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:
-
Bankruptcy Taxation
-
Corporate Reorganization
-
Creditors / Creditor Committees
-
Debt Restructuring and Loan Workout
- Expert Testimony
-
Fraudulent Conveyances
-
Liquidation
-
Preferential Transfers
Valuation services provided in cases of bankruptcy, restructuring and reorganization and receivership include:
-
Financial Instrument Valuations
-
Forgiveness of Debt Studies
-
Fresh Start Accounting Valuations for compliance with FASB ASC 852 – Reorganizations
- Net Operating Loss Carryforward and Built-In Gain Studies
-
Reorganization Value / Corporate Recapitalization Studies (IRC Section 368)
Please see the affiliated webpages and services sheets listed to the right or contact our experts for more information any of these matters.
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.
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.
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.
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.
Client Highlights
Here are a few client success stories from public and private companies we’ve worked with
Bankruptcy, Reorganization and Restructuring Contacts at
Marshall & Stevens
Background
David Bateman is a Managing Director with Rocky Mountain Advisory, LLC, a Marshall & Stevens company. He works primarily in litigation support and fraud investigations.
Mr. Bateman has over 25 years of experience in public accounting. He 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
Background
John Curtis is a Managing Director with Rocky Mountain Advisory, LLC, a Marshall & Stevens company. 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.
Background
Jennifer Yakumo is a Senior Associate with Rocky Mountain Advisory, LLC, a Marshall & Stevens company. She works primarily in litigation support, bankruptcy and restructuring services, and fraud investigations.
Ms. Yakumo has over 25 years of experience in performing work involving litigation support, investigative accounting, bankruptcy, financial statement audits, evaluations of internal controls, and in preparing financial statements and other related financial reporting items.
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, American Bankruptcy Institute
- Member, Association of Insolvency and Restructuring Advisors
- Board Member, Utah Bankruptcy Lawyers Forum
- Rocky Mountain Advisory, LLC
Senior Associate, 2022-present - WSRP, LLC
Experienced Assurance Senior, 2020-2022 - Cohne Kinghorn, PC
Legal Assistant, 2013-2019 - Berry & Tripp, PC
Lead Case Manager, 2001-2013 - Andres Diaz, Chapter 13 Standing Trustee
Case Manager and Internal Auditor, 1997-2001
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 and private equity funds 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
Background
Steve Hastings is a Managing Director with ValueScope, a Marshall & Stevens company. He works primarily in transaction advisory, litigation expert witness services, and financial valuation.
Mr. Hastings has experience in business financing, as well as the analysis of market dynamics in various industries. His expertise includes creating and analyzing financial derivatives; structuring management compensation plans; strategic business planning; due diligence and tax advisory services; negotiation assistance and investor communications. He has provided services to companies in numerous transactions involving business appraisals, sales, mergers and acquisitions; as well as having been a party to numerous complex financing transactions.
Mr. Hastings has provided expert testimony in trials and depositions related to financial matters.
He served six years as a Finance Commissioner of Texas. The Finance Commission provides overall policy and supervisory control for the Banking Department, the Savings and Loan Department, and the Office of Consumer Credit Commissioner.
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"; } }); }- American Institute of Certified Public Accountants
- Texas Society of Certified Public Accountants
- American Society of Appraisers
- National Association of Certified Valuation Analysts
- AICPA Business Valuation & Forensic Litigation Support
- Financial Executive Institute
- ValueScope, Inc.
Managing Director, 2006-present - Value Capital, LLC
Principal, 2001-2006 - Finance Commission of Texas
Director, 1994-2000 (public service) - MedCare Financial Solutions, Inc.
President, 1994-2001 - H.D. Vest Financial Services
Executive Vice President and CFO, 1986-1994 - Arthur Andersen & Co.
Senior Manager, 1979-1986
Relevant Insights
Property Tax Reporting and Disputes
Bankruptcy, Reorganizations, and Restructuring Consulting
