PROFESSOR EMERITUS OF ACCOUNTING, University of Illinois at Chicago: 1978-2006
Professor of Accounting
Professor of Finance
Head, Department of Accounting
Interim Head, Department of Finance
Director, The Center for Governmental Accounting Research and Education (CGARE)
OTHER PROFESSIONAL POSITIONS:
Fiscal Consultant, Office of Budget and Management of Chicago, 1985-1987
Assistant Professor of Accountancy, University of Illinois at Urbana-Champaign, 1973-1977
Research Consultant and Project Director, American Hospital Association, 1972-1973
Instructor and Lecturer, Northwestern University, 1969-1973
ACADEMIC BACKGROUND
Ph.D. degree from Northwestern University, 1973, major in Accounting and a minor in
Systems Analysis
M.S. degree from Northwestern University, 1971, major in Accounting and Information
Systems
B.S.B.A. degree from Northwestern University, 1968, major in Accounting
CPA certificate from Illinois, 1978
Certified Governmental Finance Manager (CGFM), 1998
PROFESSIONAL ASSOCIATIONS
Advisor, Government Finance Officers Association: National Committee on Governmental
Debt & Fiscal Policy, 2001-2007
Advisor, Government Finance Officers Association: National Committee on Budgeting &
Management, 1994-2000
Technical Advisor, Government Finance Officers Association: Debt Management (1999)
and Budgeting (2000) Exams, both components of the GFOAs Certified Public Finance
Officers Program.
Member, Governmental Accounting Standards Boards Task Force on Economic Condition
Reporting, 2002-2003
Member, Governmental Accounting Standards Boards Service Efforts and
Accomplishments Advisory Board , 1987-1992
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WILLIAM G. BRANDT
WILLIAM G. BRANDT joined DSI in March of 2012. During his tenure he has been directly
involved in project management and objective analysis for numerous engagements in both the
public and nonprofit sectors. Additionally, he has provided support, in the areas of both
operations and finance, to ongoing DSI and DSI Civic engagements including Municipal
Financial Recovery Plans, Chapter 11 reorganizations, Chapter 7 liquidations and Assignments
for the Benefit of Creditors.
Mr. Brandt has earned a Masters in Human Resource Management from Loyola University
Chicago and is currently enrolled in the schools MBA program with an expected graduation
date of May, 2014.
CHRONOLOGY SUMMARY
March 2012 to Present Research Analysts, Development Specialists, Inc.
2014 Master of Business Administration, Loyola University Chicago
2012 Master of Science in Human Resource Management, Loyola University Chicago
2010 Communications Coordinator, Illinois Gov. Pat Quinns Gubernatorial Campaign
2010 Press/Communications Intern, William J . Clinton Foundation
2009 Bachelor of Arts, University of San Francisco
EDUCATION
Loyola University Chicago, Chicago, IL, Master of Business Administration, 2014
Loyola University Chicago, Chicago, IL, Master of Science in Human Resources 2012
University of San Francisco, San Francisco, CA, Bachelor of Arts & Sciences, 2009
PROFESSIONAL EXPERIENCE
2012 Present Development Specialists, Inc., Chicago, Illinois
Research Analyst
Researched potential engagement opportunities and drafted client proposals and responses to
RFPs/RFQs
Supported consultants and forensic accountants in performing in-depth analysis of clients
financial statements and various internal documents
Assisted in the writing, editing, and submission of consultative reports for financially
distressed municipalities
Researched and distributed information on current and potential clients, including analysis of
comprehensive annual financial reports, ongoing media coverage, and demographic and
statistical information
Monitored project invoices from consultants and contractors for budgetary planning purposes
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52
EXHIBIT 7
ITEM 5(G)
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ITEM 5(G) - A disclosure of the proposed fees to be charged and a proposed budget of fees and
expenses.
Staff Member
Budgeted
Hours Hourly rate
Total Estimated
Fees
William A. Brandt, J r. 350.00 $ 675 $ 236,250
Geoffrey L. Berman 30.00 $ 560 $ 16,800
Robert Weiss 20.00 $ 610 $ 12,200
J ohn Filan
**
600.00 $ 435 $ 261,000
Paul Vallas 200.00 $ 435 $ 87,000
Steven L. Victor 350.00 $ 570 $ 199,500
Daniel J . Stermer 280.00 $ 435 $ 121,800
R. Brian Calvert 200.00 $ 570 $ 114,000
Ronald D. Picur
**
380.00 $ 410 $ 155,800
Subject Matter Experts
***
380.00 $ 325 $ 123,500
William G. Brandt 700.00 $ 95 $ 66,500
Consultants 740.00 $ 275 $ 203,500
Total 4,230.00 $ 1,597,850
Expenses
Air $ 80,000.00
Local Transportation $ -
Hotel & Lodging $ 90,000.00
Meals $ 20,000.00
Misc. $ -
Total Expenses $ 190,000.00
The hourly rate ranges for other DSI Civic Consultants are as follows:
Senior Consultants: $425 - $625/hour
Consultants $175 - $325/hour
**Over the course of its operations, DSI Civic has routinely retained a number of consultants as independent
contractors, now including John Filan and Ronald D. Picur.
*** In the course of DSI Civic engagements, it is common to retain subject matter experts (SME) that may assist
DSI Civic with expertise in such areas as: public safety, public works, and actuarial analysis.
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EXHIBIT 8
ITEM 5(H)
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My response to the question regarding why Im interested in this appointment is simple. Alone
among practitioners in the restructuring and insolvency industry, I have maintained a parallel
career in the arena of public policy, public finance and electoral politics at both the state and
federal levels throughout the entirety of my 40-year business career. A further merging of these
twin vocations took place almost seven years ago when I was asked by the Governor of Illinois
to apply my restructuring, public policy and public finance skills and agree to serve as the Chair
of the then-troubled Illinois Finance Authority (IFA). The IFA is one of the nations largest
state-sponsored entities principally engaged in the issuing of taxable and tax-exempt bonds, as
well as making loans and capital available for investment in businesses, nonprofit organizations
and local governments throughout the state. The primary mission of the IFA is the twin goals of
economic development and job creation.
Following my appointment by the Governor and unanimous confirmation by the Illinois Senate, I
set about, as the newly-appointed Chair of the IFA, to focus on one particular public policy
passion that has long captivated me: the reshaping, remaking and revitalization of a portion of
the nations Rust Belt. My goal was to aid in steering, through the multistate bonding
authority granted to me by the statute, not only the economy of Illinois but, to any extent
possible, the economies of other adjoining north-central Great Lakes states. My goal was to
achieve a better and more stable economic mixture of older industries from the manufacturing
era as well as new businesses from the growing service and information sectors of the economy.
I also discovered that under the enabling legislation that created the IFA, the power to supervise
and oversee all Illinois municipal and governmental restructurings and rehabilitation was vested
in both myself, as the Chair of the IFA, as well as the Authoritys Executive Director. As a
consequence of this duty, responsibility and obligation, long before the current rash of municipal
and governmental restructurings became the topic of current debate I had begun to wrestle with
and speak about the seemingly intractable issues surrounding the present dilemmas confronting
todays municipal and governmental units. A prime example of this was my role in the
supervision and ultimately successful rehabilitation of the City of East St. Louis, Illinois, one of
the first major efforts at municipal rehabilitation I addressed as Chair of the IFA. This city had
been under state supervision in conjunction with its restructuring efforts since the mid-1990s. I
made it my personal goal to, in the span of a few short years, complete East St. Louiss
rehabilitation, put the city back on stable economic footing and then get it out from under the
supervision and oversight of the IFA, allowing it once again to take its rightful place among the
cities and towns within the state who could chart their own course and destiny.
My experience with the supervision and oversight of distressed municipal and governmental
entities, beyond generating a substantial volume of speaking and writing invitations and requests,
also led me to form DSI Civic, a specifically dedicated affiliate of our firms well-known
corporate restructuring practice. DSI Civics primary focus is the counseling of and provision of
services to units of government in connection with their efforts at restructuring and
rehabilitation. This new entity is now well-established in the industry and has attracted to its
cause some of the strongest talent available in the municipal and governmental public finance
and restructuring arena. These ladies and gentlemen have a broad array of municipal and
governmental public finance and public policy experience, and have counseled governmental
entities from Florida to California to Pennsylvania, as well as Louisiana, Connecticut, Kentucky
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 224 of 322
and Indiana, on the intricacies and possibilities of differing paths toward public sector
restructuring and rehabilitation.
So I view the opportunity to serve the Court as its Expert Witness in this matter on the Issue of
Feasibility as a simple and natural extension of the efforts in which both I and the team at DSI
Civic have been engaged over the past seven years: that of trying to apply our special skills and
hard-won experience to the analysis and rejuvenation of the former great manufacturing cities
that border the Great Lakes. Given that, my interest in this assignment goes beyond just the
simple task of continuing to provide restructuring advice to governmental units, and crosses over
to the cause in which Ive been engaged for these last many years, the rebirth and renewal of
Americas former Rust Belt cities, allowing them to position themselves to be competitive in the
global economy for the coming century.
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 225 of 322
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13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 302 of 322
T o o b i g t o f a i l o r t o o b i g t o b a i l ( o u t )
A d i s c u s s i o n o f t h e p r o s a n d c o n s o f b a n k r u p t c y f o r s t a t e s F e b r u a r y 2 0 1 1
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 303 of 322
1
T o o b i g t o f a i l o r t o o b i g t o b a i l ( o u t )
T h e d e b a t e a b o u t w h e t h e r s t a t e s s h o u l d b e g i v e n a n o p t i o n
t o l e f o r b a n k r u p t c y i s g a i n i n g m o m e n t u m , n o t o n l y i n
W a s h i n g t o n b u t a l s o w i t h i n t e r e s t e d p a r t i e s t h r o u g h o u t t h e
c o u n t r y . B a n k r u p t c y p r o f e s s i o n a l s a n d m u n i c i p a l n a n c e
i n v e s t m e n t b a n k e r s h a v e w e i g h e d i n , a s h a v e p o l i t i c i a n s o f
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p a r t y l i n e s . T h i s a r t i c l e a t t e m p t s t o o u t l i n e t h e m a n y p r o s a n d
c o n s o f t h e i s s u e a n d s u g g e s t s a f r a m e w o r k f o r c o n t i n u i n g t h e
d e b a t e i n a w a y t h a t l e a d s t o a r e a s o n e d o p i n i o n .
B a n k r u p t c y p r o c e e d i n g s i n t h e U n i t e d S t a t e s a r e a v a i l a b l e t o
p e o p l e a n d l e g a l e n t i t i e s w h o n e e d t o r e s t r u c t u r e t h e i r d e b t s a n d /
o r o p e r a t i o n s . B a n k r u p t c y b e c o m e s a n o p t i o n w h e n t h e s i t u a t i o n
b e c o m e s s o s e v e r e t h a t i t i s i m p o s s i b l e t o p a y b i l l s w h e n t h e y
a r e d u e , o r t h e a m o u n t o f l i a b i l i t i e s a n d o b l i g a t i o n s d w a r f s t h e
a v a i l a b l e a s s e t s a n d r e s o u r c e s . I n d i v i d u a l s , c o m p a n i e s a n d s o m e
m u n i c i p a l i t i e s ( c a l l e d d e b t o r s ) c a n s e e k s h e l t e r a n d t h e t i m e t o
w o r k o u t a l t e r n a t i v e s b y s u b j e c t i n g t h e m s e l v e s t o t h e j u r i s d i c t i o n
o f t h e B a n k r u p t c y C o u r t . T h r o u g h t h i s p r o c e s s , t h e o b l i g a t i o n s
a r e e l i m i n a t e d o r m o d i e d s u c h t h a t t h e d e b t o r s c a n o b t a i n a
f r e s h s t a r t .
T o o b i g t o f a i l : T h e c o n a r g u m e n t
W e r e g o i n g t o s t a r t o n t h e c o n s i d e o f t h e d e b a t e b e c a u s e i t i s
t h e e a s i e r t o u n d e r s t a n d f o r t h o s e n o t i n t i m a t e l y f a m i l i a r w i t h
t h e b a n k r u p t c y p r o c e s s . F i r s t a m o n g t h e a r g u m e n t s i s t h a t s t a t e s
a r e s o v e r e i g n e n t i t i e s a n d s u b m i t t i n g t o t h e f e d e r a l j u r i s d i c t i o n
o f t h e B a n k r u p t c y C o d e i s a p r o b l e m . T h e o r i g i n a l 1 9 3 4
m u n i c i p a l b a n k r u p t c y l e g i s l a t i o n e s t a b l i s h i n g C h a p t e r 9 w a s
d e c l a r e d u n c o n s t i t u t i o n a l i n 1 9 3 6 a s a v i o l a t i o n o f f e d e r a l i s m ,
n o t i n g t h a t t h e s t a t e s t h e m s e l v e s w e r e r e s p o n s i b l e f o r t h e s c a l
a f f a i r s o f t h e i r m u n i c i p a l i t i e s
1
. U l t i m a t e l y , l e g i s l a t i o n w a s p a s s e d
i n 1 9 3 7 a n d r e v i s e d i n 1 9 4 2 a n d 1 9 7 8 t o f u r t h e r c l a r i f y t h e
p a r a m e t e r s o f m u n i c i p a l b a n k r u p t c y . B u t i n e a c h s u b s e q u e n t
r e v i s i o n , t h e f o c u s r e m a i n e d o n s t a t e s o v e r e i g n t y . L e g i s l a t i o n
r e q u i r e d t h a t s t a t e s g r a n t t h e i r m u n i c i p a l i t i e s a u t h o r i t y t o
l e f o r b a n k r u p t c y p r o t e c t i o n e i t h e r v i a a b r o a d , s t a n d i n g
a u t h o r i z a t i o n o r o n a c a s e - b y - c a s e s p e c i c a u t h o r i t y .
P o s s i b l y o f g r e a t e r c o n c e r n i s t h e c h a l l e n g e t o h a r m o n i z e
t h e s t a t e s l a w - m a k i n g p r o c e s s a n d t h e b a n k r u p t c y l a w . C l e a r l y ,
b a n k r u p t c y l a w o f t e n i n t e r s e c t s w i t h o t h e r l a w s b e t h e y
l a b o r , i n s u r a n c e , m a r i t i m e o r e v e n c a n o n a n d b a n k r u p t c y
j u d g e s a n d c o n s t i t u e n c i e s n d a w a y t o r e c o n c i l e t h e f e d e r a l
b a n k r u p t c y s t a t u t e s w i t h t h e s e o t h e r b o d i e s o f l a w . F e d e r a l
l e g i s l a t i o n a u t h o r i z i n g s t a t e - l e v e l b a n k r u p t c y w i l l l i k e l y c r e a t e
a w h o l e h o s t o f p o l i t i c a l i s s u e s s u c h a s h o m e r u l e q u e s t i o n s
a n d t h e n e e d t o r e p e a l s t a t e c o n s t i t u t i o n a l p r o h i b i t i o n s a g a i n s t
s e e k i n g b a n k r u p t c y p r o t e c t i o n . A l l t h i s c o u l d d i s t r a c t e l e c t e d
o f c i a l s f r o m m a k i n g t h e h a r d d e c i s i o n s t h a t d e a l d i r e c t l y w i t h
t h e i r s t a t e s s c a l d i s t r e s s .
A n o t h e r a r g u m e n t a g a i n s t p e r m i t t i n g s t a t e b a n k r u p t c i e s i s
t h e p o t e n t i a l e f f e c t o n t h e m u n i c i p a l n a n c e m a r k e t . N o d o u b t ,
t h e r a t i n g a g e n c i e s w o u l d h a v e t o a d d a n i t e m t o t h e c h e c k l i s t s
a n d e v a l u a t e t h e l i k e l i h o o d o f b a n k r u p t c y . B u t d o n t t h e y d o
t h a t n o w i n t h e c o n t e x t o f a s s e s s i n g t h e l i k e l i h o o d o f d e f a u l t
2
?
T h e b i g g e r i s s u e h e r e i s t h a t a s t a t e s a b i l i t y t o i s s u e d e b t
a p p a r e n t l y w i t h o u t l i m i t m a y c o m e t o a n e n d , t e m p o r a r i l y .
I t i s p r o b a b l e t h a t t h e c o s t o f b o r r o w i n g w i l l i n c r e a s e ,
3
b o t h f o r
c a p i t a l p r o j e c t s , w h i c h i s u n f o r t u n a t e , a n d f o r o p e r a t i n g e x p e n s e s
o r w o r k i n g c a p i t a l , w h i c h i s n o t . I t w o u l d b e i n t e r e s t i n g t o c o u n t
h o w m a n y c o r p o r a t i o n s h a v e f a i l e d t o a d a p t t o c o m p e t i t i v e
c h a n g e s i n t h e l a s t s e v e r a l y e a r s b e c a u s e t h e y c o u l d s i m p l y
b o r r o w m o r e m o n e y a t a t t r a c t i v e r a t e s .
P r o C o n
P r o v e n p r o c e s s t o b r i n g
c o n s t i t u e n c i e s t o g e t h e r ;
c r e a t e s f r a m e w o r k
P o s e s c h a l l e n g e s t o s t a t e s
s o v e r e i g n t y a n d l a w - m a k i n g p r o c e s s
F o r c e s l o n g - t e r m s o l u t i o n s t o
s t r u c t u r a l i m b a l a n c e
D e s t a b i l i z e s m u n i c i p a l n a n c e
m a r k e t s
A v o i d s d e f a u l t s a n d d i s r u p t i o n s G e n e r a l d i s r u p t i o n t o n a n c i a l
m a r k e t s
T r a n s p a r e n c y R e p u t a t i o n a l a n d p o l i t i c a l r i s k t o
e l e c t e d o f c i a l s
A v o i d s f e d e r a l b a i l o u t N e g a t i v e e f f e c t o n b u s i n e s s a n d
e c o n o m i c d e v e l o p m e n t
R e s t r u c t u r e s p e n s i o n a n d o t h e r
l o n g - t e r m o b l i g a t i o n s
D I P a n d e x i t n a n c i n g p o s s i b l y
p r o b l e m a t i c
R e s t r u c t u r e s c o l l e c t i v e b a r g a i n i n g
a g r e e m e n t s
A d m i n i s t r a t i v e b u r d e n a n d c o s t s
B e n e t s f r o m t h e s h e e r t h r e a t
o f l i n g
A n t i - u n i o n o u t c o m e s
1
A s h t o n v . C a m e r o n W a t e r I m p r o v e m e n t D i s t r i c t N o . 1 ( 1 9 3 6 ) , U . S . S u p r e m e C o u r t .
2
O n l y a b o u t h a l f o f t h e s t a t e s a l l o w a c c e s s t o C h a p t e r 9 t o m u n i c i p a l i t i e s w i t h i n t h e i r j u r i s d i c t i o n s . A n i n t e r e s t i n g s t u d y w o u l d b e t o a s s e s s t h e r a t i n g s d i f f e r e n t i a l s o f b o n d i s s u e s i n s t a t e s
w i t h , a n d i n s t a t e s w i t h o u t , t h e a b i l i t y t o l e b a n k r u p t c y .
3
W e n o t e t h a t t h e n u m b e r o f i n s u r e d n e w m u n i c i p a l b o n d i s s u e s d r o p p e d b y 5 0 p e r c e n t b e t w e e n 2 0 0 9 a n d 2 0 1 0 a n d t h a t t h e p r i c i n g f o r t h e i n s u r a n c e h a s m o r e t h a n d o u b l e d .
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 304 of 322
2
T o o b i g t o f a i l o r t o o b i g t o b a i l ( o u t )
T h e p o t e n t i a l m a r k e t d i s r u p t i o n f r o m a s t a t e b a n k r u p t c y
c o u l d b e f a r m o r e c a t a s t r o p h i c t o g l o b a l m a r k e t s t h a n m a n y
m a y c a r e t o r e c o g n i z e . T h e t a b l e b e l o w s h o w s h o w t h e
g r o s s d o m e s t i c p r o d u c t ( G D P s ) o f e i g h t t r o u b l e d U . S . s t a t e s
c o m p a r e s w i t h m a j o r c o u n t r y G D P s . I f t h e m a r k e t s t u r n e d a n d
r o i l e d w h e n G r e e c e o r I r e l a n d b e c a m e d i s t r e s s e d , i m a g i n e h o w
t h e w o r l d w o u l d r e a c t i f C a l i f o r n i a o r I l l i n o i s s u d d e n l y s o u g h t
p r o t e c t i o n u n d e r n e w b a n k r u p t c y l e g i s l a t i o n .
A s m a l l b u t i m p o r t a n t
p o i n t : a s t a t e b a n k r u p t c y
l i n g c o u l d n e g a t i v e l y
a f f e c t t h e r e p u t a t i o n a n d
p o l i t i c a l f u t u r e o f t h e s t a t e s
e l e c t e d o f c i a l s . I n f a c t ,
m a n y o f t h e p r o b l e m s a
b a n k r u p t c y w o u l d s t r i v e t o
x a r e t h e r e s u l t o f e l e c t e d
o f c i a l s p u t t i n g r e e l e c t i o n
a h e a d o f t h e i r m a n a g e r i a l
r e s p o n s i b i l i t i e s . E n o u g h s a i d .
T h e s h o r t - a n d l o n g - t e r m
i m p a c t o f a s t a t e s l i n g
o n b u s i n e s s a n d e c o n o m i c
d e v e l o p m e n t , a n d t h e r i p p l e
e f f e c t o n c o m p a n i e s t h a t r e l y
o n s t a t e s f o r a s i g n i c a n t
p o r t i o n o f t h e i r r e v e n u e , i s
c o n c e r n i n g . D o m e s t i c a n d
i n t e r n a t i o n a l b u s i n e s s e s
l o o k i n g t o e x p a n d i n t h e
U n i t e d S t a t e s o f t e n p u t s t a t e s
i n c o m p e t i t i o n w i t h o n e
a n o t h e r f o r t h e i r i n v e s t m e n t
d o l l a r s . I t i s l i k e l y t h a t a s t a t e
i n b a n k r u p t c y w o u l d h a v e
a d i f c u l t t i m e a t t r a c t i n g
n e w i n v e s t m e n t s a n d / o r c l o s i n g d e a l s i n p r o c e s s . F u r t h e r ,
m i d d l e - m a r k e t c o m p a n i e s t h a t s e l l t o s t a t e s a n d a r e n a n c e d
b y a s s e t - b a s e d l e n d e r s m a y n o t b e a b l e t o b o r r o w b a s e d o n
t h e i r g o v e r n m e n t r e c e i v a b l e s . A n o u t r i g h t b a n k r u p t c y b y
a l a r g e c u s t o m e r i n t h i s c a s e , t h e s t a t e c o u l d c r e a t e a n
u n a n t i c i p a t e d c a s c a d e o f l i q u i d i t y c o n c e r n s i n t h e p r i v a t e
s e c t o r .
A b i g h u r d l e f o r a s t a t e w o u l d b e n a n c i n g d u r i n g a
b a n k r u p t c y . I n t h e c o r p o r a t e w o r l d w e h a v e n a n c i n g s u c h a s
d e b t o r - i n - p o s s e s s i o n ( D I P ) n a n c i n g . D I P n a n c i n g p r o v i d e s
n e c e s s a r y l i q u i d i t y t o t h e d e b t o r d u r i n g t h e b a n k r u p t c y
p r o c e e d i n g a n d i s o f t e n t u r n e d i n t o p e r m a n e n t n a n c i n g , k n o w n
a s e x i t n a n c i n g , a s p a r t o f a p l a n o f r e o r g a n i z a t i o n . T h e l e n d e r s
t h a t p r o v i d e t h i s n a n c i n g a r e s o p h i s t i c a t e d a n d t h e m a r k e t i s
c o m p e t i t i v e . A l s o , t h e r e a r e l i m i t s t o t h i s e s t a b l i s h e d n a n c i n g
m e t h o d , a s w a s t h e c a s e w i t h G e n e r a l M o t o r s w h e n t h e f e d e r a l
g o v e r n m e n t b e c a m e t h e D I P n a n c i e r . T h e s t a t e s e q u i v a l e n t o f
w o r k i n g c a p i t a l n a n c i n g i s r e v e n u e a n t i c i p a t i o n n o t e s ( R A N s )
a n d t a x a n t i c i p a t i o n n o t e s ( T A N s ) . I t i s n o t c l e a r t h a t t h i s t y p e
o f n a n c i n g w o u l d c o n t i n u e t o b e a v a i l a b l e e v e n a t i n c r e a s e d
p r i c i n g , d u r i n g a s t a t e s b a n k r u p t c y p r o c e e d i n g .
S o m e h a v e c o m m e n t e d o n t h e c o s t a s s o c i a t e d w i t h a
p u b l i c s e c t o r b a n k r u p t c y . F i n g e r s a r e p o i n t e d t o V a l l e j o ,
C a l i f o r n i a , a s a n e x a m p l e o f a c o s t l y b a n k r u p t c y . B u t r e a d e r s
s h o u l d l o o k t o t h e v a l u a b l e s o l u t i o n s
4
d e l i v e r e d i n t e r m s o f
r e d u c e d c o s t s a n d f u t u r e o b l i g a t i o n s i n e x c h a n g e f o r t h e p r i c e
o f t h e p r o f e s s i o n a l s . M o r e t r o u b l i n g t h a n t h e s h e e r c o s t o f
t h e p r o c e e d i n g i s t h e a d m i n i s t r a t i v e b u r d e n o n g o v e r n m e n t
e m p l o y e e s a n d t h e p o t e n t i a l n u m b e r o f c o n s t i t u e n c i e s t h a t
w i l l n e e d v o l u m e s o f i n f o r m a t i o n f r o m , a n d a c c e s s t o , a s m a l l
n u m b e r o f k n o w l e d g e a b l e e m p l o y e e s . A n o t h e r c o n c e r n i s t h e
b a n k r u p t c y t r a d i t i o n w h i c h r e q u i r e s t h e d e b t o r t o p a y f o r
t h e l e g a l a n d a d v i s o r b i l l s o f s o m e o f t h e p a r t i c i p a n t s i n t h e
b a n k r u p t c y p r o c e e d i n g . G i v e n t h e s i z e a n d t h e c o m p l e x i t y o f a
s t a t e b a n k r u p t c y , a d i f f e r e n t a p p r o a c h t o w h o p a y s f o r w h a t m a y
m a k e s e n s e .
A s i g n i c a n t c o n c e r n i s t h e v e r y a n t i - u n i o n f e e l o f a s t a t e
b a n k r u p t c y l a w a n d p r o c e s s . E x i s t i n g C h a p t e r 9 p r o v i s i o n s
h a v e a l o w e r t h r e s h o l d f o r v o i d i n g u n i o n c o n t r a c t s , c o m p a r e d
w i t h t h o s e o f C h a p t e r 1 1 . M o r e o v e r , p u b l i c s e c t o r e m p l o y e e
u n i o n s a r e s o m e o f t h e l a r g e s t c o n t r i b u t o r s t o t h e c a m p a i g n s o f
e l e c t e d o f c i a l s . T h i s c r e a t e s q u i t e a c o n u n d r u m : u s e t h e p o w e r
o f t h e B a n k r u p t c y C o d e t o s o l v e t h e l o n g - t e r m s t r u c t u r a l
i s s u e s w i t h s o m e o f t h e s e b u r d e n s o m e c o n t r a c t s o r p a r t w a y s
f o r e v e r w i t h a l a r g e c a m p a i g n c o n t r i b u t o r .
N o w t h a t y o u r e c o n v i n c e d t h a t b a n k r u p t c y f o r s t a t e s i s a
n o n s t a r t e r a n d t h a t t h e d e b a t e s h o u l d b e r e l e g a t e d t o a c a d e m i c
c i r c l e s o r t h e l o c a l p u b , l e t u s o u t l i n e w h y g i v i n g s t a t e s t h e
a b i l i t y t o e n g a g e i n a c o u r t - s u p e r v i s e d f o r m a l p r o c e e d i n g c o u l d
b e a g o o d t h i n g .
2 0 0 9 G D P
( i n m i l l i o n s )
J a p a n $ 5 , 0 6 8 , 9 9 6
C h i n a 4 , 9 8 5 , 4 6 1
G e r m a n y 3 , 3 3 0 , 0 3 2
F r a n c e 2 , 6 4 9 , 3 9 0
U n i t e d K i n g d o m 2 , 1 7 4 , 5 3 0
I t a l y 2 , 1 1 2 , 7 8 0
C a l i f o r n i a 1 , 8 9 1 , 3 6 3
S p a i n 1 , 4 6 0 , 2 5 0
R u s s i a n F e d e r a t i o n 1 , 2 3 1 , 8 9 3
T e x a s 1 , 1 4 4 , 6 9 5
N e w Y o r k 1 , 0 9 3 , 2 1 9
N e t h e r l a n d s 7 9 2 , 1 2 8
F l o r i d a 7 3 7 , 0 3 8
I l l i n o i s 6 3 0 , 3 9 8
P e n n s y l v a n i a 5 5 4 , 7 7 4
N e w J e r s e y 4 8 2 , 9 6 7
G r e e c e 3 2 9 , 9 2 4
D e n m a r k 3 0 9 , 5 9 6
F i n l a n d 2 3 7 , 9 8 9
P o r t u g a l 2 3 2 , 8 7 4
C o n n e c t i c u t 2 2 7 , 4 0 5
I r e l a n d 2 2 7 , 1 9 3
4
O r a n g e C o u n t y , C a l i f . , w a s t h e l a r g e s t m u n i c i p a l C h a p t e r 9 , l a s t i n g s o m e 1 8 m o n t h s . W i t h i n t h r e e y e a r s o f e m e r g i n g f r o m b a n k r u p t c y , 1 0 0 p e r c e n t o f t h e p r i n c i p a l w a s r e p a i d , n o t a x e s
w e r e r a i s e d , a n d n e w b o n d i s s u e s w e r e i n v e s t m e n t - g r a d e .
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 305 of 322
3
T o o b i g t o f a i l o r t o o b i g t o b a i l ( o u t )T o o b i g t o f a i l o r t o o b i g t o b a i l ( o u t )
T o o b i g t o f a i l : T h e p r o a r g u m e n t
I n t o d a y s c o r p o r a t e w o r l d , b a n k r u p t c y i s a w e l l - d e v e l o p e d
a n d h i g h l y b e n e c i a l p r o c e s s t h a t b r i n g s m a n y c o n s t i t u e n c i e s
t o t h e t a b l e t o r e s o l v e d i f c u l t p r o b l e m s . T h e B a n k r u p t c y
C o d e a n d y e a r s o f p r a c t i c e h a v e c r e a t e d a f r a m e w o r k b y
w h i c h a l l t h e p l a y e r s p a r t i c i p a t e . C u r r e n t l y , t h e r e i s n o f o r u m
t o f o r c e a n y c o n s t i t u e n c y t o t h e n e g o t i a t i n g t a b l e t o w o r k
o u t a s t a t e s l o n g - t e r m s t r u c t u r a l d e c i t s . I n t h e c u r r e n t
e n v i r o n m e n t , p a r t i e s i n i n t e r e s t c a n s i m p l y w a i t i t o u t u n t i l
t h e y g o t h e r o u t e o f P r i t c h a r d , A l a b a m a , w h i c h h a s l i t e r a l l y
r u n o u t o f m o n e y t o p a y i t s r e t i r e e s . F o r y e a r s , P r i t c h a r d
o f c i a l s w a r n e d t h a t t h e t r a d e - o f f b e t w e e n p r o v i d i n g o n g o i n g
s e r v i c e s o r f u n d i n g t h e p e n s i o n p r o m i s e s i t m a d e t o e m p l o y e e s
w o u l d m e a n t h a t e v e n t u a l l y t h e p e n s i o n f u n d w o u l d b e u n a b l e
t o k e e p t h o s e p r o m i s e s . M o s t s t a t e s a r e i n p r e c i s e l y t h e s a m e
s i t u a t i o n , b u t w i t h s l i g h t l y l o n g e r t i m e f r a m e s i n w h i c h t o
s o l v e t h e d i l e m m a .
T h e b a n k r u p t c y p r o c e s s h a s b e e n s u c c e s s f u l i n x i n g
b a d c o m p a n i e s a n d b a d b a l a n c e s h e e t s . W h a t b a n k r u p t c y
p r a c t i t i o n e r s m e a n b y t h i s i s t h a t b a n k r u p t c y c a n b e u s e d t o
x t h e o p e r a t i o n s o f a b u s i n e s s a n d / o r t h e b a l a n c e s h e e t o f
a c o m p a n y . I n t h e p a r l a n c e o f t h e p u b l i c s e c t o r , t h i s w o u l d
e q u a t e t o a n a b i l i t y t o l i v e w i t h i n t h e c u r r e n t m e a n s , m a t c h i n g
c u r r e n t r e v e n u e a n d e x p e n s e s t h r o u g h a r e a s s e s s m e n t o f
c o r e c o m p e t e n c i e s a n d s e r v i c e s a n d g a r d e n - v a r i e t y c o s t
c u t t i n g . T h e a n a l o g y t o t h e c o r p o r a t e b a l a n c e s h e e t i s a s t a t e s
l o n g - t e r m s t r u c t u r a l i m b a l a n c e t h a t m a n i f e s t s i n u n f u n d e d
p e n s i o n s , e v e r - i n c r e a s i n g o p e r a t i n g e x p e n s e s n o t o f f s e t b y
i n c r e a s e s i n r e v e n u e s , a n d i n f r a s t r u c t u r e p r o j e c t s t h a t w i l l n o t
g e n e r a t e e n o u g h r e v e n u e t o p a y o f f t h e i r b o n d s .
A n o t h e r a r g u m e n t i n f a v o r o f a c o n t r o l l e d r e s t r u c t u r i n g
f o r s t a t e s i s t h a t i t w o u l d a v o i d t h e c h a o s t h a t c o u l d e n s u e
f r o m a d e f a u l t n o s t a t e h a s d e f a u l t e d s i n c e A r k a n s a s i n
1 9 3 3 . T h i s i s n o t t o m i n i m i z e t h e c o m p l e x i t y o f r e s t r u c t u r i n g
t h e d e b t , p a r t i c u l a r l y i n l i g h t o f t h e h u n d r e d s , a n d e v e n
t h o u s a n d s , o f b o n d i s s u e s . I t i s r a t h e r t o c o m p a r e t h e b e n e t s
o f a n o r d e r l y p r o c e s s w i t h t h e c o s t s o f h e l t e r - s k e l t e r , o n e - o f f
d e a l s a d d r e s s i n g o n l y t h e p r e s s i n g i s s u e s o f t h e m o m e n t . A
j u d i c i a l l y s u p e r v i s e d p r o c e s s w o u l d b e p r e f e r a b l e f o r l o n g -
t e r m h o l d e r s , i n c l u d i n g w i d o w s a n d o r p h a n s , a l t h o u g h b o n d
t r a d e r s m a y f e e l o t h e r w i s e .
O n e o f t h e g r e a t e s t b e n e t s o f a f o r m a l r e s t r u c t u r i n g i s t h e
t r a n s p a r e n c y t h a t a c o u r t - s u p e r v i s e d p r o c e s s w o u l d i n v o k e .
T h e r o l e o f t h e c o u r t t o o v e r s e e n e g o t i a t i o n s , c a j o l e p a r t i e s t o
r e s o l v e d i f f e r e n c e s , a p p r o v e o u t - o f - t h e - o r d i n a r y t r a n s a c t i o n s ,
p r o v i d e a f o r u m f o r a n y c o n s t i t u e n c y t o b e h e a r d , s u p e r v i s e
t h e p r o f e s s i o n a l s a n d m o n i t o r p r o g r e s s i s a g r e a t b e n e t t o t h e
s t a k e h o l d e r s . I t i s t h e t r a n s p a r e n c y , o r t h r e a t e n e d t r a n s p a r e n c y ,
o f t h e c o u r t r o o m t h a t o f t e n d r i v e s t h e n e g o t i a t i o n s t o w a r d a
c o n s e n s u a l r e s o l u t i o n . P a i n s h a r i n g i s a t e r m t h a t i s o f t e n
u s e d i n t h e c o n t e x t o f a b a n k r u p t c y . T h e o v e r s i g h t o f t h e
j u d g e , c o u p l e d w i t h t h e p u b l i c n a t u r e o f t h e p r o c e s s , d o e s y i e l d
n e g o t i a t e d r e s o l u t i o n s i n w h i c h a l l t h e c o n s t i t u e n c i e s b e a r
p a i n a n d g a i n .
A v o i d i n g t h e f e d e r a l g o v e r n m e n t s b a i l o u t o f a s t a t e i s
a k e y r e a s o n t o a l l o w a s t a t e t o r e o r g a n i z e i n a b a n k r u p t c y
p r o c e e d i n g . W h o i s t o s a y t h a t s a v i n g C a l i f o r n i a i s m o r e
i m p o r t a n t t h a n s a v i n g , s a y , R h o d e I s l a n d o r A r i z o n a ? C l e a r l y ,
C a l i f o r n i a d w a r f s t h e s e s t a t e s i n s i z e a n d e c o n o m i c o u t p u t , b u t
d o e s a n y o n e i n W a s h i n g t o n r e a l l y w a n t t o p i c k a n d c h o o s e
w h o g e t s b a i l e d o u t ? W h e t h e r y o u t h i n k t h e r e c e n t b a i l o u t s
o f t h e n a n c i a l i n d u s t r y o r t h e a u t o m a k e r s w e r e b e n e c i a l o r
n o t , f e w w o u l d a r g u e t h a t t h i s i s a n o p t i m a l u s e o f o u r f e d e r a l
g o v e r n m e n t s t i m e a n d m o n e y .
P e n s i o n s p r o v i d e d b y s t a t e s o r a n y o t h e r m u n i c i p a l i t y ,
f o r t h a t m a t t e r d o n o t h a v e a s a f e t y n e t s u c h a s t h a t p r o v i d e d
b y t h e P e n s i o n B e n e t G u a r a n t y C o r p o r a t i o n ( P B G C )
t o p r i v a t e c o m p a n i e s . T h e m a g n i t u d e o f t h e u n d e r f u n d e d
p e n s i o n s d u e g o v e r n m e n t e m p l o y e e s i s a s t o n i s h i n g .
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4
T o o b i g t o f a i l o r t o o b i g t o b a i l ( o u t )
T h i s i s c a u s e d , i n p a r t , b y o v e r g e n e r o u s b e n e t s t h a t w e r e
n e g o t i a t e d b e t w e e n u n i o n s a n d g o v e r n m e n t l e a d e r s s e e k i n g
f a v o r w i t h i m p o r t a n t v o t i n g b l o c k s . T a x p a y e r s w h o h a v e
e x p e r i e n c e d a l o s s o f r e t i r e m e n t b e n e t s i n t h e p r i v a t e s e c t o r
o r w a t c h e d t h e i r 4 0 1 ( k ) s s h r i n k d r a m a t i c a l l y a r e s u f f e r i n g
f r o m p e n s i o n e n v y o f t h e i r p u b l i c s e c t o r c o u n t e r p a r t s . I f
p e n s i o n s a r e u n q u e s t i o n a b l y o v e r g e n e r o u s a n d r e p r e s e n t
a n u n s u s t a i n a b l e b u r d e n o n f u t u r e g e n e r a t i o n s , t h e n a
r a t i o n a l , e c o n o m i c a p p r o a c h t o r e s t r u c t u r i n g i s w a r r a n t e d .
R e s t r u c t u r i n g t h o s e o b l i g a t i o n s , h o w e v e r , i s v i r t u a l l y
i m p o s s i b l e t o d a y . A b e t t e r a p p r o a c h w o u l d b e t o u s e t h e
b a n k r u p t c y p r o c e s s t o r e v i s e t h e p r o m i s e s a n d e n s u r e
t h a t p r o m i s e s a r e k e p t i n a w a y t h a t d o e s n t u n d u l y b u r d e n
f u t u r e c o n s t i t u e n c i e s . S o m e h a v e s u g g e s t e d t h a t a P B G C - t y p e
a p p r o a c h n e e d s t o b e d e v e l o p e d f o r g o v e r n m e n t p e n s i o n s .
T h i s i s a n o b l e i d e a , b u t a l o n e i s n o t s u f c i e n t t o r e s o l v e t h e
m u l t i f a c e t e d p r o b l e m s f a c i n g o u r s t a t e g o v e r n m e n t s . T h e s e
p r o b l e m s w o u l d b e n e t f r o m b r o a d e r r e s t r u c t u r i n g a c t i v i t i e s .
I n r e g a r d s t o t h e a n t i - u n i o n s e n t i m e n t d i s c u s s e d a b o v e ,
s o m e r e a d e r s w i l l s e e t h e a b i l i t y t o f o r c e c o m m o n s e n s e
c o n t r a c t s o n t o p u b l i c e m p l o y e e u n i o n s a s a m a j o r p l u s o f a
b a n k r u p t c y . F o r t h e m o s t p a r t , m o s t g o v e r n m e n t e m p l o y e e s
a r e d i l i g e n t a n d h a r d w o r k i n g a n d n o t p a i d e x o r b i t a n t l y f o r t h e
w o r k t h e y d o . H o w e v e r , w i d e s p r e a d a b u s e s o f t h e s y s t e m
a r e p r e v a l e n t a n d c o n d o n e d b e c a u s e o f r i d i c u l o u s c o n t r a c t
p r o v i s i o n s , a g r e e d t o b y e l e c t e d o f c i a l s a t t e m p t i n g t o c u r r y
f a v o r . B a n k r u p t c y c o u l d m a k e n e e d e d c o n t r a c t c h a n g e s e a s i e r
t o a c h i e v e .
M o s t i m p o r t a n t l y , t h e e x i s t e n c e o f a b a n k r u p t c y l a w f o r
s t a t e s w i l l l i k e l y c a u s e s t a t e s a n d t h e c o n s t i t u e n c i e s w i t h w h i c h
t h e y w o r k a n d d o b u s i n e s s t o p u t f o r t h m o r e e f f o r t t o r e s o l v e
t h e s e v e r y t h o r n y i s s u e s . B e c a u s e n o p o l i t i c i a n a t t h e s t a t e l e v e l
w a n t s t o m a n a g e t h e a d m i n i s t r a t i v e p r o c e s s t h a t d i s t r a c t s f r o m
g o v e r n a n c e , t h e m e r e e n a c t m e n t o f b a n k r u p t c y l e g i s l a t i o n
c o u l d r e s u l t i n p o s i t i v e a c t i o n s b y s t a t e s a n d c o n s t i t u e n c i e s .
A f r a m e w o r k f o r c o n t i n u i n g t h e d e b a t e a n d r e a c h i n g
r e s o l u t i o n
N o t h i n g w o u l d b e w o r s e t h a n f o r C o n g r e s s t o r u s h t o p a s s a
b a d s t a t e b a n k r u p t c y b i l l . A s w e v e d e m o n s t r a t e d , t h i s i s a
c o m p l e x t o p i c w i t h p l e n t y o f r o o m f o r p a r t i s a n a n d b i p a r t i s a n
d e b a t e . H o w e v e r , t h e s t a t e s s i t u a t i o n i s n o t g e t t i n g b e t t e r .
W e s u g g e s t t h a t a t a s k f o r c e c o m p o s e d o f k n o w l e d g e a b l e
b a n k r u p t c y p r o f e s s i o n a l s , b i p a r t i s a n r e p r e s e n t a t i v e s o f e l e c t e d
o f c i a l s a t c o n g r e s s i o n a l a n d s t a t e l e v e l s , o r g a n i z e d l a b o r ,
m u n i c i p a l n a n c e b a n k e r s , f o r m e r b a n k r u p t c y j u d g e s a n d
i n u e n t i a l b u s i n e s s p e o p l e b e f o r m e d w i t h a x e d t i m e t a b l e t o
d e l i v e r a r e c o m m e n d a t i o n o n t h e i s s u e .
A l t h o u g h p r o f e s s i o n a l s k n o w l e d g e a b l e a b o u t s u c c e s s f u l
a n d u n s u c c e s s f u l C h a p t e r 9 s s h o u l d b e i n v o l v e d i n t h e w o r k o f
t h e t a s k f o r c e , b a n k r u p t c y f o r s t a t e s n e e d n o t n e c e s s a r i l y t a k e
t h e f o r m o f C h a p t e r 9 . A l s o , n e w l e g i s l a t i o n c o u l d a d d r e s s o n l y
c e r t a i n i s s u e s f a c e d b y s t a t e s , s a y , o n l y l o n g - t e r m o b l i g a t i o n s
o r o n l y c u r r e n t o p e r a t i n g d e c i t s , l e a v i n g o t h e r s t o t h e o p t i o n s
c u r r e n t l y a v a i l a b l e . T e c h n i c a l i s s u e s s u c h a s t h e a u t o m a t i c
s t a y , a b s o l u t e p r i o r i t y r u l e a n d q u a l i c a t i o n s f o r b a n k r u p t c y
c o u r t p r o t e c t i o n d o n o t n e c e s s a r i l y n e e d t o f o l l o w t h e c u r r e n t
C o d e . O u r p o i n t i s t h a t f r e s h t h i n k i n g w o u l d b e w e l c o m e a s
t h e t a s k f o r c e m e m b e r s s o r t t h r o u g h t h e p r o s a n d c o n s o f s t a t e
b a n k r u p t c y l e g i s l a t i o n .
I n c l o s i n g , t h e r e a r e t h o s e w h o a r g u e t h a t t h e t o o l s a l r e a d y
e x i s t f o r s t a t e s t o x t h e i r p r o b l e m s : c u t s p e n d i n g a n d r a i s e
t a x e s . O t h e r s b e l i e v e t h a t t h i s a r g u m e n t i s n o n s e n s e u n t i l
e l e c t e d o f c i a l s d e v e l o p m o t i v a t i o n s b e y o n d r e e l e c t i o n a n d
h a v e t h e w i l l t o a c t o n t h e m . R e g a r d l e s s o f y o u r p o i n t o f v i e w
o n t h i s i s s u e , m a i n t a i n i n g t h e s t a t u s q u o a n d a v o i d i n g h a r d
d e c i s i o n s w i l l l e a d t o s c a l d i s a s t e r a t t h e e x p e n s e o f t h e n e x t
g e n e r a t i o n .
F o r m o r e i n f o r m a t i o n , p l e a s e c o n t a c t :
M a r t h a E . M . K o p a c z
M a n a g i n g P r i n c i p a l
C o r p o r a t e A d v i s o r y & R e s t r u c t u r i n g S e r v i c e s
T 2 1 2 . 5 4 . 9 7 3 0 ( N e w Y o r k o f c e )
T 6 1 7 . 8 4 8 . 5 0 1 0 ( B o s t o n o f c e )
E M a r t i . K o p a c z @ u s . g t . c o m
M i c h a e l E . I m b e r
P r i n c i p a l
C o r p o r a t e A d v i s o r y & R e s t r u c t u r i n g S e r v i c e s
T 2 1 2 . 5 4 2 . 9 7 8 0
E M i c h a e l . I m b e r @ u s . g t . c o m
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 307 of 322
O f c e s o f G r a n t T h o r n t o n L L P
N a t i o n a l O f c e
1 7 5 W e s t J a c k s o n B o u l e v a r d
C h i c a g o , I L 6 0 6 0 4
3 1 2 . 8 5 6 . 0 2 0 0
W a s h i n g t o n N a t i o n a l T a x O f c e
1 9 0 0 M S t r e e t , N W , S u i t e 3 0 0
W a s h i n g t o n , D . C . 2 0 0 3 6
2 0 2 . 2 9 6 . 7 8 0 0
A r i z o n a
P h o e n i x 6 0 2 . 4 7 4 . 3 4 0 0
C a l i f o r n i a
I r v i n e 9 4 9 . 5 5 3 . 1 6 0 0
L o s A n g e l e s 2 1 3 . 6 2 7 . 1 7 1 7
S a c r a m e n t o 9 1 6 . 4 4 9 . 3 9 9 1
S a n D i e g o 8 5 8 . 7 0 4 . 8 0 0 0
S a n F r a n c i s c o 4 1 5 . 9 8 6 . 3 9 0 0
S a n J o s e 4 0 8 . 2 7 5 . 9 0 0 0
W o o d l a n d H i l l s 8 1 8 . 9 3 6 . 5 1 0 0
C o l o r a d o
D e n v e r 3 0 3 . 8 1 3 . 4 0 0 0
F l o r i d a
F o r t L a u d e r d a l e 9 5 4 . 7 6 8 . 9 9 0 0
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A t l a n t a 4 0 4 . 3 3 0 . 2 0 0 0
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C h i c a g o 3 1 2 . 8 5 6 . 0 2 0 0
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W i c h i t a 3 1 6 . 2 6 5 . 3 2 3 1
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B a l t i m o r e 4 1 0 . 6 8 5 . 4 0 0 0
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B o s t o n 6 1 7 . 7 2 3 . 7 9 0 0
M i c h i g a n
D e t r o i t 2 4 8 . 2 6 2 . 1 9 5 0
M i n n e s o t a
M i n n e a p o l i s 6 1 2 . 3 3 2 . 0 0 0 1
M i s s o u r i
K a n s a s C i t y 8 1 6 . 4 1 2 . 2 4 0 0
S t . L o u i s 3 1 4 . 7 3 5 . 2 2 0 0
N e v a d a
R e n o 7 7 5 . 7 8 6 . 1 5 2 0
N e w J e r s e y
E d i s o n 7 3 2 . 5 1 6 . 5 5 0 0
N e w Y o r k
L o n g I s l a n d 6 3 1 . 2 4 9 . 6 0 0 1
D o w n t o w n 2 1 2 . 4 2 2 . 1 0 0 0
M i d t o w n 2 1 2 . 5 9 9 . 0 1 0 0
N o r t h C a r o l i n a
C h a r l o t t e 7 0 4 . 6 3 2 . 3 5 0 0
G r e e n s b o r o 3 3 6 . 2 7 1 . 3 9 0 0
R a l e i g h 9 1 9 . 8 8 1 . 2 7 0 0
O h i o
C i n c i n n a t i 5 1 3 . 7 6 2 . 5 0 0 0
C l e v e l a n d 2 1 6 . 7 7 1 . 1 4 0 0
O k l a h o m a
O k l a h o m a C i t y 4 0 5 . 2 1 8 . 2 8 0 0
T u l s a 9 1 8 . 8 7 7 . 0 8 0 0
O r e g o n
P o r t l a n d 5 0 3 . 2 2 2 . 3 5 6 2
P e n n s y l v a n i a
P h i l a d e l p h i a 2 1 5 . 5 6 1 . 4 2 0 0
S o u t h C a r o l i n a
C o l u m b i a 8 0 3 . 2 3 1 . 3 1 0 0
T e x a s
A u s t i n 5 1 2 . 3 9 1 . 6 8 2 1
D a l l a s 2 1 4 . 5 6 1 . 2 3 0 0
H o u s t o n 8 3 2 . 4 7 6 . 3 6 0 0
S a n A n t o n i o 2 1 0 . 8 8 1 . 1 8 0 0
U t a h
S a l t L a k e C i t y 8 0 1 . 4 1 5 . 1 0 0 0
V i r g i n i a
A l e x a n d r i a 7 0 3 . 8 3 7 . 4 4 0 0
M c L e a n 7 0 3 . 8 4 7 . 7 5 0 0
W a s h i n g t o n
S e a t t l e 2 0 6 . 6 2 3 . 1 1 2 1
W a s h i n g t o n , D . C .
W a s h i n g t o n , D . C . 2 0 2 . 2 9 6 . 7 8 0 0
W i s c o n s i n
A p p l e t o n 9 2 0 . 9 6 8 . 6 7 0 0
M i l w a u k e e 4 1 4 . 2 8 9 . 8 2 0 0
A b o u t G r a n t T h o r n t o n
T h e p e o p l e i n t h e i n d e p e n d e n t r m s o f G r a n t T h o r n t o n I n t e r n a t i o n a l L t d p r o v i d e
p e r s o n a l i z e d a t t e n t i o n a n d t h e h i g h e s t q u a l i t y s e r v i c e t o p u b l i c a n d p r i v a t e c l i e n t s
i n m o r e t h a n 1 0 0 c o u n t r i e s . G r a n t T h o r n t o n L L P i s t h e U . S . m e m b e r r m o f G r a n t
T h o r n t o n I n t e r n a t i o n a l L t d , o n e o f t h e s i x g l o b a l a u d i t , t a x a n d a d v i s o r y o r g a n i z a t i o n s .
G r a n t T h o r n t o n I n t e r n a t i o n a l L t d a n d i t s m e m b e r r m s a r e n o t a w o r l d w i d e
p a r t n e r s h i p , a s e a c h m e m b e r r m i s a s e p a r a t e a n d d i s t i n c t l e g a l e n t i t y .
C o n t e n t i n t h i s p u b l i c a t i o n i s n o t i n t e n d e d t o a n s w e r s p e c i c q u e s t i o n s o r s u g g e s t
s u i t a b i l i t y o f a c t i o n i n a p a r t i c u l a r c a s e . F o r a d d i t i o n a l i n f o r m a t i o n o n t h e i s s u e s
d i s c u s s e d , c o n s u l t a G r a n t T h o r n t o n c l i e n t s e r v i c e p a r t n e r .
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T u r n a r o u n d a p p s f o r t h e
p u b l i c s e c t o r
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 309 of 322
C o n t e n t s
2 T h e p l a t f o r m s
3 S t r a t e g y p l a t f o r m
5 O p e r a t i o n s p l a t f o r m
8 F i n a n c e p l a t f o r m
1 0 L e a d e r s h i p p l a t f o r m
1 1 C o n c l u s i o n
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 310 of 322
1
F r o m W e s t p o r t t o W i n n e t k a t o W a l n u t C r e e k , f r o m c a f s t o c o r n f i e l d s t o o i l r i g s , a l l
o v e r A m e r i c a w e s e e p e o p l e w i t h t h e i r h e a d s b e n t o v e r i P a d s , i P o d s , i P h o n e s , B l a c k B e r r y s ,
D r o i d s a n d a l l m a n n e r o f e l e c t r o n i c c o m m u n i c a t i o n d e v i c e s , s e e k i n g a n s w e r s t o p r o b l e m s ,
f i n d i n g i n f o r m a t i o n o r e n j o y i n g s o m e e n t e r t a i n m e n t . A l l a r e s e e k i n g t h e s u p e r a p p t h a t
s o l v e s t h e i r p r o b l e m s o r m e e t s t h e i r n e e d s .
G o v e r n m e n t l e a d e r s , t o o , a r e l o o k i n g f o r s o l u t i o n s : t h e y n e e d t h e t u r n a r o u n d s o l u t i o n s
t h a t w i l l r e s t o r e f i s c a l s t a b i l i t y , s t i m u l a t e g r o w t h a n d s o l v e g o v e r n m e n t p r o b l e m s . T o t h i s
e n d , w e w o u l d l i k e t o o f f e r s o m e t u r n a r o u n d a p p s p r o v e n w i n n e r s i n t h e c o r p o r a t e
w o r l d t h a t c a n b e a p p l i e d i n t h e p u b l i c s e c t o r w i t h r e l a t i v e e a s e . T h e c o r p o r a t e w o r l d
a l r e a d y h a s w h a t t h e p u b l i c s e c t o r i s l o o k i n g f o r .
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 311 of 322
2
T u r n a r o u n d a p p s f o r t h e p u b l i c s e c t o r
T h e p l a t f o r m s
A l l o f o u r t u r n a r o u n d a p p s n e e d t o r u n o n o n e o f t h e
f o u r p l a t f o r m s
1
l i s t e d b e l o w . T o g e t h e r , t h e s e p l a t f o r m s
c r e a t e a s t r a t e g i c f r a m e w o r k f o r e x e c u t i n g t u r n a r o u n d s
i n t h e p u b l i c s e c t o r .
S t r a t e g y
C p e r a t i o n s
! i n a n c e
e a o e r s L i p
I n t h e w o r l d o f c o r p o r a t e t u r n a r o u n d s , e v e r y r e s t r u c t u r i n g
p r o j e c t i s u n i q u e , e v e n t h o s e w i t h i n t h e s a m e i n d u s t r y . A n d
b y t h e i r v e r y n a t u r e , r e s t r u c t u r i n g a c t i v i t i e s m u s t b e o b j e c t i v e
a n d a n a l y t i c a l i n o t h e r w o r d s , a p o l i t i c a l . H o w e v e r , t o b e
s u c c e s s f u l , a n a p p r e c i a t i o n o f t h e p o l i t i c a l l a n d s c a p e i s r e q u i r e d .
A l l o f t h i s a l s o h o l d s t r u e f o r c i t i e s , c o u n t i e s , s c h o o l s a n d o t h e r
g o v e r n m e n t u n i t s . E a c h g o v e r n m e n t u n i t h a s a u n i q u e s e t o f
c i r c u m s t a n c e s , t h o u g h i t s e s s e n t i a l b u s i n e s s o f e x e c u t i n g p u b l i c
p o l i c y r e m a i n s t h e s a m e . T h r o w i n d i v e r s e p o l i t i c a l s i t u a t i o n s ,
a n d e a c h p u b l i c s e c t o r r e s t r u c t u r i n g w i l l a l s o b e u n i q u e .
W h i l e a c k n o w l e d g i n g t h a t e v e r y r e s t r u c t u r i n g p r o j e c t i s u n i q u e
a n d m u s t b e a p p r o a c h e d w i t h a f r e s h p e r s p e c t i v e , r e s t r u c t u r i n g
p r o f e s s i o n a l s d r a w u p o n p a s t e x p e r i e n c e s a n d i n t e r p r e t t h e m
i n w a y s r e l e v a n t t o t h e c u r r e n t s i t u a t i o n . T h e r e i s a l s o a n
a c c e p t e d o r d e r i n g o f t h e r e s t r u c t u r i n g s t e p s t h a t s h o u l d n o t
l e i g n o r e o . e a o e r s L i p m u s t c o m e l i r s t , l o l l o v e o l y a c l e a r
s t r a t e g y . C p e r a t i o n a l i m p r o v e m e n t a n o l i n a n c i a l s t a l i l i t y c a n
b e o r c h e s t r a t e d t o g e t h e r o r s e p a r a t e l y , a s t h e s i t u a t i o n w a r r a n t s .
A l t h o u g h l e a d e r s h i p i s t h e f i r s t c o m p o n e n t , i t i s d i s c u s s e d l a s t ,
a f t e r t h e r e a d e r h a s h a d t h e c h a n c e t o b e c o m e f a m i l i a r w i t h
r e s t r u c t u r i n g c o n c e p t s .
I t i s i m p o r t a n t t o e m p h a s i z e t h a t t h e r e i s n e i t h e r a s h o r t c u t t o
s u c c e s s n o r a s i l v e r b u l l e t s o l u t i o n . F o c u s i n g j u s t o n o p e r a t i o n a l
i m p r o v e m e n t v i l l n o t r e s u l t i n a s u s t a i n a l l e s o l u t i o n . i k e v i s e ,
t h e s t r o n g e s t l e a d e r c a n n o t b e s u c c e s s f u l w i t h o u t s o u n d
e x e c u t i o n o f t h e o t h e r t h r e e c o m p o n e n t s .
1
J a m e s B . S h e i n , a u t h o r o f R e v e r s i n g t h e S l i d e : A S t r a t e g i c G u i d e t o T u r n a r o u n d s a n d C o r p o r a t e R e n e w a l , i d e n t i f i e d t h e t u r n a r o u n d t r i p o d o f s t r a t e g y , o p e r a t i o n s a n d f i n a n c e . L e a d e r s h i p h a s
b e e n a d d e d a s a n o t h e r e s s e n t i a l c o m p o n e n t t o c o m p l e t e o u r l i s t o f p l a t f o r m s f o r t h e p u b l i c s e c t o r .
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3
T u r n a r o u n d a p p s f o r t h e p u b l i c s e c t o r
S t r a t e g y p l a t l o r m
E v e r y p r i v a t e e n t e r p r i s e h a s a m i s s i o n ; g o v e r n m e n t , t o o ,
h a s a m i s s i o n , w h i c h i s o f t e n d e f i n e d i n l o c a l c h a r t e r s a n d
c o n s t i t u t i o n s . C u r r e n t l e a d e r s h i p i n t e r p r e t s t h e m i s s i o n ,
a n d p u b l i c p o l i c y e m b o d i e s t h e p r i o r i t i z a t i o n a n d e x e c u t i o n .
P u b l i c p o l i c y i s t h e s t r a t e g y o f g o v e r n m e n t b u t g o v e r n m e n t
u n i t s n e e d t o a d o p t c o r p o r a t e - l i k e s t r a t e g i c p l a n n i n g i n o r d e r
t o a l l o c a t e s c a r c e r e s o u r c e s a n d m a n a g e c o n s t i t u e n t s
e x p e c t a t i o n s m o s t e f f e c t i v e l y .
S t r a t e g y a p p # 1 : D e t e r m i n i n g c o r e s e r v i c e s
D e f i n i n g g o v e r n m e n t s c o r e s e r v i c e s i s a t t h e h e a r t o f a n y
m u n i c i p a l r e s t r u c t u r i n g e f f o r t . F o r e x a m p l e , a l l m u n i c i p a l i t i e s
s h a r e a c o m m o n c o n c e r n f o r p u b l i c s a f e t y t h a t i s r e f l e c t e d i n
t L e s t r e n g t L o l t L e i r p o l i c e a n o l i r e o e p a r t m e n t s . C n e o r s e v e r a l
s c h o o l d i s t r i c t s o f t e n c l a i m a m a j o r p o r t i o n o f t h e l o c a l b u d g e t
b u t t h e q u a l i t y o f t h e e d u c a t i o n a l p r o g r a m w i l l v a r y w i t h t h e
a l l o c a t i o n o f b u d g e t d o l l a r s , d e m o g r a p h i c m i x o f t h e s t u d e n t s
a n d t h e c a p a b i l i t y o f t h e t e a c h e r s . I n f r a s t r u c t u r e i n t h e f o r m o f
r o a d s , b r i d g e s a n d b u i l d i n g s , a l o n g w i t h r e l a t e d m a i n t e n a n c e ,
i s g e n e r a l l y i n t h e e x c l u s i v e p u r v i e w o f t h e g o v e r n m e n t u n i t .
T h e d e g r e e t o w h i c h o t h e r s e r v i c e s s u c h a s h e a l t h c a r e , s a n i t a t i o n ,
e n v i r o n m e n t a l m a n a g e m e n t a n d b u s i n e s s r e g u l a t i o n s h o u l d b e
p r i o r i t i z e d i s u s u a l l y s u b j e c t t o d e b a t e a n d p r e v a i l i n g p o l i t i c a l
s e n t i m e n t .
B u t m u s t c i t i e s p r o v i d e s w i m m i n g p o o l s a n d g o l f c o u r s e s ?
I s i t n e c e s s a r y t o o p e r a t e a d a y c a r e c e n t e r f o r t h e e l d e r l y
o r p r e s c L o o l c L i l o r e n S u c L s e r v i c e s a r e o l t e n a v a i l a l l e i n a
c o m m u n i t y f r o m p r i v a t e f o r - p r o f i t o r n o n g o v e r n m e n t a l n o t - f o r -
p r o f i t o r g a n i z a t i o n s . I n g e n e r a l , g o v e r n m e n t u n i t s n e e d t o e n g a g e
i n a s t r a t e g i c a s s e s s m e n t t h a t i n c l u d e s a d e c i s i o n f r a m e w o r k f o r
p r i o r i t i z i n g i t s a c t i v i t i e s . T h e f i r s t q u e s t i o n t o b e a n s w e r e d i s t h i s :
W h a t s h o u l d b e i n c l u d e d i n t h e g o v e r n m e n t s s e r v i c e o f f e r i n g ?
T h e q u e s t i o n c a n b e a n s w e r e d a f t e r d e t e r m i n i n g i f t h e
s e r v i c e i s m a n d a t e d b y e i t h e r l a w o r p u b l i c p o l i c y . I f y e s ,
t h e f o l l o w - u p q u e s t i o n i s : W h a t l e v e l o r t y p e o f s e r v i c e i s
r e q u i r e d ? A g o v e r n m e n t m u s t p r o t e c t t h e s a f e t y o f t h e p u b l i c ;
w h a t a b o u t p r o v i d i n g s e c u r i t y f o r a l o c a l m u s i c f e s t i v a l ? I s
i t n e c e s s a r y f o r t h e p o l i c e t o b e c a l l e d e v e r y t i m e t h e f i r e
d e p a r t m e n t i s s u m m o n e d t o a p r i v a t e r e s i d e n c e ? T h e a n s w e r
t o t h e f i r s t q u e s t i o n m i g h t s e e m s i m p l e , b u t t h e a n s w e r t o t h e
f o l l o w - u p q u e s t i o n p r e s e n t s s o m e c h a l l e n g e s . G o v e r n m e n t s
p r i d e t h e m s e l v e s o n t h e i r c o n t r i b u t i o n s t o t h e q u a l i t y o f t h e i r
r e s i d e n t s l i v e s . T h e m o r e p a r k s , t h e m o r e s u m m e r p r o g r a m s ,
t h e c l e a n e r t h e s t r e e t s , s o m e w o u l d s a y , t h e b e t t e r . B u t i s i t
a b s o l u t e l y n e c e s s a r y t o o p e r a t e c o m m u n i t y c o l l e g e s o r p r o g r a m s
f o r v e t e r a n s ? A s p r i o r i t i z a t i o n b e c o m e s l e s s c l e a r , t h e d e b a t e c a n
t u r n p o l i t i c a l o v e r p u b l i c p o l i c y c o n c e r n i n g m u s t - h a v e v e r s u s
w a n t - t o - h a v e p r o g r a m s .
S t r a t e g y a p p # 2 : C o r e c o m p e t e n c i e s a n d p r i o r i t i e s
H a v i n g i d e n t i f i e d t h e s t r a t e g i c a c t i v i t i e s o f t h e g o v e r n m e n t
u n i t , t h e n e x t q u e s t i o n t h a t n e e d s t o b e a n s w e r e d i s : W h a t a r e
t h e g o v e r n m e n t s c o r e c o m p e t e n c i e s ? I n o t h e r w o r d s , w h a t
a c t i v i t i e s d o e s t h i s g o v e r n m e n t u n i t p e r f o r m t h a t a r e u n i q u e t o
t h e c o m m u n i t y , c a n n o t b e e a s i l y i m i t a t e d o r d e l i v e r v a l u e t h a t i s
b e s t i n c l a s s ? I n t h e p r i v a t e s e c t o r , t u r n a r o u n d s p e c i a l i s t s e v a l u a t e
b u s i n e s s u n i t s b a s e d o n p r o f i t a b i l i t y a n d r e t u r n o n i n v e s t m e n t s .
T h e e q u i v a l e n t i n t h e p u b l i c s e c t o r i s p e r f o r m a n c e m e t r i c s t h a t
e v a l u a t e h o w e f f e c t i v e l y t h e p r o g r a m s e r v e s i t s p u r p o s e . I n t h e
c a t e g o r y o f m u s t - h a v e p r o g r a m s s u c h a s p o l i c e , f i r e p r o t e c t i o n
a n d s c h o o l s , t h e d e p a r t m e n t s e f f e c t i v e n e s s c a n b e e v a l u a t e d i n
t e r m s o f c r i m e r a t e s , p r o t e c t i o n a g a i n s t p r o p e r t y d a m a g e , s t u d e n t
p e r f o r m a n c e a n d a n y n u m b e r o f o t h e r l o g i c a l , e m p i r i c a l m e t r i c s .
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4
H o w d o t h e s e d e p a r t m e n t s c o m p a r e w i t h t h o s e f o u n d i n o t h e r
c o m m u n i t i e s ? I s t h e r e a p r i v a t e s e c t o r a l t e r n a t i v e t h a t c a n s e r v e
a s a b e n c h m a r k ? T h e r e i s a n o r d e r t o t h e a n a l y s i s a n d e c o n o m i c
l o g i c i n a d d r e s s i n g t h e i n e f f i c i e n c i e s o f t h e m u s t - h a v e p r o g r a m s
t h a t s h o u l d b e p a r t o f a g o v e r n m e n t s c o r e c o m p e t e n c y b e f o r e
a d d r e s s i n g t h e w a n t - t o - h a v e p r o g r a m s .
W a n t - t o - h a v e p r o g r a m s c a n v a r y f r o m c o m m u n i t y
t o c o m m u n i t y a n d s h o u l d n o t b e a s s u m e d t o b e l u x u r i o u s
e x t r a v a g a n c e s . I t i s o f t e n i n t h e s e p r o g r a m s t h a t p u b l i c s e c t o r
p r o v i d e r s o p e r a t e a s b e s t i n c l a s s . F o r e x a m p l e , c o n s i d e r a c i t y -
s p o n s o r e d h e a l t h c l i n i c : W h a t i s t h e a n n u a l c o s t o f d e l i v e r i n g
t h e p r o g r a m ? H o w m a n y p a t i e n t s h a s i t s e e n ? H o w m a n y j o b s
d o e s i t p r o v i d e i n t h e c o m m u n i t y ? H a s t h e g e n e r a l h e a l t h i n d e x
i n c r e a s e d ? H a s a b s e n t e e i s m a t w o r k o r i n t h e s c h o o l s d e c l i n e d
a s a r e s u l t ? W h a t a r e t h e o p p o r t u n i t y c o s t s o f n o t p r o v i d i n g t h e
p r o g r a m ? W h a t a r e t h e h e a l t h c a r e a l t e r n a t i v e s w i t h i n t h e s a m e
a n d n e i g h b o r i n g c o m m u n i t i e s f o r t h e c i t i z e n s w h o u s e t h e c l i n i c ?
T h e e v a l u a t i o n o f g o v e r n m e n t s c o m p e t e n c y i n m a n a g i n g t h i s
a n d a n y o t h e r p r o g r a m r e l i e s o n b e n c h m a r k i n g i t s p e r f o r m a n c e
a g a i n s t p r i v a t e s e c t o r a l t e r n a t i v e s a n d / o r c o m p a r a b l e p r o g r a m s
i n o t h e r c i t i e s .
S e r v i c e s t L a t a r e n o n e s s e n t i a l l u t e n r i c L i n g l o r t L e
c o m m u n i t y c a n p r o v i d e a n o p p o r t u n i t y f o r a g o v e r n m e n t
t o p e r f o r m l i k e a b u s i n e s s . T h i s i s w h e r e p r o f i t c a n e n t e r
t h e p u b l i c s e c t o r p i c t u r e . G o v e r n m e n t e n t i t i e s s h o u l d n o t b e
p r e c l u d e d f r o m e a r n i n g p r o f i t s o n t h e i r a c t i v i t i e s a n d c r e a t i n g
b e n e f i t s f o r t h e i r c o n s t i t u e n c i e s . F o r e x a m p l e , i f t h e r e c r e a t i o n
d e p a r t m e n t c a n g e n e r a t e e n o u g h r e v e n u e t o c o v e r i t s e x p e n s e s
f r o m u s e r f e e s , i t m a y b e a b l e t o o f f e r s u m m e r p r o g r a m s t o
d i s a d v a n t a g e d y o u t h a t l i t t l e o r n o c o s t .
A s w i t h a n y s t r o n g b u s i n e s s , t h e m u s t - h a v e p r o g r a m s s h o u l d
b e a n a l y z e d a n d r e s t r u c t u r e d i n a w a y t h a t m a x i m i z e s t h e i r
e f f i c a c y . T h e w a n t - t o - h a v e p r o g r a m s o f t e n g e n e r a t e p o l i t i c a l
c o n f l i c t t h a t c a n l e a d t o s y s t e m i c b r e a k d o w n a n d i n e f f i c i e n c y .
E x p e r t s r e c o g n i z e t h a t t h e t r o u b l e w i t h e v a l u a t i n g d i s p a r a t e
w a n t - t o - h a v e p r o g r a m s i s t h a t t h e r e a r e r a r e l y c o m m o n
c r i t e r i a a r o u n d w h i c h t o m e a s u r e p e r f o r m a n c e o r v a l u e . T h e
m e t r i c s f o r a h e a l t h c a r e c l i n i c a r e n o t c o m p a r a b l e t o t h o s e
u s e d i n e v a l u a t i n g t h e p a r k s a n d r e c r e a t i o n d e p a r t m e n t t h a t
m a n a g e s p a r a d e p e r m i t s . T h e n u m b e r o f c i t i z e n s s e r v e d m a y b e
t h e m o s t r e a d i l y i d e n t i f i e d m e t r i c . T h i s f o r t h e g r e a t e r g o o d
a p p r o a c h , h o w e v e r , c a n e a s i l y o v e r r u n t h e n e e d s o f u n d e r s e r v e d
p o p u l a t i o n s . A n d i n t h e w o r l d o f p e r f o r m a n c e m e t r i c s , t h e
m e a s u r e o f o u r h u m a n i t y m a y b e t h e a b i l i t y t o a f f o r d s o c i a l
p r o g r a m s t h a t h e l p j u s t a f e w . T h e t r a g e d y i s w h e n g o v e r n m e n t s
i n e f f i c i e n c y p r e c l u d e s t h e a b i l i t y t o d e l i v e r a n i m p o r t a n t , a l b e i t
u n e c o n o m i c , h u m a n i t a r i a n p r o g r a m .
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 314 of 322
5
T u r n a r o u n d a p p s f o r t h e p u b l i c s e c t o r
C p e r a t i o n s p l a t l o r m
C p e r a t i o n a l i m p r o v e m e n t i s t L e n e x t s t e p i n r e s t r u c t u r i n g .
I t a d d r e s s e s t h o s e a c t i v i t i e s t h e o r g a n i z a t i o n h a s d e t e r m i n e d
a r e c o r e t o i t s p u r p o s e a n o s u p p o r t i t s s t r a t e g y . C p e r a t i o n a l
i m p r o v e m e n t c a n e n c o m p a s s m a n y e l e m e n t s . T h i s p a p e r f o c u s e s
o n o n l y t h r e e : s c o p e o f s e r v i c e , o r g a n i z a t i o n a l d e s i g n a n d p r o c e s s
d e s i g n . T h e s e t h r e e e l e m e n t s a r e a n a l y z e d i n t e r m s o f t h e c o s t
s i d e o f t h e r e s t r u c t u r i n g e q u a t i o n . N o t e , h o w e v e r , t h a t t h e r e
c a n b e o p e r a t i o n a l i m p r o v e m e n t s t h a t w i l l e n h a n c e r e v e n u e .
A t t h i s s t a g e o f t h e r e s t r u c t u r i n g p r o c e s s , t h e a d v i s e r n e e d s
t o b e w e l l a r m e d w i t h i n f o r m a t i o n a n d a n a l y s i s . B e n c h m a r k i n g
h e a d c o u n t s , s a l a r i e s a n d b e n e f i t s f o r e m p l o y e e s a g a i n s t
c o m p a r a b l e c o m m u n i t i e s i n t h e s t a t e , r e g i o n a n d n a t i o n c a n
r e v e a l e x t r a o r d i n a r y o p p o r t u n i t i e s f o r r e s t r u c t u r i n g g o v e r n m e n t
u n i t s . M o r e o v e r , e f f i c i e n c y r a t i o s o f f u l l - t i m e e m p l o y e e s t o
u n i t s o f s e r v i c e p r o v i d e d s u g g e s t a r e a s f o r c o n s o l i d a t i o n a n d
r e d u c t i o n . T h e r e w i l l a l w a y s b e a d e b a t e a b o u t t h e t r u e v a l u e o f
t h e s e r v i c e s o f p u b l i c e m p l o y e e s , a n d t h e i r d e d i c a t i o n t o s e r v i n g
t h e c o m m u n i t y i s r e s p e c t e d . B u t w h e n d o e s a s i x - f i g u r e s a l a r y
f o r a n a n i m a l c o n t r o l o f f i c e r o r l i f e g u a r d m a k e s e n s e ? U l t i m a t e l y ,
t h e g o a l i s t o r e d u c e c o s t s b y e l i m i n a t i n g a c t i v i t i e s o r c h a n g i n g
h o w t h e w o r k i s p e r f o r m e d i n a m a n n e r t h a t m a i n t a i n s o r e v e n
e n h a n c e s t h e d e l i v e r y o f t h e s e r v i c e s .
O p e r a t i o n s a p p # 1 : S c o p e o f s e r v i c e
W h a t a r e t h e f u n d a m e n t a l t a s k s o f t h e g i v e n p r o g r a m o r s e r v i c e ?
A p o l i c e f o r c e i s c h a r g e d w i t h p r o v i d i n g p u b l i c s a f e t y , a b r o a d
v i s i o n o f s e r v i c e e n c o m p a s s i n g a c t i v i t i e s t h a t r a n g e f r o m c r i m e
p r e v e n t i o n a n d l a w e n f o r c e m e n t t o n e i g h b o r h o o d p a t r o l s a n d
c o m m u n i t y o u t r e a c L . C v e r t i m e , i t i s e a s y l o r a o e p a r t m e n t ` s
s c o p e o f s e r v i c e s t o b e e x p a n d e d b e y o n d i t s o r i g i n a l s c o p e ,
c r e a t i n g a n u n i n t e n d e d e c o n o m i c b u r d e n . F o r e x a m p l e , t h e
L e p a r t m e n t o l H o m e l a n o S e c u r i t y L a s r e c e n t l y t u r n e o t o l o c a l
p o l i c e a n d c o u n t y s h e r i f f d e p a r t m e n t s t o a s s i s t i n a d d r e s s i n g
i l l e g a l i m m i g r a t i o n . n t L e S e c u r e C o m m u n i t i e s p r o g r a m , l o c a l
l a w e n f o r c e m e n t s h a r e s f i n g e r p r i n t s o f a r r e s t e d p e r s o n s w i t h
L . S . m m i g r a t i o n a n o C u s t o m s n l o r c e m e n t a u t L o r i t i e s . l a
m a t c h i s f o u n d , d e p o r t a t i o n i s f a c i l i t a t e d . T h i s m a n d a t e c r e a t e s
a n e w f u n d i n g r e q u i r e m e n t f o r t h e l o c a l p o l i c e d e p a r t m e n t s
b e c a u s e t h e y m u s t d e d i c a t e r e s o u r c e s t o t h e n e w l y e s t a b l i s h e d
p r o g r a m s . T h e c o s t a n d b e n e f i t o f s u c h a n e f f o r t n e e d t o b e
c o n s i d e r e d a g a i n s t t h e m i s s i o n o r s c o p e o f t h e l o c a l d e p a r t m e n t
a n o t L e n e e o s o l t L e c o m m u n i t y . C l t e n , i t v i l l l e p o s s i l l e l o r
t h e g o v e r n m e n t u n i t t o s t a y t r u e t o i t s m i s s i o n w h i l e r e d u c i n g
t h e s c o p e o f i t s s e r v i c e s a n d t h e v a r i e t y o f i t s a c t i v i t i e s .
O p e r a t i o n s a p p # 2 : O r g a n i z a t i o n a l d e s i g n
T h e o r g a n i z a t i o n o f e m p l o y e e s c a n h a v e a n e n o r m o u s i m p a c t
o n t h e e c o n o m i c e f f i c i e n c y o f a g o v e r n m e n t u n i t . T h e s c o p e
o f s e r v i c e a p p d e s c r i b e d a b o v e h a s a d i r e c t b e a r i n g o n t h e
o r g a n i z a t i o n a l d e s i g n o f a n y g o v e r n m e n t u n i t . F o r m f o l l o w s
f u n c t i o n . A n d , a s f o r m f o l l o w s f u n c t i o n , e x p e n s e f o l l o w s f o r m :
l a b o r e x p e n s e s a r e o f t e n a m o n g t h e l a r g e s t , i f n o t t h e l a r g e s t ,
c o m p o n e n t o f a n y g o v e r n m e n t b u d g e t . C u r r e n t l y , m a n y
c a s h - s t r a p p e d g o v e r n m e n t s a r e p r o v i d i n g s e r v i c e s b e y o n d
t h e i r a b i l i t y t o f u n d t h e s e s e r v i c e s o n a s u s t a i n a b l e b a s i s . E l e c t e d
o f f i c i a l s a n d g o v e r n m e n t m a n a g e r s h a v e b e e n a n d c o n t i n u e t o
b e f o r c e d t o r e d u c e s e r v i c e s a n d r i g h t s i z e t h e i r o r g a n i z a t i o n s .
A n o r g a n i z a t i o n a l d e s i g n t h a t w a s c r a f t e d 2 0 y e a r s a g o m a y
n o l o n g e r m a t c h t h e e n t i t y s s c o p e a n d m i s s i o n .
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6
T h e o r g a n i z a t i o n a l c h a r t o f a g o v e r n m e n t u n i t m a y r e v e a l
m a n y l a y e r s o f m i d d l e m a n a g e m e n t . I n t h e p r i v a t e s e c t o r ,
s u c h v e r t i c a l s t r u c t u r e s c r e a t e h i e r a r c h i e s t h a t o f t e n l e a d t o
i n e f f i c i e n t a l l o c a t i o n s o f w o r k a n d r e s o u r c e s , a s w e l l a s p o o r
c o m m u n i c a t i o n . S e l e c t i v e l y r e m o v i n g s o m e m i o o l e m a n a g e m e n t
d e l a y e r i n g f l a t t e n s t h e o r g a n i z a t i o n a l s t r u c t u r e a n d p u s h e s
d e c i s i o n - m a k i n g d o w n w a r d , i m p r o v i n g m o r a l e a n d s u b s t a n t i a l l y
r e o u c i n g e x p e n s e s . S t r o n g e r c o m m u n i c a t i o n a n o e l l i c i e n c y l r o m
t h e t o p t o t h e b o t t o m o f t h e o r g a n i z a t i o n a r e t h e u l t i m a t e r e s u l t s .
I f d e l a y e r i n g i s d o n e w i t h i n t h e s t r a t e g i c f r a m e w o r k , t h e r e s u l t s
w i l l b e e n h a n c e d s e r v i c e d e l i v e r y f o r l e s s c o s t .
T h e p o l i c e d e p a r t m e n t o f R a l e i g h , N . C . , h a s u n d e r t a k e n a
m a j o r r e s t r u c t u r i n g e f f o r t i n r e c e n t y e a r s t o a d d r e s s n e w c r i m e -
f i g h t i n g p r i o r i t i e s i n t h e c o m m u n i t y . T h e o r g a n i z a t i o n a l d e s i g n
h a s b e e n r e o r i e n t e d t o f o c u s o n g a n g s , y o u t h c r i m e s , a n d d r u g
o l l e n s e s . 1 L e o e p a r t m e n t a o o e o a Y o u t L a n o ! a m i l y S e r v i c e s
U n i t t h a t d e p l o y s j u v e n i l e o f f i c e r s t o p r o a c t i v e l y w o r k w i t h
f a m i l i e s t o a d d r e s s g a n g i s s u e s a n d p r e v e n t s c h o o l d r o p o u t .
I n t h e e x p e r i e n c e o f r e s t r u c t u r i n g p r o f e s s i o n a l s , a l m o s t a n y
b u s i n e s s t h r i v e s w i t h a f l a t t e r o r g a n i z a t i o n s t r u c t u r e . D e c i s i o n -
m a k i n g i s s i m p l i f i e d , c r e a t i n g a s e n s e o f e m p o w e r m e n t a n d
e f f e c t i v e n e s s . B y d e c e n t r a l i z i n g t h e d e c i s i o n - m a k i n g p r o c e s s
i n t h e i r d e p a r t m e n t , t h e R a l e i g h p o l i c e f o r c e i s a b l e t o p r o v i d e
o f f i c e r s w i t h t h e c r e d i b i l i t y n e e d e d t o f u l f i l l t h e i r m i s s i o n i n t h e
c o m m u n i t y . C l v i o u s l y , s u c L o e c e n t r a l i z a t i o n m u s t l e l a l a n c e o
f o r a l l o f t h e t a s k s a t h a n d w h i l e r e c o g n i z i n g a h i e r a r c h y i s s t i l l
r e q u i r e d f o r r a p i d d e c i s i o n - m a k i n g i n e m e r g e n c y s i t u a t i o n s .
A n o t h e r c o m m o n t e c h n i q u e u s e d i n r i g h t s i z i n g a c t i v i t i e s
i s t h e p a i n t b r u s h a p p r o a c h : m a n a g e r s d e t e r m i n e h o w m u c h
n e e d s t o b e c u t f r o m t h e e x p e n s e l i n e a s a p e r c e n t a g e o f t o t a l
c o s t s , a n d t h e y i n s t r u c t s u b o r d i n a t e s t o c u t 1 0 p e r c e n t , 2 0
p e r c e n t o r 3 0 p e r c e n t a s t L e y s e e l i t . C l t e n , t L e o e c i s i o n s a s
t o w h i c h e x p e n s e s ( i . e . h e a d c o u n t ) t o r e d u c e i s d o n e w i t h o u t
a d h e r e n c e t o a c o m m o n s t r a t e g y a n d s t a n d a r d i z e d d e c i s i o n
c r i t e r i a . B e c a u s e o f t h i s , u n i n t e n d e d c o n s e q u e n c e s c a n
c o m p r o m i s e t h e u n i t s m i s s i o n a n d c r e a t e a n a d v e r s e r i p p l e
e f f e c t t h r o u g h o u t t h e o r g a n i z a t i o n . T h i s a p p r o a c h i s e a s i e s t
f o r m a n a g e m e n t b u t i g n o r e s t h e i m p o r t a n c e a n d r e l e v a n c e
o f d i f f e r e n t a c t i v i t i e s . W e d o n o t r e c o m m e n d t h i s t y p e o f
a p p r o a c h b e c a u s e t h e l o n g - t e r m d a m a g e c a n b e g r e a t .
O p e r a t i o n s a p p # 3 : P r o c e s s d e s i g n
T h e o r g a n i z a t i o n a l d e s i g n o f a g o v e r n m e n t u n i t w i l l d i c t a t e
w h o p e r f o r m s w h a t t a s k s . P r o c e s s d e s i g n c o n s i d e r s h o w
t h e t a s k i s p e r f o r m e d . E x p e n s e s a v i n g s m a y b e a c h i e v e d b y
s t r e a m l i n i n g a n d c o n s o l i d a t i n g p r o c e s s e s . T h i s m a y i n c l u d e
d e v e l o p i n g t e c h n o l o g y s o l u t i o n s t o r e p l a c e l a b o r - i n t e n s i v e
a c t i v i t i e s , c o m b i n i n g s i m i l a r t a s k s f r o m a c r o s s t h e o r g a n i z a t i o n
i n t o a c e n t r a l s e r v i c e s f u n c t i o n , a n d o u t s o u r c i n g t o t h i r d p a r t i e s .
I m p r o v e m e n t s t h a t c o m e a b o u t f r o m t h e s e t y p e s o f c h a n g e s
p r o v i d e t h e o r g a n i z a t i o n w i t h m o r e f l e x i b i l i t y t o c o n t r o l
c o s t s a n d i m p r o v e s e r v i c e d e l i v e r y o v e r t h e l o n g t e r m . T h i s i s
c o m m o n l y k n o w n a s b u s i n e s s p r o c e s s r e e n g i n e e r i n g . D o n e
w e l l , t h e b e n e f i t s a r e l o n g t e r m a n d l o n g l a s t i n g . T h e c h a l l e n g e s
a r e t h a t i m p l e m e n t a t i o n c a n b e s l o w a n d i n t e r n a l c o m p r o m i s e s
r e a c h e d d u r i n g n e g o t i a t i o n s a m o n g t h e a f f e c t e d p a r t i e s c a n l e a d
t o s u b o p t i m i z a t i o n o f t h e p r o j e c t .
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 316 of 322
7
T h i s i s p a r t i c u l a r l y r e l e v a n t i n g o v e r n m e n t s w i t h a h i s t o r y o f
c o l l e c t i v e b a r g a i n i n g c o n t r a c t s t h a t e v o l v e d t o i n c l u d e c o m p l e x
w o r k r u l e r e q u i r e m e n t s . T h e s e w o r k r u l e s m a y n o t b e a l i g n e d
w i t h t h e o r g a n i z a t i o n s c u r r e n t n e e d s o r c a p a b i l i t i e s . A n t i q u a t e d
o r r e d u n d a n t j o b c l a s s i f i c a t i o n s s u c h a s b o o k m e n d e r , s p r a y
p a i n t e r , s p r a y p a i n t e r s p r a y e r a n d s p r a y p a i n t e r h e l p e r m a y
p r o v i d e o p p o r t u n i t i e s t o s i m p l i f y t h e o p e r a t i o n s . I n t h e c u r r e n t
a n d p r o s p e c t i v e e c o n o m i c e n v i r o n m e n t , a b a l a n c e d a p p r o a c h t o
d e t e r m i n i n g s e r v i c e d e l i v e r y , a n d t h e c o r r e s p o n d i n g c o s t s , w i l l
r e q u i r e f l e x i b i l i t y b y a l l s e g m e n t s o f t h e l a b o r f o r c e , i n c l u d i n g
t h o s e c o v e r e d b y c o l l e c t i v e b a r g a i n i n g a g r e e m e n t s .
S L a r i n g s e r v i c e s v i t L n e i g L l o r i n g l o c a l m u n i c i p a l i t i e s
h a s r e c e n t l y b e c o m e f a v o r e d i n t h e r e d e s i g n o f g o v e r n m e n t .
C o m m u n i t i e s h a v e c o m b i n e d e m e r g e n c y d i s p a t c h s e r v i c e s ,
r e d u c e d r e d u n d a n c y i n l o c a l p o l i c e a n d f i r e s e r v i c e s i n a d j a c e n t
t o w n s , a n d f o r m e d b u y i n g c o o p e r a t i v e s . F u r t h e r , c i t i e s , c o u n t i e s
a n d s t a t e s s h o u l d c o n s i d e r p a r t n e r i n g w i t h t h e p r i v a t e s e c t o r
i n c l u d i n g n o n p r o f i t s a n d c h a r i t i e s , i n c a s e s w h e r e b o t h p r i v a t e
a n d p u b l i c s e c t o r s p r o v i d e s i m i l a r s e r v i c e s . T h i s i s a p a r t i c u l a r l y
p o w e r f u l a p p r o a c h t o s o c i a l s e r v i c e o f f e r i n g s s u c h a s y o u t h
p r o g r a m s , i m m i g r a n t s e r v i c e s a n d s a f e t y n e t p r o g r a m s f o r t h e
m o s t n e e d y .
I t m a y e v e n m e a n t h a t o u t s o u r c i n g t o a t h i r d p a r t y p r o v i d e s
a l e t t e r s e r v i c e l o r l e s s c o s t . C u t s o u r c i n g i s a n a p p r o a c L t L a t
h a s c o m e i n a n d o u t o f v o g u e o v e r m a n y y e a r s . I t i s n o t a
p a n a c e a a n d o f t e n r e q u i r e s s t r o n g m a n a g e m e n t t o e n s u r e t h a t
t h e t h i r d - p a r t y c o n t r a c t o r d e l i v e r s o n t h e p r o m i s e . I n f a c t , e v e n
r e d e s i g n i n g t h e o u t s o u r c i n g p r o c e s s t h e b i d d i n g p r o c e d u r e s
f o r s u c h p u b l i c c o n t r a c t s c a n y i e l d s a v i n g s b y i n c r e a s i n g
c o m p e t i t i v e n e s s f o r s e l e c t i o n .
I n p r i v a t e s e c t o r r e s t r u c t u r i n g , a d m i n i s t r a t i v e a n d i n t e r n a l
t a s k s a r e a r e a s r i p e l o r l u s i n e s s p r o c e s s r e e n g i n e e r i n g . C l t e n ,
c o n s c i e n t i o u s e m p l o y e e s p e r f o r m t a s k s s i m p l y b e c a u s e t h e y
a l v a y s L a v e . C n e c o m p a n y k e p t s o m a n y o i l l e r e n t l o g s t o k e e p
t r a c k o f b u s i n e s s a c t i v i t i e s t h a t t h e y h a d s o m e o n e w h o s e j o b i t
w a s t o c h e c k a l l 1 4 l o g s o n a d a i l y b a s i s . W h e n a l l l o g - k e e p i n g
w a s s t o p p e d f o r a w e e k , i t q u i c k l y b e c a m e a p p a r e n t t h a t o n e
o r t w o o f t h e l o g s w e r e i m p o r t a n t a n d t h e r e s t w e r e b u s y w o r k .
T a k i n g t h e a p p r o a c h o f j u s t s t o p p i n g a n a c t i v i t y f o r a s h o r t
p e r i o d o f t i m e w i l l q u i c k l y r e v e a l i t s r e l e v a n c e a n d i m p o r t a n c e .
T h e s e s i t u a t i o n s a r e p a r t i c u l a r l y e v i d e n t i n o r g a n i z a t i o n s w h o s e
b u s i n e s s h a s b e e n r e l a t i v e l y s t a t i c o v e r t i m e , i n c l u d i n g s o m e
g o v e r n m e n t u n i t s . C l e a r l y , a c o u n t y c a n n o t s t o p p l o w i n g t h e
s n o w d u r i n g a b l i z z a r d , b u t i t c a n s t o p m a n y b a c k - o f f i c e a n d
a d m i n i s t r a t i v e t a s k s f o r a b r i e f p e r i o d t o d e t e r m i n e i f t h e y a r e
t r u l y n e c e s s a r y .
C p e r a t i o n a l i m p r o v e m e n t o e c i s i o n s m u s t l e l a s e o o n
d a t a a n d a n a l y s i s , a n d b e a p p l i e d i n a b i - p a r t i s a n m a n n e r . T h e
e f f e c t o n i n d i v i d u a l s , c i t i z e n s a n d t h e g o v e r n m e n t e n t i t y i t s e l f
c a n b e s i g n i f i c a n t ; t o u g h c h o i c e s c a n b e j u s t i f i e d o n l y w h e n
t h e r e a s o n i n g i s s o u n d a n d b e y o n d r e p r o a c h . A s n o t e d e a r l i e r ,
a n a l y t i c a l p r e p a r a t i o n i s c r i t i c a l . I n b o t h t h e p r i v a t e s e c t o r a n d
t h e p u b l i c s e c t o r , m o s t p e o p l e w i l l r e a c h t h e s a m e d e c i s i o n i f
t h e y a r e p r o v i d e d w i t h t h e s a m e f a c t s a n d a n a l y s i s ; t h a t i s , a
s i n g l e s e t o f d a t a m u s t b e a v a i l a b l e t o a l l s t a k e h o l d e r s a n d l
e a d e r s o f t h e r e s t r u c t u r i n g p r o c e s s m u s t p r o v i d e a l l p a r t i e s
w i t h t h e s a m e a n a l y s i s . W h i l e t h i s m a y s o u n d o b v i o u s , i t i s
n o t t h e s t a n d a r d b y w h i c h a l l r e s t r u c t u r i n g s o c c u r .
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8
T u r n a r o u n d a p p s f o r t h e p u b l i c s e c t o r
F i n a n c e p l a t f o r m
8
I t i s f i n a n c i a l d i s t r e s s t h a t l e a d s m o s t o r g a n i z a t i o n s t o t h e
d o o r s t e p o f t h e r e s t r u c t u r i n g e x p e r t . T o d a y , g o v e r n m e n t a l
o r g a n i z a t i o n s a r e s u f f e r i n g f r o m t w o t y p e s o f f i n a n c i a l d i s t r e s s
t h a t a r e c o m m o n a m o n g p r i v a t e s e c t o r e n t e r p r i s e s : e x p e n s e s
g r e a t e r t h a n r e v e n u e s a n d e x c e s s i v e f u t u r e c o m m i t m e n t s .
A s t r u c t u r a l i m b a l a n c e b e t w e e n r e v e n u e s a n d e x p e n d i t u r e s
i n t h e g e n e r a l f u n d i s t h e g o v e r n m e n t e q u i v a l e n t o f u n p r o f i t a b l e
o p e r a t i o n s i n t h e p r i v a t e s e c t o r . A s e l e c t e d o f f i c i a l s b e c a m e
e u p h o r i c o v e r t h e i n c r e a s e i n r e v e n u e i n g o o d e c o n o m i c t i m e s ,
t h e y u n d e r t o o k a n e x p a n s i o n o f s e r v i c e s a l o n g w i t h g e n e r o u s
i n c r e a s e s i n c o m p e n s a t i o n a n d b e n e f i t s f o r e m p l o y e e s . P r o v i d i n g
m o r e p a r k s a n d s u m m e r p r o g r a m s f o r c h i l d r e n , b u i l d i n g
b e a u t i f u l p e r f o r m i n g a r t s c e n t e r s , a d d i n g p o l i c e a n d f i r e f i g h t e r s ,
a n d r e f u r b i s h i n g g o v e r n m e n t o f f i c e s a r e a l l w o r t h y e x p e n d i t u r e s
v L e n c a s L i s a v a i l a l l e . S o i s s a v i n g l o r a r a i n y o a y a n o p a y i n g
o f f d e b t . T h e l a t t e r r e c e i v e d s h o r t s h r i f t i n m a n y m u n i c i p a l i t i e s
i n p a s t y e a r s , s o t h a t w h e n e c o n o m i c d i s a s t e r h i t , t h e r e w a s
n o c u s h i o n . E v e n t h o s e m u n i c i p a l i t i e s t h a t h a d t h e f o r e s i g h t
a n d d i s c i p l i n e t o s a v e d i d n o t e x p e c t t h e i m p a c t o f t h e G r e a t
R e c e s s i o n t o l a s t a s l o n g a s i t h a s . N o w g o v e r n m e n t s a r e f a c e d
w i t h a c o s t b a s e t h a t e x c e e d s t h e i r r e v e n u e p o t e n t i a l a t l e a s t i n
t h e n e a r a n d m e d i u m t e r m s .
S o m e s t a t e s a n o m u n i c i p a l i t i e s L a v e s t a t u t o r y r e q u i r e m e n t s
f o r a b a l a n c e d b u d g e t , w h i c h s h o u l d p r o h i b i t t h e b e h a v i o r
o u t l i n e d a b o v e . B u t t h e r e q u i r e m e n t s a r e g e n e r a l l y n o t w e l l
d e f i n e d , a n d a s a r e s u l t , c e r t a i n s t a t e s a n d m u n i c i p a l i t i e s h a v e
f o u n d w a y s t o f u n d c u r r e n t o p e r a t i n g l o s s e s w i t h l o n g - t e r m
d e b t . I n s h o r t , w h e n t h e r e i s l i t t l e m o t i v a t i o n t o b a l a n c e
o p e r a t i n g r e v e n u e s a n d e x p e n s e s , a n d c a p i t a l m a r k e t s e n c o u r a g e
b o r r o w i n g , p u b l i c o f f i c i a l s m a y p o s t p o n e o r a v o i d m a k i n g
d i f f i c u l t d e c i s i o n s . T h e p u b l i c f i n a n c e m a r k e t h a s p r o v i d e d
t h e e q u i v a l e n t o f t h e h o m e e q u i t y l i n e o f c r e d i t t o m a n y
m u n i c i p a l i t i e s s u c h t h a t g o v e r n m e n t u n i t s c a n e a s i l y b o r r o w
t o c o v e r b u d g e t i m b a l a n c e s .
F i n a n c e a p p # 1 : L o n g - t e r m f i n a n c i a l p l a n n i n g
D i s t r e s s e d b u s i n e s s e s o f t e n l a c k l o n g - t e r m f i n a n c i a l p l a n s .
T h e d i s c i p l i n e t o l o o k t h r e e t o f i v e y e a r s i n t o t h e f u t u r e f o r c e s
m a n a g e m e n t t o i n c o r p o r a t e s t r a t e g i c p l a n s a n d c r e a t e g o a l s
t h a t s e r v e t h e i n t e r e s t s o f t h e i r s h a r e h o l d e r s . G o v e r n m e n t i s
n o d i f f e r e n t . T h e i d e a o f b u d g e t i n g f o r c o m p l e x g o v e r n m e n t
s e r v i c e s f r o m t h e l o c a l l e v e l a l l t h e w a y t o t h e s t a t e a n d f e d e r a l
l e v e l s w i t h o u t r e g a r d f o r t h e l o n g - t e r m i s a n a t h e m a t o t h e
t u r n a r o u n d p r o f e s s i o n a l .
1 L e G o v e r n m e n t ! i n a n c e C l l i c e r s A s s o c i a t i o n r e c e n t l y
w r o t e a b o u t b u i l d i n g a f i n a n c i a l l y r e s i l i e n t g o v e r n m e n t
t h r o u g h l o n g - t e r m f i n a n c i a l p l a n n i n g
2
a n d r e f e r e n c e d J a m a i s
C a s c i o , a s e n i o r f e l l o w a t t h e I n s t i t u t e f o r E t h i c s a n d E m e r g i n g
T e c h n o l o g i e s , w h o i d e n t i f i e s t h e f o l l o w i n g e i g h t e s s e n t i a l
c h a r a c t e r i s t i c s o f a n y r e s i l i e n t s y s t e m :
L i v e r s i t y A v o i o a s i n g l e p o i n t o l l a i l u r e o r r e l i a n c e
o n a s i n g l e s o l u t i o n
E e o u n o a n c y H a v e m o r e t L a n o n e p a t L o l e s c a p e
L e c e n t r a l i z a t i o n C e n t r a l i z e o s y s t e m s l o o k s t r o n g
u n t i l t h e y f a i l c a t a s t r o p h i c a l l y
1 r a n s p a r e n c y S L a r e p l a n s a n o p r e p a r a t i o n s ,
a n d l i s t e n w h e n f l a w s a r e p o i n t e d o u t
C o l l a l o r a t i o n W o r k t o g e t L e r t o l e c o m e s t r o n g e r
! a l l i n g g r a c e l u l l y ! a i l u r e L a p p e n s
! l e x i l i l i t y B e r e a o y t o c L a n g e v L e n p l a n s l a i l ,
d o n o t c o u n t o n s t a b i l i t y
! o r e s i g L t 1 L i n k a n o p r e p a r e
T h i s a p p r o a c h i s a t o o l t h a t m u n i c i p a l i t i e s c a n u s e a s t h e y
u n d e r t a k e s t r a t e g i c p l a n n i n g i n c o n c e r t w i t h l o n g - t e r m f i n a n c i a l
p l a n n i n g . T h e f o l l o w i n g c h a r a c t e r i s t i c s a r e p a r t i c u l a r l y r e s o n a n t
w h e n l o o k i n g a t p u b l i c s e c t o r t u r n a r o u n d a c t i v i t i e s .
2
h t t p : / / g f o a . o r g / d o w n l o a d s / f i n a n c i a l l y r e s i l i e n t g o v e r n m e n t _ w h i t e p a p e r . p d f
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 318 of 322
9
T r a n s p a r e n c y A c L a l l e n g e v i t L p u l l i c l i n a n c e i s t L e l a c k o l
t r a n s p a r e n c y a n d r e a d i l y u n d e r s t a n d a b l e f i n a n c i a l r e p o r t i n g .
E v e n s o p h i s t i c a t e d r e a d e r s o f f i n a n c i a l i n f o r m a t i o n s t r u g g l e
t o m a k e h e a d s o r t a i l s o u t o f t h e r e p o r t s g e n e r a t e d b y o u r
g o v e r n m e n t u n i t s . T h e t i m e l i n e s s o f t h e i n f o r m a t i o n i s o f t e n
l a c k i n g s o m e r e p o r t s a p p e a r m a n y m o n t h s a f t e r t h e a c t u a l
r e s u l t s . P r o s p e c t i v e f i n a n c i a l i n f o r m a t i o n i s e v e n m o r e
c h a l l e n g i n g t h a n t h e h i s t o r i c a l . G o v e r n m e n t s s h o u l d i n s t i t u t e
c l e a r a n d c o n s i s t e n t i n f o r m a t i o n b a s e d o n g e n e r a l l y a c c e p t e d
a c c o u n t i n g p r i n c i p l e s .
F o r e s i g h t 1 L e v e r y c o n c e p t o l l o n g - t e r m p l a n n i n g
b e g s g o v e r n m e n t l e a d e r s t o t h i n k b e y o n d t h e e l e c t i o n c y c l e
a n d a n t i c i p a t e e c o n o m i c c h a l l e n g e s a n d c r i s e s . D e v e l o p i n g
c o n t i n g e n c y p l a n s a n d e s t a b l i s h i n g r e a l , t a n g i b l e c a s h r e s e r v e s
a r e i m p o r t a n t .
F i n a n c e a p p # 2 : C a s h f l o w p l a n n i n g
J i m G e n t r y , p r o f e s s o r e m e r i t u s o f f i n a n c e a t t h e U n i v e r s i t y
o f I l l i n o i s a t U r b a n a - C h a m p a i g n , o n c e s a i d t h a t l i q u i d i t y i s
l i k e b e e r a t a f r a t e r n i t y p a r t y : w h e n y o u a r e o u t o f l i q u i d i t y ,
t h e p a r t y i s o v e r .
U n d e r s t a n d i n g l i q u i d i t y i n t h e c o n t e x t o f g o v e r n m e n t
o p e r a t i o n s i s i m p o r t a n t t o e n s u r i n g t h a t e s s e n t i a l a c t i v i t i e s
c a n o c c u r v i t L o u t i n t e r r u p t i o n . S o m e g o v e r n m e n t u n i t s
m a k e a n a t t e m p t a t c a s h f l o w f o r e c a s t i n g , b u t l i m i t i t s u s e t o
e v a l u a t i n g t L e n e e o l o r s L o r t - t e r m l o r r o v i n g r e v e n u e a n o
t a x a n t i c i p a t i o n n o t e s i n p a r t i c u l a r . H o w e v e r , t h e p r i v a t e s e c t o r
u s e s c a s h f o r e c a s t s a s a d a s h b o a r d t o m o n i t o r p e r f o r m a n c e ,
e v e n i f t h e b u s i n e s s i s n o t d i s t r e s s e d , v i a a t o o l c a l l e d t h e 1 3 -
v e e k r o l l i n g c a s L l o r e c a s t " . S u c c e s s l u l l u s i n e s s e s e v a l u a t e t L e i r
f o r e c a s t s a g a i n s t a c t u a l r e s u l t s t o u n d e r s t a n d w h e t h e r v a r i a n c e s
w e r e b a s e d o n t i m i n g o r p e r m a n e n t d i f f e r e n c e s . T h i s d i s c i p l i n e
o f e v a l u a t i o n c r e a t e s a c o n t i n u o u s f e e d b a c k l o o p t h a t e n h a n c e s
m a n a g e m e n t s a b i l i t y t o f o r e c a s t a n d m i n i m i z e v a r i a n c e . H o w
c a n t h i s b e a p p l i e d i n t h e p u b l i c s e c t o r ?
F o r m o s t g o v e r n m e n t s , 1 3 w e e k s i s a n i n s u f f i c i e n t t i m e f r a m e .
B i a n n u a l t a x p a y m e n t s , l a r g e l a g p e r i o d s a s s o c i a t e d w i t h f e d e r a l
o r s t a t e f u n d i n g , a n d u n i o n c o n t r a c t s w i t h a n n u a l l u m p - s u m
p a y m e n t s r e q u i r e a l o n g e r f o r e c a s t i n g h o r i z o n . I d e a l l y , a r o l l i n g
1 2 - m o n t h f o r e c a s t i s b e t t e r . G o v e r n m e n t s n e e d t o d e v e l o p
a h e i g h t e n e d s e n s e o f i m p o r t a n c e a r o u n d w o r k i n g c a p i t a l
m a n a g e m e n t . I n t h e p r i v a t e s e c t o r , b u s i n e s s e s h a v e l o n g k n o w n
t h a t i t i s i m p o r t a n t t o b a l a n c e a c c o u n t s r e c e i v a b l e c o l l e c t i o n s
w i t h a c c o u n t s p a y a b l e e x p e n d i t u r e s . I d e a l l y , b u s i n e s s e s w a n t t o
c o l l e c t t h e i r r e c e i v a b l e s a s q u i c k l y a s p o s s i b l e a n d p a y t h e i r b i l l s
a t t h e l a t e s t d a t e a c c e p t a b l e . M a n y p u b l i c s e c t o r o r g a n i z a t i o n s
e x i s t e d f o r y e a r s w i t h o u t e v e r h a v i n g t o w o r r y a b o u t h a v i n g
e n o u g h c a s h i n t h e b a n k a c c o u n t t o p a y b i l l s . T h i s s c e n a r i o
h a s c h a n g e d a s c i t i e s a n d s t a t e s h a v e b e g u n t o s p e n d m o r e t h a n
t h e y t a k e i n , m a k i n g c a s h f l o w f o r e c a s t i n g m o r e i m p o r t a n t .
N e g l e c t i n g w o r k i n g c a p i t a l m a n a g e m e n t e x a c e r b a t e s c a s h f l o w
p r o b l e m s a n d d i m i n i s h e s t h e f u n a t t h e p a r t y .
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 319 of 322
1 0
T u r n a r o u n d a p p s f o r t h e p u b l i c s e c t o r
e a o e r s L i p p l a t l o r m
1 0
S u c c e s s l u l t u r n a r o u n o s o c c u r o n l y v L e n t L e r e i s s t r o n g
l e a d e r s h i p t h a t p o s s e s s e s a f e w d e f i n i t i v e c h a r a c t e r i s t i c s : c o u r a g e ,
u n w a v e r i n g c o m m i t m e n t t o a c h i e v e t h e m o s t g o o d f o r t h e
m o s t c o n s t i t u e n c i e s , d e c i s i v e n e s s , c r e d i b i l i t y , t o l e r a n c e a n d
t h e a b i l i t y t o p e r s u a d e . T h e s e c h a r a c t e r i s t i c s a r e t h o s e i d e a l l y
f o u n d i n l e a d e r s w e e l e c t t o p u b l i c o f f i c e . T h e d i f f e r e n c e i s t h a t
m a n y p u b l i c o f f i c e l e a d e r s m a y h a v e n e v e r f a c e d t h e k i n d o f
f i s c a l c r i s i s t h a t c a n r a t t l e e v e n t h e b e s t c o r p o r a t e e x e c u t i v e s .
F u r t h e r , e l e c t e d o f f i c i a l s a r e n o t r e q u i r e d t o h a v e a n y t r a i n i n g
o r e x p e r i e n c e i n b u s i n e s s o r f i n a n c e , t w o c r i t i c a l i n g r e d i e n t s
f o r a w e l l - f u n c t i o n i n g p u b l i c s e c t o r .
L e a d e r s h i p a p p # 1 : T u r n a r o u n d c o a c h
I n p r i v a t e s e c t o r t u r n a r o u n d s , a n o u t s i d e r w i t h n o s t a k e i n
t h e o u t c o m e o f t h e r e s t r u c t u r i n g o t h e r t h a n t o c r e a t e s t a b i l i t y
a n d r e t u r n t h e b u s i n e s s t o p r o f i t a b i l i t y i s o f t e n b r o u g h t i n .
A C L i e l E e s t r u c t u r i n g C l l i c e r c a n r e s t o r e c r e o i l i l i t y t o
m a n a g e m e n t a n d g i v e c o n f i d e n c e t o b o a r d s o f d i r e c t o r s a n d
o u t s i d e c o n s t i t u e n c i e s l i k e b a n k s a n d s h a r e h o l d e r s . B u t a n
e l e c t e d o r a p p o i n t e d g o v e r n m e n t u n i t l e a d e r c a n n o t s i m p l y
c e d e a u t h o r i t y t o a n o u t s i d e r . B u t h e o r s h e m a y d o w e l l t o
h i r e a n a u x i l i a r y a u t h o r i t y i n t h e f o r m o f a t u r n a r o u n d a d v i s e r
w h o c a n r i s e a b o v e p o l i t i c a l c o n s i d e r a t i o n s a n d s t a y f o c u s e d o n
s t r a t e g y , o p e r a t i o n s a n d f i n a n c e . P r o f e s s i o n a l s w h o h a v e b e e n
i n t h e t r e n c h e s i n c r i s i s s i t u a t i o n s c a n h e l p d e v e l o p o p t i o n s t h a t
m a y n o t L a v e l e e n p r e v i o u s l y c o n s i o e r e o . C u t s i o e a o v i s e r s c a n
a l s o e n s u r e t h a t t h e f a c t g a t h e r i n g a n d d a t a a n a l y s i s , s o i m p o r t a n t
i n r e a c h i n g a g r e e m e n t o n t h e r e s t r u c t u r i n g a c t i v i t i e s , i s d o n e i n a
w a y t h a t a v o i d s p o l i t i c a l t i n k e r i n g .
L e a d e r s h i p a p p # 2 : P a i n s h a r i n g
F o r r e s t r u c t u r i n g s t o b e s u c c e s s f u l , a l l s t a k e h o l d e r s m u s t b u y
i n t o t h e n e e d f o r t h e r e s t r u c t u r i n g . T h e y m u s t s e e t h e m s e l v e s a s
p a r t o l t L e p r o l l e m , a n o p a r t o l t L e s o l u t i o n . S t r o n g l e a o e r s L i p
i s o f t e n n e e d e d t o h e l p t h e c o n s t i t u e n c i e s s e e t h a t t h e y p l a y
b o t h r o l e s . R e a c h i n g c o n s e n s u s c a n b e d i f f i c u l t a n d n o r m a l l y
r e q u i r e s e a c h p a r t y , s o m e t i m e s t o v a r y i n g d e g r e e s , t o a g r e e t o
c o n c e s s i o n s f o r t h e s a k e o f t h e g r e a t e r g o o d . I n t h e p r i v a t e s e c t o r
t h i s n o r m a l l y t r a n s l a t e s i n t o a c o m p a n y t h a t m a x i m i z e s p r o f i t o r
v a l u e . I n t h e p u b l i c s e c t o r , t h i s c o n c e p t i s m o r e e p h e m e r a l .
A c c e p t i n g s u c h r e s o l u t i o n s a n d c o m p r o m i s e s i s c a l l e d
s h a r i n g t h e p a i n . I n t h e p r i v a t e s e c t o r , w h e r e t h e r e i s a b r o a d
h i s t o r y o f r e s t r u c t u r i n g s , t h i s c o n c e p t i s w e l l u n d e r s t o o d a s a n
e x p e c t a t i o n b y p a r t i e s i n i n t e r e s t a t t h e o n s e t o f a r e s t r u c t u r i n g .
T h e p u b l i c s e c t o r , b y c o n t r a s t , i s n o t a l w a y s i n c e n t e d t o s h a r e
p a i n . " S o m e t i m e s i t i s m o r e p o l i t i c a l l y e x p e o i e n t t o o e l e r p a i n o r
m a s k i t o r i g n o r e i t . B u t i f t h e g o a l i s t o e f f e c t l a s t i n g , p e r m a n e n t
c h a n g e i n a t r o u b l e d s i t u a t i o n s u c h a s a c u r r e n t o r f u t u r e
b u d g e t d e f i c i t t h e s t r a t e g i c a p p r o a c h t o p r i o r i t i z i n g p r o g r a m s
a n d s e r v i c e s , c o u p l e d w i t h t h e r e a s o n e d n e g o t i a t i o n , c a n y i e l d a
s u c c e s s f u l o u t c o m e .
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1 1
T u r n a r o u n d a p p s f o r t h e p u b l i c s e c t o r
C o n c l u s i o n
T h e c o m p l e x i t i e s o f g o v e r n i n g a n d t h e e c o n o m i c c r i s e s f a c i n g
l e a d e r s t o d a y w i l l r e q u i r e n e w a p p r o a c h e s a n d c h a l l e n g e e v e n t h e
b e s t p o l i t i c i a n s . B u t t h e e x p e c t a t i o n t h a t n e w p r o b l e m s c a n b e
s o l v e d b y c o n t i n u i n g t o r e p e a t t h e s t a n d a r d o p e r a t i n g p r a c t i c e s
o f t h e p a s t w i l l o n l y y i e l d f r u s t r a t i o n a n d a r e s u l t t h a t t h e
t u r n a r o u n d c a n n o t b e e f f e c t e d .
T h e t u r n a r o u n d c o m m u n i t y s e x p e r i e n c e i n f i x i n g t r o u b l e d
b u s i n e s s e s f o r m o r e t h a n t h r e e d e c a d e s h a s y i e l d e d l e s s o n s
t h a t h a v e d i r e c t a p p l i c a t i o n f o r g o v e r n m e n t s . T h e p l a t f o r m
f u n d a m e n t a l s o f s t r a t e g y , o p e r a t i o n s , f i n a n c e a n d l e a d e r s h i p
p r o v i d e a r e a s o n e d a n d s t r u c t u r e d f r a m e w o r k t o t a c k l i n g
c r i s e s a s w e l l a s i n s t i t u t i n g n e c e s s a r y l o n g - t e r m c h a n g e s .
M a r t h a E . M . K o p a c z
M a n a g i n g P r i n c i p a l
C o r p o r a t e A o v i s o r y & E e s t r u c t u r i n g S e r v i c e s
G r a n t 1 L o r n t o n P
T 2 1 2 . 5 4 2 . 9 7 3 0
T 6 1 7 . 8 4 8 . 5 0 1 0
E M a r t i . K o p a c z @ u s . g t . c o m
M i c h a e l E . I m b e r
P r i n c i p a l
C o r p o r a t e A o v i s o r y & E e s t r u c t u r i n g S e r v i c e s
G r a n t 1 L o r n t o n P
T 2 1 2 . 5 4 2 . 9 7 8 0
E M i c h a e l . I m b e r @ u s . g t . c o m
C h r i s t o p h e r R . J a d r o
M a n a g e r
C o r p o r a t e A o v i s o r y & E e s t r u c t u r i n g S e r v i c e s
G r a n t 1 L o r n t o n P
T 2 1 2 . 5 4 2 . 9 5 9 5
E C h r i s . J a d r o @ u s . g t . c o m
13-53846-swr Doc 4068 Filed 04/14/14 Entered 04/14/14 15:26:01 Page 321 of 322
G r a n t T h o r n t o n L L P
A l l r i g h t s r e s e r v e d
U . S . m e m b e r f i r m o f G r a n t T h o r n t o n I n t e r n a t i o n a l L t d
N a t i o n a l O f f i c e
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C h i c a g o , I L 6 0 6 0 4 - 2 6 8 7
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W a s h i n g t o n N a t i o n a l T a x O f f i c e
1 2 5 0 C o n n e c t i c u t A v e . N W , S u i t e 4 0 0
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W o o d l a n d H i l l s 8 1 8 . 9 3 6 . 5 1 0 0
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C o n t e n t i n t h i s p u b l i c a t i o n i s n o t i n t e n d e d t o a n s w e r s p e c i f i c q u e s t i o n s o r s u g g e s t s u i t a b i l i t y
o f a c t i o n i n a p a r t i c u l a r c a s e . F o r a d d i t i o n a l i n f o r m a t i o n o n t h e i s s u e s d i s c u s s e d , c o n s u l t a
G r a n t T h o r n t o n c l i e n t s e r v i c e p a r t n e r
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