In a claim brought by the trustee of a bankrupt bank holding company, defense counsel retained Cornerstone Research.
Retained by Davis Polk & Wardwell
In a claim brought by the trustee of a bankrupt bank holding company, defense counsel retained Cornerstone Research. The trustee claimed that the holding company had been insolvent at the time of a debt offering, and thus that the ensuing transfer of proceeds from the offering to subsidiary banks had been inappropriate.
At trial, we assisted in preparing expert testimony presenting those findings and helped counsel prepare to cross-examine many of the trustee’s experts.
Cornerstone Research helped prepare expert testimony establishing that the holding company had been solvent at the time of the transaction and found that the subsequent deterioration in the condition of the holding company and its subsidiaries arose from unfavorable regulatory and economic developments after the debt offering. At trial, we assisted in preparing expert testimony presenting those findings and helped counsel prepare to cross-examine many of the trustee’s experts. The case settled during the trial.
