March 1, 2006
Standing in the client's shoes helps us at Moses & Singer better understand and serve our clients' needs. Recently, two of our Partners, Alan Kolod and Howard Herman, served on the four member Board of Directors of financially troubled Daticon Inc. and helped the company, and its counsel and financial advisor, successfully complete a $30 million Section 363 bankruptcy sale to Xiotech, Inc. The Board engineered a sale process that achieved a full recovery for all creditors and even some recovery for the equity holders and averted the costly litigation and write-offs that were expected before the process began.
Howard Herman reported that “wearing the client’s hat adds to our wealth of experience and helps us better appreciate and achieve our clients’ goals.” Alan Kolod observed that it was rewarding to “use my bankruptcy experience in this difficult process to help produce such a positive business transaction for all interested parties.”