Bankruptcy and Insolvency Litigation

Engagement Engaged to evaluate malpractice claims against the auditor of several large bankrupt publicly traded companies that had been engaged in banking, brokerage, insurance and lending services. Ocean Tomo evaluated accounting and auditing practices, particularly related to franchise fee revenue recognition and the allowances for uncollectible loans and determined extent of entities’ insolvency. Ocean Tomo [...]

Engagement Engaged by counsel for several different state insurance departments in their roles and receivers and/or liquidators of insolvent insurance companies to assist in assessment of whether financial statements were prepared in accordance with statutory accounting practices, analysis of the conduct of directors and officers, and evaluation of compliance by auditors with generally accepted auditing. [...]

Engagement Ocean Tomo was engaged by counsel to evaluate a variety of damages considerations involving the assertion of “deepening insolvency” as a theory of damages. In that regard, we constructed and evaluated models that sought to measure the difference between actual results and but-for results of an insolvent insurance company. Deposition and trial testimony provided. [...]