A sampling of just a few select cases managed by Logan & Company offer an atypical overview of some of the many industries we service, their challenges, our solution and the result.
Case 2: Retail No.1
A large retailer consisting of over twenty debtors with ongoing business operations needed to reconcile over 20,000 filed and scheduled claims aggregating over $25 billion as expeditiously as possible.
The retailer did not have a centralized accounts payable system and wanted to accomplish this work without hampering its ongoing business operations.
Logan analyzed the claims pool dividing it in twenty-three discreet categories (i.e., capital structure, executory contracts, taxes) assigning over seventy individuals with knowledge of such categories to resolve claims assigned to them under the direction of one of two supervisors. Logan then developed an online reconciliation system on a secure server to be used by each responsible party. All information relating to the claims’ resolution was entered in that system with date of entry identifying the responsible party. Once each claim was resolved, the responsible party could submit that claims for review by his/her supervisor. The online system was designed so that each supervisor could create reports to ascertain any number of issues. Upon the supervisor’s review, he could either send the claim back for further reconciliation or, if satisfied, he could submit the claim to Logan for entry in its claims database. To aid the submission process, claims resolutions could be submitted to Logan singly or in batches. .
The claims resolution process was handled expeditiously with little disruption to the debtors’ operations and, as it was so streamlined, with few Logan personnel assigned to the claims resolution process thereby minimizing the debtors’ administrative costs.
Case 8: Corporate
A large client with assets over $200 billion needed help in tabulating a vote for a reorganization plan with over 1,000 bond issues within a 2-week timeframe.
Ordinarily, this process would have taken over six weeks to complete. This task was further complicated by the fact that most of the public debt was held in street name. This meant that each bank and broker received over 1,000 packages that they needed to distribute to their clients.
Logan’s solution was to implement a special Web site for the bank and broker community. Over 1,000 documents were posted to this Web site in less than a day and were made accessible throughout the tabulation period.
Through this mechanism, Logan was able to satisfy the noticing requirements of the Bankruptcy Court and ensure that all interested parties were properly served.