Concurrent Session
FVC2339. Shoot the Moon: When Fraud Kills Your Company – Chapter 11 Turnaround & Restructuring Uncovers Fraud Resulting in Failed Franchisee and Jail Time for Owner
As liquidating trustee, Jeremiah Foster and Resolute were tasked with winding down Shoot the Moon, a three-state, fifteen franchise restaurant group. Forensic accounting uncovered sources and uses of funds over a five-year period revealing a kiting scheme, Ponzi scheme, and merchant cash advance lending activities. Hear Mr. Foster walk through the case study, highlighting the process, role, and fiduciary duties of a trustee.
Learning Objectives:
- Identify the most common financial and accounting-related goals in CH. 11
- Recognize the critical role that a 13-week cash flow plays in cash collateral approval and operational funding needs
- Identify how forensic accountants assist trustees in preference claims litigation and claw-backs
- Identify and discuss Kiting and Ponzi scheme analyses performed by forensic accountants
- Interpret the Chapter 11 363 Sale Process
- Interpret the landmark decision ruling achieved by the Trustee relating to the structure of Merchant Cash Advance Loans v. Accounts Receivable Factoring Contracts
Date/Time
–
CPE Credits
1.5
NASBA Field of Study
Accounting
Level
All
Speakers