Chad J. Shandler
CPA, Partner, National Director - Restructuring and Insolvency Advisory and Dispute Resolution Services
New York, NY
Based in the New York office, Chad Shandler is a partner in CohnReznick Advisory, serving as the National Director of Restructuring and Insolvency Advisory and Dispute Resolution Services. He provides corporate restructuring and financial advisory services to financially troubled companies, trustees, secured creditors, and creditor groups. He is highly knowledgeable in developing and evaluating restructuring alternatives, valuing business enterprises, and negotiating with stakeholders. He also performs forensic accounting services that include analyzing fraudulent and preferential transfers and solvency issues.
Chad’s engagements span several industry sectors including senior living and healthcare, telecommunications, retail, manufacturing and distribution, publishing, real estate, and sports and entertainment. He has been qualified as an expert witness in bankruptcy court and has been appointed a Special Fiscal Agent in the Superior Court of New Jersey. Currently, he serves as the liquidating trustee of several entities.
Chad is a frequent lecturer on bankruptcy, restructuring, and accounting matters and has appeared on FOX Business News. An active member in his community, he is past chair of the United Jewish Communities National Young Leadership Cabinet and currently serves as a member of the UJC Emergency Committee and the UJA-Federation of New York’s Finance Committee.
CohnReznick has been selected as the financial advisor to the Official Committee of Unsecured Creditors of Tarragon Corporation, a multifamily home developer and manager. Chad leads the CohnReznick team on this assignment where his efforts have focused on maximizing the recovery to the unsecured creditors of over 20 non-consolidated debtors. Chad's work has included the valuation of over 50 multifamily properties, the assessment of the company's cross-collateralized debt structure, the analysis of the company's ownership structure, and negotiations with the company's secured lenders, the company's plan of reorganization sponsors, and the Debtor.
CohnReznick has been retained by a major telecommunications company to assist in the defense of numerous preferential transfer actions brought against it. Chad leads the team that performs new value and ordinary course defense analyses. He has prepared expert reports and assisted counsel with settlement negotiations and mediation.
Chad served as financial advisor to the Official Committee of Unsecured Creditors of a global provider of customized marketing and distribution services to book retailers and publishers. In that role, among others, he advised the unsecured creditors during the Section 363 asset sale process, negotiated the terms of a book return program to the publishers, and analyzed avoidance actions. Chad's efforts resulted in a 100 percent recovery to the creditors of the publishing company and a recovery in excess of 40 percent to the creditors of the marketing company.
As financial advisor to a managed messaging and web-hosting provider, Chad developed a three-year operating plan reflecting the restructured operations, negotiated equipment leases as secured debt based on the current market value of the collateral, and negotiated real-estate leases to reduce obligations on unused space. He also managed the Debtor's Section 363 asset sale process including the preparation of the confidential information memorandum and teaser, management of the due diligence process, valuation of the auction bids, and negotiation of the asset purchase agreement.
As a result of a Ponzi scheme committed by the management of a financial services firm (Debtor), the bankruptcy court appointed a Chapter 11 Trustee/Plan Administrator. Chad was retained by that Trustee/Plan Administrator as his financial advisor and forensic accountant. In that role, he performed forensic analyses to determine the extent of the fraud, analyzed and reconciled investor claims, negotiated with creditors, and assisted Trustee's counsel in the litigation to recover funds due to the Debtor's estate. Chad's findings resulted, in part, in the indictment of Debtor's management.
As financial advisor to a long-term care provider managing 44 skilled nursing facilities, Chad affected a restructuring of the company's operations and capital structure. He developed a three-year operating and restructuring plan and negotiated above-market leases with landlords and favorable payment terms for secured debt with banks, taxing, and governmental authorities. He also valued the restructured enterprise, recommended the new capital structure, and negotiated with banks and private equity investors to raise new capital.
As financial advisor to a bank group, Chad analyzed the financial operations and performance of one of the clients of the bank group. His proposed recommendations included improved revenue, billing, and cash collection procedures for the facility's healthcare center and independent living units. He also assessed the performance of the facility's third-party manager. Chad's recommendations resulted in an improvement in cash collections through the reduction in accounts receivable by over $600,000 together with an increase in revenues. In addition, he recommended the retention of a market consultant, at minimal cost, resulting in the settlement of 11 units in seven months.
B.S., Washington University
American Institute of Certified Public Accountants
New Jersey State Society of Certified Public Accountants
Association of Insolvency and Restructuring Advisors
American Bankruptcy Institute