Situation
Latshaw Enterprises, Inc., a privately held holding company, needed to liquidate for estate planning purposes. There were many challenges: missing environmental records; the shareholders were unaffiliated and could not accept indefinite exposure for indemnification liabilities; and the holding company had five unrelated subsidiaries, significantly reducing the pool of potential bidders.
Result
After acting to minimize pension liabilities, we negotiated limited escrows that were coordinated with foreign insurance products. We excluded shareholders from post-closing indemnification liability, and the company received a $75 million price, in cash.