No one is better suited to navigate the financial services sector than our team, comprised of CPAs, CFAs, restructuring and legal professionals. Our leaders have advised on some of the most relevant financial services restructurings in recent history, including the restructurings of Vesta Holdings, GWG Holdings and Patriot National. Province has been engaged both in- and out-of-court to provide financial advisory services to companies, unsecured creditors’ committees, independent directors and liquidating trustees, among others, effectively serving its clients in a myriad of roles.
Corporate Advisory
- Business Plan Assessment
- Solvency Analysis
- Restructuring / Reorganization
- Tax Analysis
- Intercreditor Negotiations
Acquisitions & Dispositions
- Transaction Diligence and Negotiations
- Valuation Analysis
- Intercompany Transaction Analysis
Litigation Services
- Expert Witness Valuation
- Claims and Exposure Investigation
- Damages and Lost Profits Analysis
- Claims Recovery Maximization
Summit Risk Advisors LLC and parent company Vesta Holdings, LLC (collectively, “SRA”) is a national insurance brokerage consisting of 17 agencies across eight states. Although the Company was cash flow positive, alleged misconduct by the Vesta Holdings, LLC founder/CEO caused SRA to default on its ~$120 million secured loan and spurred litigation from allegedly defrauded parties. Ultimately, SRA management elected to sell substantially all of its assets through a §363 sales process. Province was engaged as financial advisor to assist SRA through its chapter 11 filing as well as run a comprehensive §363 sales process. During SRA’s Chapter 11 proceedings, Province performed comprehensive diligence of the business, developed a robust go-forward business model with five-year projection and debtor-in-possession cash flow models, developed a comprehensive CIM presentation, assisted in the fabrication of all relevant bankruptcy filings, helped negotiate a stalking horse purchase with the prepetition secured lender, and successfully completed a 363-sale process through all relevant milestones and court filings.
Role
Financial Advisor to the Company
Date
October 2022 – present
Sector
Financial Services
GWG Holdings, Inc. (together with its affiliates, “GWG”) operates as a financial services company with a focus on the secondary life insurance market and as a liquidity provider to high-net-worth individuals through its extensive investments in the Beneficient Company Group, L.P. (“Ben”). From 2018 to 2021, GWG pivoted away from its second life insurance operations and invested an aggregate of $300 million in Ben, assuming full control in late 2019. After Ben failed to execute its business plan and successfully position itself for a public offering, the SEC opened an investigation into certain GWG investments and related disclosures of its investments into Ben. Shortly thereafter, GWG ran out of liquidity and was forced to file for chapter 11 in April 2022. Province was retained as a financial advisor by the investigations committee of GWG’s Board of Directors to investigate and analyze specific transactions between GWG and Ben to determine the existence and scope of claims arising against Ben.
Role
Financial Advisor to the Independent Directors for the Investigative Committee of GWG
Date
September 2022 – present
Sector
Financial Services
Patriot National, Inc. is a national provider of technology and outsourced services to the insurance industry. The company filed for bankruptcy protection with the intent of implementing a restructuring and recapitalization plan to maximize and preserve going concern value. Province was retained to perform a number of key tasks, including scrutinizing the debtors’ proposed DIP facility, providing an independent analysis of the company’s pro-forma financials and valuation in context of the RSA and valuation allocation negotiations and investigating the company’s prepetition conduct to determine potential recoveries via avoidance actions and causes of action.
Role
Financial Advisor to Official Committee of Unsecured Creditors and Litigation Trustee
Date
February – July 2018
July 2018 – present
Sector
Financial Services