Charles Goldstein

Professional Experience

Charles Goldstein has more than 25 years experience providing financial consulting services and expert testimony in a variety of areas including corporate restructuring, transaction services, bankruptcy consulting, financial investigations, and complex commercial litigation.

 

Areas of Practice

  • Provides restructuring, turnaround and crisis management services. He also provides financial advisory and investigative services to debtors, financial sponsors, secured and unsecured creditors, trustees, and other interested parties.
  • Performs business valuations for use in commercial litigation and bankruptcy matters.
  • Directs due diligence and consulting services for both buy and sell side engagements as well as loan collateral analysis for lenders.
  • Directs financial forensic investigations where he provides investigative services, damage calculations and expert witness testimony in fraud, bankruptcy, and litigation matters.

Major Projects

  • Served as restructuring consultant to UniTek Global Services, Inc. and its subsidiaries, a fully-integrated solutions provider to customers in the wireless telecommunications, public safety, satellite television and broadband cable industries in the United States and Canada, throughout the Chapter 11 process.
  • Served as restructuring advisor to Optim Energy, LLC and its subsidiaries, the owners and operators of three power generating facilities (two natural gas and one coal-fired), throughout the Chapter 11 process.
  • Served as CRO for a $150 million government contractor.  Lead company’s loan restructuring and refinancing efforts.  In addition, led sell-side due diligence, advising company regarding its strategic direction, and various operational efficiency and reporting improvements.
  • Served as financial advisor to MACH Gen, LLC and its subsidiaries, the owners and operators of three combined-cycle natural gas power generating facilities, throughout the restructuring process.
  • Served as financial advisor to the debtor, Adfitech, Inc., a mortgage loan quality control entity.  Provided expert testimony regarding plan confirmation. Also assisted in the preparation of asset purchase agreement.
  • Appointed Plan Administrator and a director of the liquidating entities for NEGT-Energy Trading, overseeing the distribution of over $600 million to creditors.  Led Estate from initial distribution estimates to allowed unsecured creditors from, on average, 20 to 30 cents on the dollar to 60 to 70 cents on the dollar.
  • Served as Chapter 7 Trustee for Just for Feet. Managed the liquidation of the former $750 million revenue corporation, disallowed $66 million in administrative and priority claims, identified over $600 million in duplicate or amended claims and collected over $31 million in preference recoveries.  Additionally conducted an investigation into the company’s accounting practices which resulted in a cumulative recovery of over $80 million for the Estate. Lead Estate from administrative
  • Served or serving as fiduciary in a variety of cases as Chapter 7 or 11 bankruptcy trustee or state court-appointed receiver in various jurisdictions, managing the liquidation or reorganization of the debtor’s assets, negotiating sales and settlements of multi-million dollar transactions, and resolving claim disputes.

Testimony

  • Hearing Testimony in re: The Peoples Community Health Centers, Inc. (Case No. 15-10228) U.S. Bankruptcy Court, District of Maryland. Subject matter: ability of the estate to pay claims (testimony given in 2016).
  • Hearing Testimony in re: Peerless Specialty Flooring, LLC (Bankruptcy Case No. 16-18041) U.S. Bankruptcy Court, District of Maryland. Subject matter: sale of Debtor’s assets (testimony given in 2016).
  • Deposition Testimony in re: Truland Group, Inc., et al. (Bankruptcy Case No. 14-12766) Klinette Kindred, Chapter 7 Trustee v Robert W. Truland and Mary W. Truland, U.S. Bankruptcy Court, Eastern District of Virginia. Subject matter: financial condition of Truland Group, Inc. (testimony given in 2016).
  • Hearing Testimony in re: The Peoples Community Health Centers, Inc. (Case No. 15-10228) U.S. Bankruptcy Court, District of Maryland. Subject matter: liquidation plan (testimony given in 2016).
  • Deposition Testimony in re: Five Star Physician Services LLC v William H. Robins et al (Case No. C-2-CV-15-860) Anne Arundel Circuit Court. Subject matter: valuation of enterprise and damages calculation (testimony given in 2015).
  • Hearing Testimony in re: The Peoples Community Health Centers, Inc. (Case No. 15-10228) U.S. Bankruptcy Court, District of Maryland. Subject matter: plan confirmation issues (testimony given in 2015).
  • Deposition Testimony in re: Client Network Services Inc. (“CNSi”) v State of Louisiana et al. (Case No. 621271) 19th Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. Subject matter: financial condition of CNSi (testimony given in 2014).
  • Deposition Testimony in re: K Capital Corporation (Bankruptcy Case No. 10-35540)-Charles Goldstein, Chapter 7 Trustee v JMLS Holding Company, Inc. (Adv. Pro. No. 12-00768) U.S. Bankruptcy Court, District of Maryland. Subject matter: Fraudulent Conveyance and related damages (testimony given in 2014).
  • District of Maryland. Subject matter: Fraudulent Conveyance and related damages (testimony given in 2014).
  • Hearing Testimony in re: The Peoples Community Health Centers, Inc. (Case No. 15-10228) U.S. Bankruptcy Court, District of Maryland. Subject matter: ability of the estate to pay claims (testimony given in 2016).
  • Hearing Testimony in re: Peerless Specialty Flooring, LLC (Bankruptcy Case No. 16-18041) U.S. Bankruptcy Court, District of Maryland. Subject matter: sale of Debtor’s assets (testimony given in 2016).
  • Deposition Testimony in re: Truland Group, Inc., et al. (Bankruptcy Case No. 14-12766) Klinette Kindred, Chapter 7 Trustee v Robert W. Truland and Mary W. Truland, U.S. Bankruptcy Court, Eastern District of Virginia. Subject matter: financial condition of Truland Group, Inc. (testimony given in 2016).
  • Hearing Testimony in re: The Peoples Community Health Centers, Inc. (Case No. 15-10228) U.S. Bankruptcy Court, District of Maryland. Subject matter: liquidation plan (testimony given in 2016).
  • Deposition Testimony in re: Five Star Physician Services LLC v William H. Robins et al (Case No. C-2-CV-15-860) Anne Arundel Circuit Court. Subject matter: valuation of enterprise and damages calculation (testimony given in 2015).
  • Hearing Testimony in re: The Peoples Community Health Centers, Inc. (Case No. 15-10228) U.S. Bankruptcy Court, District of Maryland. Subject matter: plan confirmation issues (testimony given in 2015).
  • Deposition Testimony in re: Client Network Services Inc. (“CNSi”) v State of Louisiana et al. (Case No. 621271) 19th Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. Subject matter: financial condition of CNSi (testimony given in 2014).
  • Deposition Testimony in re: K Capital Corporation (Bankruptcy Case No. 10-35540)-Charles Goldstein, Chapter 7 Trustee v JMLS Holding Company, Inc. (Adv. Pro. No. 12-00768) U.S. Bankruptcy Court, District of Maryland. Subject matter: Fraudulent Conveyance and related damages (testimony given in 2014).
  • District of Maryland. Subject matter: Fraudulent Conveyance and related damages (testimony given in 2014).
  • Deposition Testimony in re: Universal Marketing, Inc., et al (Bankruptcy Case No. 09-14504) – Charles R. Goldstein, Chapter 7 Trustee for the Estate of Universal Marketing, Inc. et al., v. Wilmington Savings Fund Society, FSB (Adv. Pro. No. 11-00512) U.S. Bankruptcy Court, Eastern District of Pennsylvania.  Subject matter: Damages related to bank’s actions (testimony given in 2013).
  • Hearing Testimony in re: Curtis Dixon Colgate, et al v The Disthene Group, Inc. (Case No. CL11-117) Circuit Court of Buckingham County, Virginia. Subject matter: Process and valuation testimony, approval of sale of Cavalier Hotel and settlement agreement (proffered) (testimony given in 2013).
  • Deposition Testimony in re: K Capital Corporation v FDIC (Case No. 1:11-cv-01604-ELH) U.S. District Court, District of Maryland. Subject matter: action for recovery against K Bank receivership (testimony given in 2012).
  • Deposition Testimony in re: Rothschild Capital Partners LP, et al. v. Gorfine, Schiller, & Gardyn P.A., et al. (Case No. 24C11001195) Circuit Court of Baltimore City, Maryland. Subject matter: damage analysis (testimony given in 2012).
  • Hearing Testimony in re: Curtis Dixon Colgate, et al v The Disthene Group, Inc. (Case No. CL11-117) Circuit Court of Buckingham County, Virginia. Subject matter: appointment of receiver (testimony given in 2012).
  • Hearing Testimony in re: Vijay K. Taneja, et al., (Bankruptcy Case No. 08-13293)  U.S. Bankruptcy Court, Eastern District of Virginia. Subject matter: plan of reorganization testimony including substantive consolidation and support for elements of §1129 (testimony given in 2011).
  • Deposition Testimony in re: Harvest Bank of Maryland  v. Countrywide Home Loans, Inc. (Case No. 8:09-cv-00176-RWT). U.S. District Court, District of Maryland Southern Division.  Subject matter: Damages related to the purchase of a residential real estate portfolio (testimony given in 2011).
  • Deposition Testimony in re: Stanley Goldberg, et al. v. The State of Maryland (Case No. 02-C-07-126810 RP). Circuit Court for Anne Arundel County, Maryland.  Subject matter: Damages related to ownership of land subject to ground rents (testimony given in 2010).
  • Hearing Testimony in re: Universal Marketing, Inc. (Bankruptcy Case No. 09-14504).  Eastern District of Pennsylvania Bankruptcy Court. Subject matter: Substantive consolidation of non-debtor entities (testimony given in 2010).
  • Hearing Testimony in re: National Energy & Gas Transmission, Inc., et al. (Bankruptcy Case No. 03-30459-PM).  U.S. Bankruptcy Court, District of Maryland. Subject matter: Settlement with largest unsecured creditor (testimony given in 2010).
  • Deposition & Hearing Testimony in re: Black Crow Media Group L.L.C., et al. (Bankruptcy Case No. 10-00172) U.S. Bankruptcy, Middle District of Florida.  Subject matter: motion to dismiss, motion to approve cash collateral, motion to approve debtor-in-possession financing (testimony given in 2010).
  • Hearing Testimony in re: ADFITECH, Inc. (Bankruptcy Case No. 09-17788) U.S. Bankruptcy Court, District of Maryland.  Subject matter: plan confirmation (testimony given in 2010).

Papers, Publications & Presentations

  • “Management of a Chapter 11 Debtor,” May 14, 2016, Maryland Bankruptcy Bar Association Annual Spring Break Weekend.
  • “Receivership and Bankruptcy: Between Scylla and Charybdis,” July 24, 2015, American Bankruptcy Institute Southeast Bankruptcy Workshop
  • “Federal and Virginia Receiverships and Other Bankruptcy Alternatives,” September 18, 2014, VACLE’s Mid-Atlantic Institute on Bankruptcy and Restructuring.
  • “Working with Experts in Litigation,” April 5, 2014, National Association of Bankruptcy Trustees 2014 Spring Seminar
  • “Financial Advisors Roundtable: The Value of Valuations of Payment of Success Fees,” August 9, 2013, American Bankruptcy Institute Mid-Atlantic Bankruptcy Workshop.
  • “Claims Against Directors and Officers,” May 3, 2013, Maryland Bankruptcy Bar Association Annual Spring Break Weekend.
  • “The State of the Restructuring Industry,” June 6, 2012, Keynote Speaker at the Association of Insolvency and Restructuring Advisors’ 28th Annual Bankruptcy and Restructuring Conference.
  • “Considerations for Existing and Potential Directors and Officers of Financially Distressed Companies,” February 27, 2012, Boardmember.com.
  • “Board Risk Oversight,” November 8, 2011, speaker at the 2011 NACD Directorship Forum
  • “Board Leadership During a Crisis Situation,” April 8, 2011, presentation to The Directors’ Institute at The University of Maryland.
  • “Use of Financial Advisors in Chapter 11 Bankruptcy Proceedings,” April 2011, April 2010, April 2009, April 2008, October 2005, April 2004, November 2003, April 2003 and November 2002, Robert H. Smith School of Business, University of Maryland.
  • “Corporate Restructuring: Pitfalls and Opportunities,” October 2009 edition of The Metropolitan Corporate Counsel.
  • “Considerations for General Counsel in an Era of Troubled Companies: Tripwires and Ethical Concerns,” February 3, 2009, presentation to Association of Corporate Counsel, Chicago Chapter.
  • “Challenges of Growing your Practice,” June 4, 2008, presentation to the Association of Insolvency and Restructuring Advisors’ 24th Annual Bankruptcy and Restructuring Conference.
  • “Liquidation and Litigating Trust,” May 2, 2008, presentation to the Maryland Bankruptcy Bar Association.
  • “Use of Financial Advisors in Chapter 11 Bankruptcy Proceedings,” April, 2011, April 2009 and April 2008, presentation at the University of Baltimore.

 

Areas of Expertise

  • Corporate Restructuring & Recovery
  • Fiduciary Services
  • Transaction Services
  • Litigation & Financial Investigations

Industry Expertise

  • Healthcare
  • Government
  • Retail
  • Energy
  • Real Estate
  • Technology

Education & Certifications

  • BA – Economics, University of Maryland
  • MBA, University of Maryland
  • JD, University of Maryland
  • Certified Public Accountant (CPA)
  • Certified Insolvency & Restructuring Advisor (CIRA)
  • Certified in Financial Forensics (CFF)

Professional Memberships

  • American Institute of Certified Public Accountants
  • Maryland Association of Certified Public Accountants
  • American Bankruptcy Institute
  • Association of Insolvency & Restructuring Advisors