Philip Saunders Associates (PSA) provides consultation and analysis on valuation, business, and finance issues for clients with interests in bankruptcy cases. Assignments involve assessment of feasibility of reorganization; valuation of companies, certain assets, or contractual rights to determine solvency or fraudulent transfer; determination of "ordinary course of business" in voidable preference analysis; investigation of fraud; estimation of market rate of interest in cramdown; or assessment of whether a reorganization plan meets the good faith standard.

Dr. Saunders has served as a Chapter 11 Trustee, Chapter 7 Trustee, and Examiner for the United States Bankruptcy Court.

Selected cases

As examiner for U. S. Bankruptcy Court, in restaurant company case with multiple competing reorganization plans, Dr. Saunders monitored company operations, advised Court on plans, put plans in standard format for comparison, analyzed feasibility, negotiated with proponents to obtain adequate funding, and managed voting process. Company was sold, providing new management, working capital, and dividend for unsecured creditors.

For real estate investor in chapter 11 with secured creditor seeking relief from stay on office building, PSA investigated subject property and local office real estate market, reviewed current financing terms and availability, and estimated appropriate market interest rate to be used in cramdown.

As trustee of heavy construction company which had been in chapter 11 for two years with no progress toward reorganization, Dr. Saunders took control, instituted budgeting and cash flow projection, obtained working capital advances from largest customer, and collected outstanding receivables. Company's financial condition was stabilized, and company was sold, producing 24% dividend to unsecured creditors.