Gary Durham Consulting
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Case Studies: Bankruptcy


About Gary Durham

Areas of Expertise

Case Studies

Business & Securities Valuation
Tax & Estate Planning
Divorce & Business Disputes


  • DirecTV Latin America, a leading provider of digital direct-to-home satellite television entertainment in Latin America, was weighted down with over $2 billion of debt and significant fixed price contracts. Gary led the project of determining the reorganization value and liquidation value of DTVLA. He was also responsible for calculating the value of the equity to be distributed as part of the Plan of Reorganization. Additionally, Gary assisted DTVLA with the development of their business plan and the negotiation and restructuring of new programming contracts. DTVLA successfully emerged from bankruptcy due, in a large part, to Gary's work.

  • Mirant Corporation is a $6 billion electricity provider that was burdened with significant debt while experiencing a downturn in market conditions. Gary led the Mirant team called by its Board of Directors to evaluate Mirant's financial position at different points in time along with billions of dollars of transactions. Gary also assisted a team of electricity experts with financial and accounting issues in settling a $1 billion contract rejection claim for a small fraction of the claim.

  • Fleming Companies was a $15 billion wholesale distributor of consumable goods that became quickly distressed due to a vendor squeeze, the loss of its largest customer, and the capital markets' reaction to financial reporting errors. Gary led the analysis of potential fraudulent transfers of approximately $300 million which was used in negotiations and successful settlements in Fleming's bankruptcy. Gary also evaluated Fleming's reclamation claims using various forms of financial analysis, helping to settle claims key to Fleming's Plan of Reorganization. He also successfully negotiated the settlement of six of Fleming's largest preference claims totaling approximately $50 million.

  • Logix Communications, Inc. was a victim of the downturn in the telecom industry. On this case, Gary was responsible for evaluating bids to purchase Logix's core business. Gary also provided consulting to determine the value of the securities distributed according to Logix's Plan of Reorganization as well as the liquidation value of Logix. Gary testified regarding the feasibility of Logix's Plan and the Best Interest of Creditors Test.

  • General Wireless, Inc. acquired several C-Block licenses from the FCC for more than $1 billion. Gary developed the analysis supporting the Court's decision that the C-Block licenses purchased by GWI were only worth $166 million, meaning GWI only had to pay $58 million to receive the licenses, for which it bid $1 billion. This resulted in a refund to GWI from the FCC of approximately $900 million.

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