PRESS RELEASE
Zolfo Cooper Expands to Include Financial Investigation and Litigation Consulting Services; Adds Senior Restructuring Talent
Industry veteran, John Cherpock, to lead new practice serving law firms, in-house counsel and corporations
NEW YORK, November 16, 2009 - Zolfo Cooper, the leading financial advisory, restructuring and interim management firm, announced today that it has expanded its services to include financial investigation and litigation consulting. The new practice is being led by John Cherpock, who most recently ran the litigation consulting and financial investigative services practice at Protiviti.
Zolfo Cooper also announced it has added expertise to its senior ranks, with the hiring of two experienced restructuring professionals. Sherman Edmiston joins Zolfo Cooper from Huron Consulting Group, bringing specific experience as a valued financial advisor to numerous lender groups and distressed companies. Mark Rechan joins Zolfo Cooper from Gibson & Rechan, a restructuring advisory and interim management firm he co-founded. He brings significant experience working constructively with companies and advising various creditor constituents, which will further develop the firm's expertise in the restructuring market.
All professionals are based out of the firm's New York headquarters.
"We are delighted to significantly strengthen our senior team to give clients the full benefits of independent, world-class restructuring and litigation expertise," said Joff Mitchell, national practice leader, in announcing the new hires. "Litigation and restructuring are often intertwined. Given the increase in litigation stemming from the current economic environment, John's track record of helping companies and their counsel successfully resolve complex disputes is especially relevant."
The backgrounds of the new Zolfo Cooper professionals are as follows:
Service Expansion: Financial Investigation and Litigation Consulting Services
John Cherpock, Managing Director
Cherpock has over 30 years of experience assisting clients in identifying and resolving complex financial and business challenges. He is widely recognized for successfully preserving and protecting the enterprise value of organizations, including a high profile assignment involving $16 billion at risk.
Cherpock has significant experience in litigation consulting, forensic accounting, fraud investigation and bankruptcy/troubled company financial advisory services. He has also assisted clients in managing their business risks in substantial investigations, including a crisis resulting in a financial restatement where in excess of $500 million of fraudulent reporting to shareholders was uncovered. His talents include helping businesses and their counsel work effectively with regulators, law enforcement and creditors during challenging times to preserve enterprise value.
In 2002, he joined Protiviti to lead its litigation and financial investigation services practice. Prior to joining Protiviti, Cherpock founded a certified public accounting firm that specialized in providing litigation consulting and financial investigation and advisory services. Cherpock was also previously the co-leader of the litigation consulting practice at FTI Consulting. He began his career in the audit division at Arthur Andersen in 1977. Cherpock earned his undergraduate degree from Queens College and his MBA from Hofstra University. He is a certified public accountant, a certified fraud examiner and is certified in financial forensics by the AICPA.
Additional Expertise: Restructuring Advisory
Sherman Edmiston III, Managing Director
Edmiston joins Zolfo Cooper with more than 17 years of experience in distressed and special situations as a financial advisor, investor and as a lender. He has provided financial advisory and corporate restructuring services to debtors and creditors, both in and out of court.
Most recently he was with Huron Consulting Group and prior to that, Glass & Associates, where he was responsible for managing the firm's relationships with hedge funds and private equity sponsors. Sherman co-founded JME Management LLC, a distressed and special situation investment vehicle, where he played a key role in the formation of the investor group and in raising financing for the acquisition of Diversified Machines (Uniboring Inc.) by the Carlyle Group and JME.
Prior to JME, Edmiston was a research analyst at Long Drive Management Trust, the proprietary distressed investment group of Nomura Securities. Edmiston was a Director at CIBC World Markets in leveraged finance and PricewaterhouseCoopers in financial advisory services where he advised both companies and creditor committees in financial restructuring transactions. Edmiston began his career at Chase Manhattan Bank.
Selected financial advisory assignments include: JL French Automotive Castings, Meridian Technologies, Plastech, Dura Automotive Systems, Alabama Pine Pulp, Icon Health & Fitness, Michael Petroleum Corporation, Recycling Industries and Pegasus Gold. Edmiston has also played a key role on the following creditor committees: Grove Worldwide, Oglebay-Norton, Norcal Waste Systems, Systems Integrators and Lexington Precision. Edmiston has an M.B.A. in finance and accounting from the Ross School of Business at the University of Michigan and a B.S. in mechanical engineering from Arizona State University.
Mark Rechan, Managing Director
Rechan joins Zolfo Cooper with more than 20 years of experience in restructuring, workouts and leveraged finance. Most recently he was with Gibson & Rechan, LLC, a restructuring advisory and interim management firm he co-founded.
Rechan has advised companies, boards, investors and lender groups, served in interim management roles and led assignments in many industries. He has extensive experience assisting businesses with all aspects of operational and financial restructurings, including liquidity management, formulating turnaround plans, implementing strategic and cost reduction initiatives, evaluating capital structure alternatives, obtaining financing, executing non-core divestitures and liquidations, and navigating in-court and out-of-court restructuring proceedings.
Prior to Gibson & Rechan, Rechan was a managing director and chief workout officer at Stanfield Capital Partners, LLC where he invested in and managed leveraged bank loans, high yield corporate bonds and distressed debt. Prior to that, he worked at Alvarez & Marsal, where he was principally focused on debtor advisory and interim management engagements. He began his career in corporate lending at Manufacturers Hanover Trust Company and later specialized in managing workouts at its successors, Chemical Bank and Chase Manhattan Bank.
Rechan has wide-ranging experience advising debtors, all tranches of secured and unsecured lenders and bondholders. Representative restructuring advisory assignments include: Portola Packaging, Euro-Pro Holdings, Kelmscott Communications, Fortune 1000 publishing company, Solucient, PresGar Companies, Productivity Point International, APS Holdings, Viking Freight, and Allegheny Health, Education and Research Foundation. He has also managed or participated in numerous large corporate and middle market restructurings in a workout and distressed investment capacity.
Rechan has an M.B.A. in finance from Columbia Business School and a B.A. in economics from Brown University. Commenting on the expansion, Mitchell said, "We are pleased to welcome each of these talented professionals to the firm. Their skills complement our collective experience and further position Zolfo Cooper to assist clients facing their toughest financial operational and legal challenges."
About Zolfo Cooper
Zolfo Cooper is the world's premier independent financial advisory and interim management firm, serving leading law firms, investors and corporations. For more than 25 years, Zolfo Cooper professionals have helped companies and their stakeholders manage the unique challenges of financial and operational distress. Zolfo Cooper's services include: interim and crisis management, turnaround consulting, creditor advisory, performance improvement, cross-border restructuring, corporate finance, financial investigation and litigation consulting services.
Contact:
Rebecca Randall
Zolfo Cooper
(212) 561-4004
Industry veteran, John Cherpock, to lead new practice serving law firms, in-house counsel and corporations
NEW YORK, November 16, 2009 - Zolfo Cooper, the leading financial advisory, restructuring and interim management firm, announced today that it has expanded its services to include financial investigation and litigation consulting. The new practice is being led by John Cherpock, who most recently ran the litigation consulting and financial investigative services practice at Protiviti.
Zolfo Cooper also announced it has added expertise to its senior ranks, with the hiring of two experienced restructuring professionals. Sherman Edmiston joins Zolfo Cooper from Huron Consulting Group, bringing specific experience as a valued financial advisor to numerous lender groups and distressed companies. Mark Rechan joins Zolfo Cooper from Gibson & Rechan, a restructuring advisory and interim management firm he co-founded. He brings significant experience working constructively with companies and advising various creditor constituents, which will further develop the firm's expertise in the restructuring market.
All professionals are based out of the firm's New York headquarters.
"We are delighted to significantly strengthen our senior team to give clients the full benefits of independent, world-class restructuring and litigation expertise," said Joff Mitchell, national practice leader, in announcing the new hires. "Litigation and restructuring are often intertwined. Given the increase in litigation stemming from the current economic environment, John's track record of helping companies and their counsel successfully resolve complex disputes is especially relevant."
The backgrounds of the new Zolfo Cooper professionals are as follows:
Service Expansion: Financial Investigation and Litigation Consulting Services
John Cherpock, Managing Director
Cherpock has over 30 years of experience assisting clients in identifying and resolving complex financial and business challenges. He is widely recognized for successfully preserving and protecting the enterprise value of organizations, including a high profile assignment involving $16 billion at risk.
Cherpock has significant experience in litigation consulting, forensic accounting, fraud investigation and bankruptcy/troubled company financial advisory services. He has also assisted clients in managing their business risks in substantial investigations, including a crisis resulting in a financial restatement where in excess of $500 million of fraudulent reporting to shareholders was uncovered. His talents include helping businesses and their counsel work effectively with regulators, law enforcement and creditors during challenging times to preserve enterprise value.
In 2002, he joined Protiviti to lead its litigation and financial investigation services practice. Prior to joining Protiviti, Cherpock founded a certified public accounting firm that specialized in providing litigation consulting and financial investigation and advisory services. Cherpock was also previously the co-leader of the litigation consulting practice at FTI Consulting. He began his career in the audit division at Arthur Andersen in 1977. Cherpock earned his undergraduate degree from Queens College and his MBA from Hofstra University. He is a certified public accountant, a certified fraud examiner and is certified in financial forensics by the AICPA.
Additional Expertise: Restructuring Advisory
Sherman Edmiston III, Managing Director
Edmiston joins Zolfo Cooper with more than 17 years of experience in distressed and special situations as a financial advisor, investor and as a lender. He has provided financial advisory and corporate restructuring services to debtors and creditors, both in and out of court.
Most recently he was with Huron Consulting Group and prior to that, Glass & Associates, where he was responsible for managing the firm's relationships with hedge funds and private equity sponsors. Sherman co-founded JME Management LLC, a distressed and special situation investment vehicle, where he played a key role in the formation of the investor group and in raising financing for the acquisition of Diversified Machines (Uniboring Inc.) by the Carlyle Group and JME.
Prior to JME, Edmiston was a research analyst at Long Drive Management Trust, the proprietary distressed investment group of Nomura Securities. Edmiston was a Director at CIBC World Markets in leveraged finance and PricewaterhouseCoopers in financial advisory services where he advised both companies and creditor committees in financial restructuring transactions. Edmiston began his career at Chase Manhattan Bank.
Selected financial advisory assignments include: JL French Automotive Castings, Meridian Technologies, Plastech, Dura Automotive Systems, Alabama Pine Pulp, Icon Health & Fitness, Michael Petroleum Corporation, Recycling Industries and Pegasus Gold. Edmiston has also played a key role on the following creditor committees: Grove Worldwide, Oglebay-Norton, Norcal Waste Systems, Systems Integrators and Lexington Precision. Edmiston has an M.B.A. in finance and accounting from the Ross School of Business at the University of Michigan and a B.S. in mechanical engineering from Arizona State University.
Mark Rechan, Managing Director
Rechan joins Zolfo Cooper with more than 20 years of experience in restructuring, workouts and leveraged finance. Most recently he was with Gibson & Rechan, LLC, a restructuring advisory and interim management firm he co-founded.
Rechan has advised companies, boards, investors and lender groups, served in interim management roles and led assignments in many industries. He has extensive experience assisting businesses with all aspects of operational and financial restructurings, including liquidity management, formulating turnaround plans, implementing strategic and cost reduction initiatives, evaluating capital structure alternatives, obtaining financing, executing non-core divestitures and liquidations, and navigating in-court and out-of-court restructuring proceedings.
Prior to Gibson & Rechan, Rechan was a managing director and chief workout officer at Stanfield Capital Partners, LLC where he invested in and managed leveraged bank loans, high yield corporate bonds and distressed debt. Prior to that, he worked at Alvarez & Marsal, where he was principally focused on debtor advisory and interim management engagements. He began his career in corporate lending at Manufacturers Hanover Trust Company and later specialized in managing workouts at its successors, Chemical Bank and Chase Manhattan Bank.
Rechan has wide-ranging experience advising debtors, all tranches of secured and unsecured lenders and bondholders. Representative restructuring advisory assignments include: Portola Packaging, Euro-Pro Holdings, Kelmscott Communications, Fortune 1000 publishing company, Solucient, PresGar Companies, Productivity Point International, APS Holdings, Viking Freight, and Allegheny Health, Education and Research Foundation. He has also managed or participated in numerous large corporate and middle market restructurings in a workout and distressed investment capacity.
Rechan has an M.B.A. in finance from Columbia Business School and a B.A. in economics from Brown University. Commenting on the expansion, Mitchell said, "We are pleased to welcome each of these talented professionals to the firm. Their skills complement our collective experience and further position Zolfo Cooper to assist clients facing their toughest financial operational and legal challenges."
About Zolfo Cooper
Zolfo Cooper is the world's premier independent financial advisory and interim management firm, serving leading law firms, investors and corporations. For more than 25 years, Zolfo Cooper professionals have helped companies and their stakeholders manage the unique challenges of financial and operational distress. Zolfo Cooper's services include: interim and crisis management, turnaround consulting, creditor advisory, performance improvement, cross-border restructuring, corporate finance, financial investigation and litigation consulting services.
Contact:
Rebecca Randall
Zolfo Cooper
(212) 561-4004