Anthony H.N. Schnelling

Anthony H.N. Schnelling's picture

Biography

Biography

Anthony H.N. Schnelling

Managing Director and Chief Executive Officer

Anthony Schnelling is a founding Member and largest shareholder of Bridge Associates LLC. Within ten short years of its founding in 1997, under Schelling’s leadership, Bridge has emerged as a leading professional services firm focused on providing advisory, crisis and interim management and litigation support for financially distressed companies. Mr. Schnelling has been the driving force in growing Bridge in ten short years to a firm with seven partners, 32 professionals, and locations in New York, NY; Tulsa, OK; Chicago, IL; Dallas, TX; Cleveland, OH; and Tampa, FL.

Representative Matters

  • Served as the Court’s appointed Rule 706 Expert to review the expert reports on value filed the by Debtor, Unsecured Creditors’ Committee and Equity Committee in the Calpine Corporation Case in the Southern District of New York. Mr. Schnelling was charged with advising the Court of the Company’s Total Enterprise Value for purposes of confirming Calpine’s plan of reorganization. During the course of his work he was able to develop a value for the Court to consider as the appropriate TEV for Calpine and act as the catalyst in facilitating an agreement among the parties on the appropriate value for Calpine’s TEV. This agreement led to a largely consensual confirmation hearing in December 2007.
  • Acted as the Examiner in the Dexter Distributing, Inc. (aka Castle Megastores, Inc.) case in Phoenix, AZ. Mr. Schnelling filed a Report detailing the results of his work investigating Dexter’s corporate governance and certain potential conflicts of interest in connection with events leading up to the filing of its Chapter 11 petition.
  • Co-head of the Bridge team serving as financial advisor for the Chapter 7 Trustee for Refco, LLC, the largest Chapter 7 liquidation ever filed. Refco was a commodity futures broker which, along with its affiliates, experienced significant financial difficulties and filed Chapter 7 in November 2005 in the Southern District in New York.
  • Co-head of the Bridge Wind Down Team completing the liquidation of the estate of Durango Georgia Paper, a $270 million pre-petition annual revenue company, on behalf of its unsecured creditors. In addition he serves as the Litigation/Liquidation Trustee for the post-confirmation estate of Impath, Inc. Impath was a provider of diagnostic services for oncological patients which filed for Chapter 11 protection in New York in September 2003 and is currently prosecuting a $27 million refund claim with the IRS and completing certain litigation against Impath’s accountants.
  • In addition, provides assistance and supervision to the Bridge team providing advisory services to Financial Guaranty Insurance Company in connection with that institution’s healthcare review process.
  • Co-head of the Bridge team serving as financial advisor to a monoline bond insurance company (secured party) in connection with their involvement with a $500 million Midwest-based health system.
  • Headed the Bridge Crisis Management Team and is still the Bankruptcy Administrative Officer for the estate of Brill Media, LLC, a media holding company which owned approximately 12 radio stations and published 54 local newspaper and buyer guides prior to the sale of substantially all operations for in excess of $115 million in the summer of 2002.
  • Co-headed Bridge's Crisis Management Team for Crown Central Petroleum Corporation, a multi-billion dollar operator of refineries, and a wholesale and retail distributor of petroleum and convenience products. The sale of all of Crown's retail, wholesale and refinery operations allowed the successful implementation of an out-of-court settlement with creditors.
  • Serves as Trustee of JRCC Unsecured Creditor Liquidating Trust. The predecessor company, James River Coal Company was a $200 million annual revenue coal mining company with approximately 1,400 employees. The Trust is the beneficiary of work done by its professionals to lobby for passage by the Congress in 2007 of the Coal Act Refund on behalf of James River as a member of The Coal Act Fairness Alliance (“CAFA”. This has contributed $14 million towards the creditors’ recovery. Additional recoveries are anticipated from the resolution of a lawsuit being prosecuted against former directors and officers of the company for failure to properly adhere to their fiduciary duties.
  • Led the team reviewing the Northwest Airlines’ plan of reorganization and disclosure statement in order for clients of the firm to determine whether to vote for or against the plan of reorganization.
  • Led the Bridge team representing the Non-Union Retirees in the Tower Automotive, Inc. bankruptcy case in connection with their defense against the Debtors’ attempt to eliminate retiree medical benefits.
  • Headed the Bridge Accelerated Strategic Assessment Team in November and December 2004 which prepared a business plan feasibility report for UAL Corporation (United Airlines) and its labor leadership. .This report was critical in allowing the Debtor to gain acceptance from its labor constituents for in excess of $7 billion in wage and pension give backs and to emerge from bankruptcy
  • Leading Bridge’s Crisis Management Team for Torch Offshore, Inc., a $70 million annual revenue offshore oil field construction company. Located in New Orleans, Torch provided shallow water oil field pipe laying services in the Gulf of Mexico and deep water pipe laying services off the West African coast and in Mexican coastal waters. Bridge provides interim management services and personnel to Torch.
  • Heads the Bridge Crisis Management team for Wickes Inc., a $450 million annual revenue supplier of building materials to the construction and home building industry.
  • Headed the Bridge team representing the monoline insurers backstopping sub-prime securitizations written and packaged by American Business Financial Services, Inc. during its bankruptcy proceeding in early 2005. Assisted in arranging the sale for $20 million and transfer of the servicing rights on the Debtors' securitized portfolios to another servicer, Ocwen, Inc.
  • Co-headed the Bridge team representing Bank of New York as agent for a series of securitization Trusts serviced by Bombardier Capital, Inc. in connection with a 2005 review of the servicer's operations and compliance with the outstanding PSAs relating to each trust.
  • Headed the Bridge Crisis Management Team and is Plan Administrator for the post-confirmation Conseco Finance Corporation ("CFC") estate. CFC, a sub-prime lender and servicer of mortgage portfolios with assets of approximately $25 billion, was sold in June 2003 to two buyers who acquired the sub-prime loan servicing portfolio and the Debtors' banking operation for in excess of $1.3 billion. Creditors are anticipated to receive in excess of $.30 per dollar of allowed claims.
  • Serves as the Creditor Trustee for the ABT Creditor Trust estate, which is liquidating the estate of AgriBio Tech, Inc., and managing and prosecuting related litigation. The Company had $300 million (pre-petition) in annual revenue and produced genetically engineered cold weather forage and lawn seed products. Returns to creditors, initially projected at $.02 to $.03 currently exceed $.36 for unsecured creditors and approach $.60 to $.70 when combined with secured recoveries.
  • Served as the Trustee for Epic Resorts, LLC, a timeshare developer, marketer and management company which operated six major resorts with approximately 400 employees before the sale for $25 million to Sunterra of substantially all of its assets in 2003. The Epic Case was dismissed as complete by the Delaware Bankruptcy Court in July 2005.
  • Headed the Bridge Crisis Management Team for TransCom USA, a $300 million annual revenue distributor of heavy duty truck parts during its Chapter 11 proceeding in 2001 and 2002.
  • Headed the Bridge Team working for AlixPartners to manage the sale in bankruptcy of the assets and operations of APS, Inc., the second largest auto parts distribution concern in the United States with annual revenue of approximately $800 million.
  • Headed the Bridge Restructuring Team working for AlixPartners at Service Merchandise, a $3 billion annual revenue retail and catalog sales concern.
  • Co-headed the Bridge Wind Down Team serving InaCom Corporation, a $5.9 billion annual revenue (pre-petition) reseller of computer design services and hardware provider to Fortune 1000 companies. Recoveries were initially projected at zero, but ultimately involved repayment of all secured debt and a recovery in excess of $.40 for unsecured creditors.
  • Headed the Bridge Crisis Management Team in the out-of-court restructuring and sale of a majority interest in Sentry Technology Corporation, a $25 million annual revenue manufacturer and distributor of electronic article surveillance systems listed on the AMEX exchange. Majority control in Sentry was ultimately sold, following a restructuring of the company's outstanding equity, to a Dutch-Canadian manufacturer of radio frequency ID systems.
  • Headed the out-of-court restructuring for BK Entertainment, one of the country's largest manufacturers and suppliers of bingo gaming equipment and supplies.

PRIOR EXPERIENCE

Mr. Schnelling was an insolvency attorney at Stroock & Stroock & Lavan, a major New York law firm. His practice encompassed both general corporate and workout law. Mr. Schnelling represented corporate debtors, secured lenders and creditors in bankruptcy proceedings and out-of-court restructurings in a variety of jurisdictions and industries in the United States and Europe.

Mr. Schnelling is the former chief executive and the principal shareholder of Colora Printing Inks, a group of privately owned international specialty chemical companies. He has served as a consultant with the international investment bank, Warburg Paribas Becker and was a commercial banker with Morgan Guaranty Trust in New York, representing bank clients in a wide range of industries and countries.

Professional & Civic Activities

  • Mr. Schnelling is an Adjunct Professor at Fordham University School of Law. He has also taught at Columbia University's School of Business in New York and at the Jones Graduate School at Rice University in Houston as a guest lecturer on topics relating to troubled company turnarounds, workouts and bankruptcies. He is the Vice President of Development for and a member of the Board of Directors of the American Bankruptcy Institute, of the Alumni Council for the Fordham University School of Law, the Board of Trustees of the Pomfret School and Skarven Enterprises, Inc.

Source:Bridge Associates LLC

History

Member for
9 years 41 weeks

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