David W. Prager
David W. Prager is a managing director based in New York. David leads the company’s efforts focused on complex financial situations and corporate valuation disputes. He works with clients with complex needs involving corporate value and solvency disputes, forensic and trading investigations, bankruptcy and restructuring matters, and other complex commercial litigation. David has over 20 years of experience focusing on complex commercial litigation.
David has testified and served as a consulting expert in bankruptcy matters, valuation and solvency disputes, and other complex commercial litigation.
He recently testified on behalf of Assured Guaranty regarding a billion-dollar valuation dispute with Lehman Brothers International (Europe). His other testimonial experience includes valuation of a Platinum Partners’ private equity portfolio (and the solvency conclusions emerging therefrom) and a medical devices startup.
David has also testified on behalf of the U.S. SEC in a successful enforcement action and on the economic damages arising therefrom. Further, he has testified in high-profile, highly contentious bankruptcy disputes, such as Adelphia, Tribune, Patriot Coal and Rye Playland. Topics of his testimony have included the fairness of the plans of reorganization, valuation, reasonableness of projections and evaluation of complex value allocation.
During the Enron bankruptcy, David investigated and valued highly complex and varied assets and formulated proposals for Enron’s reorganization. Many of David’s matters have involved the resolution of complex capital structures. Additionally, David has served as a consulting expert on multiple fraudulent conveyance actions.
David has also advised stakeholders in negotiations to resolve disputes before litigation. He serves as the financial advisor in the restructurings of the Archegos Fund, which collapsed in part due to a highly concentrated trading strategy, and the China Fishery Group, a multinational conglomerate accused of defrauding its lenders. David has also represented disinterested/independent directors of Energy Future Holdings and Toys ‘R’ Us evaluating conflicts within their organizational structures.
David’s restructuring experience includes serving as a financial advisor in restructuring matters involving extensive quantitative analysis. He has represented both debtors and creditors in high-profile restructurings, including serving in interim executive officer and C-suite positions. In the structured products industry, he served as the interim CFO of Syncora Guarantee and represented creditors in the MBIA restructuring. David has also supported creditors in various corporate (such as Ditech and SemGroup) and municipal (including Detroit and Jefferson County) restructuring matters.
David holds a Bachelor of Science in economics from The Wharton School at the University of Pennsylvania, with concentrations in finance and accounting. He also holds the Chartered Financial Analyst (CFA) designation. He is a member of the CFA Institute, the CFA Society of New York and the American Bankruptcy Institute.
Bankruptcy Litigation and Solvency Disputes
Expertise in disputes involving fraud, valuation, solvency, governance, plan treatment, and avoidance actions in the bankruptcy or insolvency context.