I am writing this letter on behalf of Mr. Thomas Hicks and his company, Renaissance Partners. I assume that you are considering engaging Mr. Hicks and Renaissance Partners and I wanted to provide you with my observations, conclusions and highest recommendation in connection therewith.
I have had the distinct pleasure of working closely with Mr. Hicks and Renaissance Partners in a very complicated Chapter 11 bankruptcy that was pending in the United States Bankruptcy Court for the Southern District of Florida. The case was 2Connect Express,Inc., a public company which was a retail provider of cellular telephones and Internet services with several locations in South Florida. Mr. Hicks was initially engaged by the Company as a consultant prior to bankruptcy. Mr. Hicks quickly and correctly evaluated the Company, it’s finances and it’s alternatives. He was thorough, effective and efficient in his work. In this case, he identified the potential acquisition of the Company as one its more viable alternatives.
Thereafter, he located a potential purchaser for the Company and immediately began to negotiate a merger with the consent and approval of the Company’s board of directors. Mr. Hicks also recommended, and the Company’s board approved, the filing of a Chapter 11 bankruptcy as a business strategy to enable the Company to stabilize its operations and complete the negotiation and consummation of the proposed merger. Mr. Hicks correctly observed that the bankruptcy filing provided several significant benefits for the Company. Including certainty to the proposed merger candidate In regards to successor liability issues. Mr. Hicks also recommended the bankruptcy because It provided a vehicle to liquidate in an orderly manner certain of its non-performing stores and excess inventory.
The board of directors was so impressed with Mr. Hicks and his abilities that they asked him to assume the role of the Interim CEO, which Mr. Hicks accepted. After becoming Interim CEO, Mr. Hicks was involved In all aspects of operating the Company. He completed the merger negotiations as well as the negotiations with the investment banker who was financing this merger. Mr. Hicks also worked closely with our firm in the preparation of the plan of reorganization and the confirmation thereof by the Bankruptcy Court. The plan was overwhelmingly accepted by the creditor body and was confirmed by the Court.
I have been practicing bankruptcy law now for thirteen years. I have practiced in Boston, Massachusetts and in South Florida. My partners and I have been involved in most of the significant bankruptcy cases and workouts that have occurred in South Florida over the past several years. During that time, I can honestly say that Mr, Hicks is one of the best and most qualified consultants and advisors that I have worked with. He is extremely competent and knowledgeable in all aspects of restructuring a business. He has a tireless work ethic that impresses everyone who meets and works with him. I do not hesitate in giving Mr. Hicks my highest recommendation. I can assure you that you will be well served to engage him.
If you have any questions, please call me.
Very truly yours,
Paul J. Batista