Home Icon
 > Litigation Support & Forensic Investigations > Bankruptcy, Reorganization & Restructuring

Investigative Accounting

Valuation Analyses

Financial Consulting

Expert Testimony

Bankruptcy, Reorganization and Restructuring

Investigative accounting, business and asset valuations, financial consulting, and expert witness testimony are the tools Marshall & Stevens brings to distressed entities looking for a fresh start.

Restructuring your company? Marshall & Stevens' experts can help.

Bankruptcy, restructuring and reorganizations can be a tedious process with a great reliance on specialists to provide independent expert analyses and consulting. Our team works with courts, corporations, fiduciaries, financial institutions, investors, and others to get our clients through the challenges. We offer Receivership services for those who wish to avoid the bankruptcy process.

The great majority of our clients are referred to us by accountants, attorneys, past clients, and trusted advisors who are confident in our expertise and attention to detail.  We commit senior specialists who are credentialed through one or more of the following distinguished professional organizations to these distressed business matters, including, as required: accredited senior appraisers in business, asset, and real estate valuation, (ABV, ASA, CFA, MAI, and MRICS), certification in distressed business valuation (“CDBV”), certified public accountants (“CPA”), certified fraud examiners (“CFE”), certified in financial forensics (“CFF”), certified financial crime investigators (“CFCI”), certified fraud examiners (“CFE”), and certified insolvency and restructuring advisors (“CIRA”).

We are engaged to provide consulting for:

Valuation services provided in cases of bankruptcy, restructuring and reorganization and receivership include:

Please see the affiliated webpages and services sheets listed to the right or contact our experts for more information any of these matters.

Related Content

Contact Marshall & Stevens

How Marshall & Stevens can help with Bankruptcy, Reorganization and Restructuring

Our Bankruptcy, Reorganization and Restructuring Services team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.

Real Estate Valuation

Attorneys, accountants, wealth managers and financing sources refer their clients to Marshall & Stevens because we deliver high-quality work through an insightful, service-oriented approach.

Learn More

Fairness Opinions

A Fairness Opinion from a disinterested valuation firm provides decision makers with an independent analysis of the transaction, unbiased by commissions and other potential conflicts.

Learn More

Solvency Opinions

A common myth is that when two parties are dealing at arm’s length there is no such thing as “too good of a deal.” This view ignores the laws relating to solvency.

Learn More

Frequently Asked Questions

  • Marshall & Stevens provides forensic accounting, valuations, damages calculations, consulting, and expert witness testimony in a wide variety of litigation and arbitration cases.

  • Marshall & Stevens has staff that serve as receivers and who perform investigative/forensic accounting services. We also assist with bankruptcy and restructuring as may be required.

  • Marshall & Stevens has a large team of valuation professionals, all of which have industries where they have a particular expertise, including: agriculture, automotive, chemical, construction and engineering, consumer products, energy and infrastructure, entertainment and media, food and beverage, healthcare, hospitality and gaming, manufacturing and distribution, real estate, professional services, technology.

  • These assets may be held outside the business and leased back to the business, and/or to other businesses, in order for you and your family to maintain control of the asset into perpetuity.

  • Real estate should be looked at strategically for potential beneficial tax reporting, financial reporting, depreciation including cost segregation and bonus depreciation, financing including sale leaseback, etc.

    The fair market value of acquired real estate is often much higher than the seller’s capitalized basis and the allocation between land (not depreciable) and improvements (depreciable) is often different than what the assessor has determined.

    For financial reporting, the value of acquired real estate needs to be allocated to land, building and improvements, and intangible assets.

  • Financial reporting compliance requires a determination of fair lease rate.

    A large percentage of transactions include lease agreements that are not at current fair market value. This is more often the case when the owner of the business is also the owner of the real estate.

    In the acquisition of a medical practice, for instance, the acquiror must not pay a higher than market rate to acquire or lease the property from the seller.

  • Each audit firm has their preference for the way certain financial instruments should be valued. We initiate a call with the audit team before performing the analyses to reduce the potential for delays and surprises.

  • Our specialists have a great deal of experience providing financial reporting valuations for compliance with international and domestic accounting standards.

  • We review financial projections against past performance, comparable company performance, and industry forecasts. We ask for support from our clients, as necessary, to make us comfortable with their projections and to provide an explanation in our valuation report.

  • We focus on efficiency. Our team includes senior valuation professionals with experience working at international audit firms – they did the same review work your audit firm valuation professionals do – making them a great resource to our clients. These specialists understand the materiality thresholds while meeting regulatory requirements.

    We provide negative and positive assurance letters upon request.

The Marshall & Stevens Difference

Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.

Our Locations

 

Client Highlights

Here are a few client success stories from public and private companies we’ve worked with

More Client Highlights

Bankruptcy, Reorganization and Restructuring Contacts at
Marshall & Stevens

David N. Bateman

ABV, CFE, CFF, CPA, MPA

Managing Director

Background

David Bateman is a Managing Director with over 25 years of experience in public accounting. He joined Marshall & Stevens in 2023, with the acquisition of Rocky Mountain Advisory. He works primarily in litigation support and fraud investigations.

Mr. Bateman has has worked primarily in litigation support and fraud investigations. He has also acted as a Special Master and as the accountant to receivers on numerous matters.

Mr. Bateman has testified as to indicia of Ponzi schemes including insolvency, commingling of investor funds, treatment of related entities as a unitary enterprise (alter ego), and other financial characteristics of fraud.  He has also worked extensively in family law matters involving investigations, cash tracing and lifestyle analyses.

He has testified in State, Federal and Bankruptcy court in both civil and criminal proceedings. 

Mr. Bateman is also an Adjunct Professor of Accounting at Westminster College in Salt Lake City, Utah, teaching Forensic Accounting and Financial Investigations.

Professional Highlights

.collapsible { background-color: #d9eafc; color: black; cursor: pointer; padding: 10px; width: 100%; border: none; text-align: left; outline: none; font-size: 16px; font-weight: bold; } .active, .collapsible:hover { background-color: #d9eafc; } .content1 { padding: 0 18px; display: visible; overflow: hidden; background-color: #fff; } var coll = document.getElementsByClassName("collapsible"); var i; for (i = 0; i < coll.length; i++) { coll[i].addEventListener("click", function() { this.classList.toggle("active"); var content = this.nextElementSibling; if (content.style.display === "block") { content.style.display = "none"; } else { content.style.display = "block"; } }); }
  • Member, American Institute of Certified Public Accountants
  • Member, Utah Association of Certified Public Accountants
  • Member, American Society of Appraisers
  • Member, Association of Certified Fraud Examiners
  • Rocky Mountain Advisory, LLC
    Managing Director, 2010-present
  • PricewaterhouseCoopers, LLP
    Manager, Dispute Analysis & Investigation, 1998-2010
  • First Security Bank, N.A.
    Commercial Loan Workout Department, 1995-1998
  • Westminster College
    Adjunct Professor of Accounting, present
      ‣     Forensic Accounting and Financial Investigations

John H. Curtis

ABV, CDBV, CFE, CIRA, CPA, MBA

Managing Director

Background

John Curtis is a Managing Director with over 27 years of experience in public accounting. He joined Marshall & Stevens in 2023, with the acquisition of Rocky Mountain Advisory. He works primarily in bankruptcy and restructuring services.

Mr. Curtis has more than twenty years of experience in performing investigative accounting work, bankruptcy and restructuring case work, troubled company workouts, lost profits and economic damages analyses, business valuations and fraud examinations.

In cases of fraud, Mr. Curtis has provided forensic accounting investigation, expert testimony, cash flow analysis, accounting for property operations and sales and analysis of alter ego issues related to substantive consolidation and other issues.

Mr. Curtis has testified many times in state and Federal courts and has served as a court-appointed receiver and fiduciary.

Professional Highlights

.collapsible { background-color: #d9eafc; color: black; cursor: pointer; padding: 10px; width: 100%; border: none; text-align: left; outline: none; font-size: 16px; font-weight: bold; } .active, .collapsible:hover { background-color: #d9eafc; } .content1 { padding: 0 18px; display: visible; overflow: hidden; background-color: #fff; } var coll = document.getElementsByClassName("collapsible"); var i; for (i = 0; i < coll.length; i++) { coll[i].addEventListener("click", function() { this.classList.toggle("active"); var content = this.nextElementSibling; if (content.style.display === "block") { content.style.display = "none"; } else { content.style.display = "block"; } }); }
  • Member, American Institute of Certified Public Accountants
  • Member, Utah Association of Certified Public Accountants
  • Member, Association of Certified Fraud Examiners
  • Member, Association of Insolvency and Restructuring Advisors
  • Rocky Mountain Advisory, LLC
    Managing Director, 2010-present
  • PricewaterhouseCoopers, LLP
    Manager, Advisory Services, 1998-2010
  • Spanish: speaks and reads fluently.

David R. Payne

ABV, ASA, CDBV, CIRA, CPA, CTP

Managing Director

Background

Mr. Payne is a Managing Director with over forty (40) years of accounting, consulting and valuation experience in both public and private industry. He joined Marshall & Stevens in 2025 with the acquisition of D.R. Payne & Associates. Mr. Payne previously worked in a number of financial positions in industry, including serving as Controller and Chief Accounting Officer of a publicly-traded E&P Company, in addition to working as a partner in a Big Six Accounting and Consulting Firm.

Mr. Payne is a graduate of Oklahoma Christian University (B.S. in Accounting 1980). He has participated in or instructed continuing education programs in the areas of valuation, bankruptcy accounting, litigation support, and turnaround management. Mr. Payne has attended strategic planning seminars, activity based costing and business valuation courses offered as executive training. Mr. Payne has completed courses, passed examinations and/or achieved direct experience required in public accounting, appraisal, turnaround management and restructuring disciplines to become certified.

Professional Highlights

.collapsible { background-color: #d9eafc; color: black; cursor: pointer; padding: 10px; width: 100%; border: none; text-align: left; outline: none; font-size: 16px; font-weight: bold; } .active, .collapsible:hover { background-color: #d9eafc; } .content1 { padding: 0 18px; display: visible; overflow: hidden; background-color: #fff; } var coll = document.getElementsByClassName("collapsible"); var i; for (i = 0; i < coll.length; i++) { coll[i].addEventListener("click", function() { this.classList.toggle("active"); var content = this.nextElementSibling; if (content.style.display === "block") { content.style.display = "none"; } else { content.style.display = "block"; } }); }
  • Fellow, American College of Bankruptcy, 10th Circuit, 33rd Class
    Diversity, Equity, and Inclusion Committee
  • National Board of Directors - Association of Insolvency and Restructuring Advisors
    President
    Valuation Standards Committee
    Strategic Planning Committee
    DEI Committee
    Certification Committee
  • Member, American Bankruptcy Institute
  • Member of the American Society of Appraisers
    Past President and Treasurer of Oklahoma Chapter
  • Member, Association of Certified Fraud Examiners
  • Member, Turnaround Management Association
  • Member, International Business Brokers Association
  • Member, Oklahoma Society of Certified Public Accountants
  • Member, American Institute of Certified Public Accountants

Management Assignments

  • Interim Chief Executive Officer
  • Outsourced Chief Financial Officer
  • Chief Development Officer
  • Chief Restructuring Officer
  • Operating Agent

Court Appointed Assignments

  • Chapter 11 Trustee
  • Chapter 11 Examiner
  • Chapter 11 Restructuring Officer
  • Court Appointed Expert Witness, F. R. E. 706
  • Federal District Court Receiver
  • State Court Receiver

Professional and Expert Witness Assignments

  • Damages Assessments - Contract, Torts, Warranty, Anti-Trust, Infringement, Securities, Minority Shareholder, Wrongful Termination/Death - Over 300 Cases
  • Forensic Accounting Assessments - Claims Measurement, Indicia, Factors and Tests
  • Alter Ego, Fraudulent, Conveyance, Badges of Fraud, Concealments, misstatements, and Breach of Duty, Negligence, professional Standards - Over 100 cases
  • Insolvency and Reorganization Evaluations – Cash Collateral, Conversion, Dismissal, Avoidance Actions, Confirmation, Absolute Priority and Feasibility – Over 500 cases
  • Out of Court Restructurings – Over 200 clients
  • Valuations and Appraisals – Over 30,000 hours
  • Accountings and Forensic Investigations – Reconstructing of Books and Records, Tracing of Funds, Dissolution Accounting, Project Accounting, Transfer Pricing and other Financial/Business Conduct Disputes – Over 300 matters

Publications, Articles and Presentations

  • “Insolvency Prove It”, 39th Annual Bankruptcy & Restructuring Conference, June 2023
  • Best Practices for a Hotel Receivership, Commercial Receivers Association, November 2022
  • ABI Panel, Oil & Gas Tools in the Toolbox, American Bankruptcy Institute, October 2022
  • 5th and 10th Circuit Ethics Program in a Game Show Format, American College of Bankruptcy, July 2022
  • Substantive Consolidation of Non-Debtor and/or Reverse Veil Piercing, Oklahoma Bar, Advanced Bankruptcy, December 2021
  • Energy Restructuring; Lex Mundi Virtual Series, April 2021
  • “Small Business Financial Restructuring Options Under SBRA and the Cares Act” State Chamber of Oklahoma, May 2020
  • “Cycles in Energy Pricing and Effects on Market Sector Participants” Meinders School of Business, Oklahoma City University, July 2015, June 2016, November 2017 and July 2020
  • “Value For What Purpose, To Whom” Structural Engineering Council of Oklahoma February 2017
  • “Exposure Draft of Distressed Business Valuation Standards Expected to Be Approved During 2013,” Association of Insolvency & Restructuring Advisors Journal, Volume 27, Number 2-2013
  • “Individual Chapter 11 Proceedings” Association of Insolvency and Restructuring Advisors’ 24th Annual Bankruptcy & Restructuring Conference, June 2011
  • “Distressed Assets and Companies – Financing Issues” Rocky Mountain Mineral Law Foundation, January 2010 Whitepaper
  • “Recent Case Rulings Center Around the Cornerstone General Standards Within the Professions,” Association of Insolvency and Restructuring Advisors Journal, February/March 2009
  • “Valuation of Small, Troubled Businesses,” Association of Insolvency and Restructuring Advisors Conference, June 2008
  • “Fraud: A View From The Private Sector,” Clifton H. Scott, Oklahoma State Auditor and Inspector – Questioning and Detecting Fraud, December 1998
  • “How Structures Affect Valuation and Discounts,” Family Law Symposium, Oklahoma Bar Association, November 1998
  • “Utilizing Business Appraisals as a Benchmark for Evaluating Contested Single Asset Real Estate Cases,” Whitepaper, November 1997
  • Energy/Utility Industry Outlook, Association of Insolvency Accountants, May 1997
  • “Alternatives to Bankruptcy,” North American Petroleum Conference, May 1992
  • “Role of the Reorganization and Insolvency Accountant,” Oklahoma County Bar, May 1992
  • “Post Petition Financing and the Capital Crisis,” Oklahoma Bar, Advanced Bankruptcy, December 1991
  • “The Farmout Bills, A Closer Look,” American Bankruptcy Institute, June 1988

Ann Marriott Payne

CDBV, CIRA, CPA, FABFA

Principal and Director

Background

Ms. Payne is a Director with over thirty-five years of accounting and consulting experience in the public, private, and government sectors.  She joined Marshall & Stevens in 2025 with the acquisition of D.R. Payne & Associates.  Her prior experience includes serving as a financial analyst for the Department of Justice in the United States Trustee Program and as a Manager/Supervisor for KPMG Peat Marwick and KMG Main Hurdman. Ms. Payne also worked in various financial positions in the oil and gas and banking industries with primary responsibilities in corporate accounting, planning, reporting, and analysis.

Ms. Payne is a graduate of the University of Oklahoma (BBA Business Finance). She continues to participate in professional development programs regarding bankruptcy law and accounting, litigation support, business valuation and forensic accounting. In addition to completion of annual continuing education requirements, on a post graduate basis, she has completed over twenty additional college credit hours of study in accounting, finance and computer applications at the University of Oklahoma and the University of Central Oklahoma.

Ms. Payne is a certified public accountant (CPA), a certified insolvency and restructuring advisor (CIRA), certified in distressed business valuation (CDBV), and has attained fellow status with the American Board of Forensic Accountants (FABFA). She is also an associate member of the Association of Certified Fraud Examiners and the American Bankruptcy Institute. Ms. Payne has over thirty years of bankruptcy and workout experience with public accounting firms, over two years as part of a financial team for a debtor in possession and two years with the Department of Justice as part of the United States Trustee Program.

Professional Highlights

.collapsible { background-color: #d9eafc; color: black; cursor: pointer; padding: 10px; width: 100%; border: none; text-align: left; outline: none; font-size: 16px; font-weight: bold; } .active, .collapsible:hover { background-color: #d9eafc; } .content1 { padding: 0 18px; display: visible; overflow: hidden; background-color: #fff; } var coll = document.getElementsByClassName("collapsible"); var i; for (i = 0; i < coll.length; i++) { coll[i].addEventListener("click", function() { this.classList.toggle("active"); var content = this.nextElementSibling; if (content.style.display === "block") { content.style.display = "none"; } else { content.style.display = "block"; } }); }
  • Association of Insolvency and Restructuring Advisors
  • American Bankruptcy Institute
  • American Institute of Certified Public Accountants
  • Oklahoma Society of Certified Public Accountants
  • Association of Certified Fraud Examiners
  • American College of Forensic Examiners

Jonathan Adelson

JD, LLM

Managing Director

Background

Jonathan Adelson is a Managing Director, Business Development with Marshall & Stevens.

Mr. Adelson joined Marshall & Stevens in 2024. He leads business development efforts with public and private companies, private equity funds, and turnarounds to deliver independent financial opinions with respect to valuation, solvency, capital adequacy and fairness in connection with mergers, acquisitions, divestitures, leveraged buyouts, recapitalizations, financings and financial and tax reporting matters for businesses, equity and debt securities, loans, derivative instruments, structured products, intangible assets, fixed assets real estate and more.

Prior to Marshall & Stevens, Mr. Adelson was a Manager at KPMG and a Managing Director at Alvarez & Marsal. He has served in business development roles for Valuation Research Corporation, Adelson Strategies (a global business development and strategy firm), and Trio Media Ventures. He began his career in public policy.

Mr. Adelson volunteers with multiple organizations.

Professional Highlights

.collapsible { background-color: #d9eafc; color: black; cursor: pointer; padding: 10px; width: 100%; border: none; text-align: left; outline: none; font-size: 16px; font-weight: bold; } .active, .collapsible:hover { background-color: #d9eafc; } .content1 { padding: 0 18px; display: visible; overflow: hidden; background-color: #fff; } var coll = document.getElementsByClassName("collapsible"); var i; for (i = 0; i < coll.length; i++) { coll[i].addEventListener("click", function() { this.classList.toggle("active"); var content = this.nextElementSibling; if (content.style.display === "block") { content.style.display = "none"; } else { content.style.display = "block"; } }); }
  • Marshall & Stevens, Inc.
    Managing Director, Business Development, 2024-present
  • Valuation Research Corporation
    Managing Director, 2017-2024
  • Adelson Strategies
    Managing Director, 2015-2017
  • Trio Media Ventures
    Founder, Head of Global Strategy & Business Development, 2015-2017
  • Alvarez & Marsal
    Managing Director, 2005-2015
  • KPMG LLP 
    1998-2005
      ‣ Manager, 1999-2005
      ‣ Intern, Washington National Tax Practice, Summer 1998
  • American Iron and Steel Institute
    Law Clerk, Office of the General Counsel and VP of Public Policy, Summer 1995
  • Liz Robbins Associates
    Junior Associate, Washington Representatives, 1991-1994
  • Bondville Fair (Bondville, VT)
    Board of Directors, 2023-present 
  • The M&A Advisor 2022 (New York, NY) 
    Advisory Board, 2022-2023
  • The Stratton Foundation (Stratton, VT)  
    Volunteer, 2020-present
  • Stars of Hope (New York, NY) 
    Volunteer, 2019-present 
  • Progressive Policy Institute (Washington, DC) 
    Board of Directors, 2016-present
  • Ithaca College Alumni Association (Ithaca, NY) 
    Board of Directors, 2002-2008

Relevant Insights

Property Tax Reporting and Disputes

Property taxes are applied ad valorem, meaning based on the assessed value of the property. To assure the reasonableness of property tax basis...
Learn more

Bankruptcy, Reorganizations, and Restructuring Consulting

Debtors and creditors faced with a potential crisis of bankruptcy, reorganization, and restructuring require knowledgeable, efficient...
Learn more

Fresh Start Accounting – A Path Forward

Companies that find themselves in financial distress have limited options for survival. While a down round equity raise, new debt financing or a sale...
Learn more
back to top