Rooftop Group International Pte. Ltd. - Financial advisor to the OCUC and post-confirmation Trustee

Issue:

Rooftop, a Singapore company, manufactured and distributed recreational drones. Facing allegations of fraud and malfeasance by its CEO/Founder, the company filed for Chapter 11 bankruptcy in Texas in April 2019. While illicitly reconstituting Rooftop’s business in China, Rooftop’s principals left the bankruptcy estate with a small trademark license agreement (enough to cover debtor’s counsel’s fees) and $7,700 in a Taiwanese bank account. No money was available for an investigation.

Resolution:

Our integrated team of global professionals was retained to assist the Official Committee of Unsecured Creditors with evaluating plan feasibility and identifying probable claims and causes of action against the Founder/CEO, directors, agents of the debtor, and other related parties by way of a Rule 2004 examination.

Rooftop’s Plan of Reorganization, shaped largely by KRyS Global’s efforts, provided for a litigation trust, with James Leda appointed as Litigation Trustee. The trust is actively pursuing claims and causes of action in excess of $150mm against more than a dozen defendants in numerous jurisdictions.

Value Added:

The matter is ongoing, while KRyS Global’s expertise in cross-border asset recovery and litigation support has already resulted in numerous settlements. Whereas creditors were faced with no viable recovery prospects at the filing date, KRyS Global’s entrance has provided a real opportunity for a meaningful recovery.