Successful Restructuring of an Oil Field Service Company

Particle Drilling Technologies, Inc., based in Houston, Texas, is an oilfield service company in the process of commercializing its patented advanced drilling technology known as Particle Impact Drilling (PID). The purpose of the PID System is to significantly reduce the time and cost of drilling hard rock or other difficult to drill formations. The company was publicly‐held from 2004 through May of 2009, and has operated since 1993. Deteriorating capital markets, costly financing and weak financial management were driving Particle’s cash burn and the Lehman bankruptcy…

Capital Structure and Bankruptcy

Accumyn represented one of the parties subject to federal government fines as a result of the Macondo oil spill.     One of the key issues in this proceeding was the probability that the client would either suffer a credit rating decrease or be forced into bankruptcy as a consequence of the proposed fines.   In support of the Accumyn’s testifying expert, Dan examined the client’s capital structure and determined that both downgrade and default were risks owing to the company’s…

Business dispute between Insurance MGA and Insurance Carrier

In a lawsuit involving termination of a Managing General Agency agreement by an insurance carrier, Accumyn provided a review of the operating documents and transactions involved in a multi-state insurance program, and the impact of an insurance carriers untimely termination of the program had on commission income earnings by the MGA, insurance agency relationships that the MGA brought to the relationship, and profit contingency to be received by the MGA. In this ongoing case, Accumyn has made extensive calculations and…

SCOTT A. BAYLEY

Mr. Bayley, a Managing Director, is the founder of Accumyn and serves as its President. He has served public and private businesses, governmental entities, and law firms with auditing, accounting, financial, and economic consulting services for over thirty years. A primary focus of his practice is analysis of financial damages and economic claims, valuation analysis, fraud and forensic accounting examinations, preparation of expert reports and expert testimony regarding accounting disputes, claims of financial and economic loss, and valuation opinions.His dispute…

CHARLES TORMO

Mr. Tormo is a Senior Managing Director of Accumyn Consulting with over 25 years of experience focusing on dispute damages analysis, valuation, finance, and forensic accounting.  As an expert witness economist and CPA, and current Director of Operations of Accumyn, Mr. Tormo leads a team of seasoned professionals that works full time in assisting clients in litigation matters. This group has worked for years as a consolidated team as part of one of the leading dispute consulting practices in the…

CORPORATE RECOVERY

CORPORATE RECOVERY We provide hands-on solutions to financially distressed and underperforming companies. We help these companies overcome operational, financial, and organizational challenges. In today’s continually evolving business environment, where capital is scarce and speed of execution is critical, we have successfully turned around businesses to sustainable operation for long term growth. We have been hired in a multitude of roles including CRO, CFO, and financial advisor, both inside and outside bankruptcy proceedings. We apply our expertise to assist lenders and…

ALLEN PARKS

Mr. Parks is Managing Director of Oil Field Services at OFSCap. He also serves as an advisor to StormHarbour Securities in all energy related restructuring transactions. Prior to that he was Managing Director at Global Hunter Securities. Previously, Allen founded Parks Paton Hoepfl & Brown (PPHB) in 2003 to provide financial advisory expertise to the oilfield services sector. Before founding PPHB, he led the oil field services investment banking efforts at CIBC World Markets and Dain Rauscher Wessels (now RBC).…

R. MICHAEL STROMAN

Mr. Stroman has over 35 years of experience in the insurance industry. Currently serving as an industry consultant, he assists insurance purchasers, insurance companies and agents, and their attorneys, accountants and other industry advisors, with agency management, claims consulting, underwriting practices, standard of care, and other technical assistance. Mr. Stroman has assisted numerous clients with transaction advisory services, assisting with the identification of merger & acquisition candidates, the structuring of transactions, valuation, and general insurance company and agency consultation. Mr.…

JERRY TURNER

Mr. Turner is the founder and President of T-4 Investment Solutions LLC (T4IS). His clients include financial institutions, domestic and international governmental entities, law firms, and public and private businesses. Jerry provides a broad array of services, including quantification of damages, transaction assistance, mediation assistance, financial analysis, preparation of expert reports and expert testimony regarding real estate and financial disputes, operations review and analysis, contract examination and valuation analysis. Mr. Turner’s dispute experience includes assisting in matters such as tenant/landlord…

DAN WATSON

Dr. Watson is an expert on econometric and statistical analytics, valuation analysis, economic and financial damage claim computations, and risk management. He teaches Security and Asset Valuation at Rice University.   He also serves as faculty advisor to student teams working as consultants to businesses as part of the school’s Advanced Learning Project.  Dan is a Certified Valuation Analyst. Dan has recently advised a large industrial firm on the probability that non-tradeable executive stock options would “in the money” at…
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