Clifford A. Zucker
CPA, Partner, CohnReznick Advisory Group - Restructuring, Litigation and Transactional Services
- American Institute of Certified Public Accountants
- New Jersey Society of Certified Public Accountants
- Association of Insolvency and Restructuring Advisors
- Turnaround Managers Association
Based in the Edison, New Jersey office, Clifford Zucker is a partner with CohnReznick’s Advisory Group. He represents financially troubled companies, receivers, examiners, court-appointed trustees, and unsecured and secured creditors during workout, turnaround and bankruptcy situations. He also performs viability analyses, damage claim analyses, litigation support services and fraud investigations.
With more than 30 years of experience in both public accounting and private industry, Clifford brings extensive accounting and financial management knowledge to CohnReznick. His industry experience includes healthcare, manufacturing and distribution, retail and consumer products, transportation, hospitality and telecommunications.
Prior to joining CohnReznick, Clifford was an auditor with a “Big 8” accounting firm where he provided services to healthcare, retail, manufacturing, and Fortune 500 companies. He has been involved in all facets of management, acting as Chief Operating Officer, Chief Financial Officer and Chief Executive Officer. In addition, he has worked as a consultant to both start-up operations and financially troubled companies.
- CohnReznick was selected as financial advisor by the Committee of Unsecured Creditors in the NetBank, Inc. bankruptcy case. NetBank was one of the first and one of the largest Internet banks in the United States. As financial advisor, among other things, CohnReznick assisted the committee in analyzing the debtor's plan of liquidation and in liquidating certain NetBank assets. Following the confirmation of the plan of liquidation, Clifford was appointed by the Bankruptcy Court as the Liquidating Supervisor of the estate of NetBank. In that capacity, he was responsible for liquidating all remaining assets of the estate, pursuing all litigation claims on behalf of the estate, and distributing all remaining funds to the NetBank creditors.
- CohnReznick was appointed the Independent Distribution Consultant and Plan Administrator in the fair funds settlement of a late trading matter brought by the SEC against CIBC World Markets Corp ("CIBC"). Clifford led the CohnReznick team on this assignment. The firm identified the relevant late trade transactions over a four-year period; developed an algorithm to match the buy-sell orders of the round trip late trades; calculated the profits of the late trades; developed a methodology, which is pending approval by the SEC, to allocate the settlement proceeds; and, upon approval, will distribute the proceeds to the parties.
- CohnReznick was selected as the financial advisor to The Brooklyn Hospital Center. Clifford led the team that was responsible for the pre-bankruptcy planning through the successful reorganization of the Hospital as a viable entity. The firm was responsible for assisting counsel in preparing the necessary strategy and documents to enter Chapter 11. While in Chapter 11, CohnReznick oversaw the financial reporting and cash management functions; solicited and analyzed Debtor-in-Possession financing proposals; and performed departmental productivity benchmarking and operational assessments of key areas in order to stabilize the operations. The firm delivered financial and strategic planning services related to debt restructuring alternatives and assisted in negotiations with the creditors for the implementation of a plan of reorganization.
- CohnReznick was selected as the financial advisor to the Unsecured Creditors Committee of General Media, Inc., a magazine publisher. Through the committee's collaborative efforts with the debtor, CohnReznick was able to assist in the restructuring of the debtor's operations by entering into a sales process with a viable entity. These efforts resulted in the debtor's successful reorganization and enabled the committee to negotiate a payout plan that provided a 100 percent dividend, plus interest, to the unsecured creditors.
- Certified Public Accountant, New Jersey, 1983
- Certified in Financial Forensics, 2009
- Boston University: Bachelor of Science/Bachelor of Arts, Accounting and Finance, with honors