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| Miller Canfield and DWH Partner to Advise Charter Schools on Dissolution and Liquidation | ||||
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Miller Canfield and DWH are collaborating to provide a tailored, cost-effective approach for troubled Public School Academies (“PSA”) facing closure, including the need for a receiver to dissolve the PSA and the liquidation of its assets. DWH is a recognized leader in business advisory services including turnarounds, restructuring and strategic growth management. With the recent addition of Heather Gardner, DWH has expertise in the management, operation and dissolution of PSAs. DWH’s extensive team, including Detroit-based Managing Director, Clayton Vanderpool, has expertise in financial consulting and liquidations including having served as receiver in a variety of settings. DWH, with Heather and Clayton as leads, has the experience and expertise to successfully liquidate a PSA, including acting as a receiver when appropriate. Miller Canfield has legal expertise in the formation, financing, dissolution and liquidation of PSAs. The two team leads for Miller Canfield are Jim Crowley and Steve Roach. Jim has extensive experience in financing PSAs and the restructuring of debt obligations. Steve is a seasoned trial lawyer with extensive experience in the use of receiverships to liquidate various assets, including the dissolution and liquidation of PSAs. Miller Canfield has the experience and expertise to provide the legal services needed for the dissolution and liquidation of a PSA, importantly in the representation of a receiver. The collaborative effort of DWH and Miller Canfield will provide cost-effective, result-driven solutions that consider the needs of the students, teachers, authorizers, board members and creditors. We look forward to discussing this with you in further detail. Additional Information About Miller Canfield: Miller Canfield is the oldest firm in Michigan, with a strong finance heritage. The Firm has several attorneys in its Public Finance Group that specialize in the representation of Michigan public school academies (“PSA”). These attorneys regularly represent PSAs throughout the State with the legal aspects of their financial and borrowing needs. The Firm’s attorneys also have expertise in the legal issues regarding the funding and financial management of PSAs under State law. Our attorneys regularly serve as bond counsel and note counsel to PSAs with respect to their short and long-term borrowing needs. Recently our Firm assisted three of our PSA clients with the restructuring of their outstanding Bonds resulting in reduced debt service to improve the financial condition of these schools. The Firm’s knowledge and experience with wind-up and dissolution have resulted in the representation of several of our public school clients with the legal aspects of the wind-up and dissolution of the academy after the charter contracts were terminated or non-renewed, and has represented creditors in such settings. Additional Information about DWH: Our story began with a simple belief that business consulting could and should be done differently. Rather than concentrate exclusively on profit, we focus on people and process, taking the time to understand the organization’s needs and what is truly important. We are built on the core philosophy that people matter and to make a difference in their lives, we are committed to maximizing value, opportunities and outcomes for all stakeholders. We treat people the way we would want to be treated while considering the needs and expectations of all stakeholders. Our experience has included operating as court-appointed receivers for situations involving ongoing operations as well as liquidations. Additional services include the development of plans for continued operations, liquidation or sale of organizations or their assets. By following and implementing tested protocols, our team can provide recommendations that yield clear and objective outcomes for the students, teachers, authorizers, board members and creditors. For every partnership, people inspire the solutions we provide and the trajectory of our clients. Please contact your Miller Canfield attorney or your DWH advisor for more information. |
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