A Blog from Gerbsman Partners Board of Intellectual Capital on “Maximizing Enterprise Value” for technology, life science, medical device and cleantech companies and their Intellectual Property
by Eric Bell, Managing Director at Progress Partner and Member of Gerbsman Partners Board of Intellectual Capital
IPOs, Unicorns and $1B+ Exits: Overall, global IPO deal volume is down (46%) and IPO proceeds are down (58%) YTD. So far in 2022, 19 new cybersecurity unicorns have been minted and there have been 8 $1B+ exits in the space, keeping pace with 2021
Public Market Performance: The Progress Cybersecurity Index was down (21.6%) in Q2 and (22.7%) YTD vs. NASDAQ’s (22.7%) decline in Q2 and (30.3%) YTD. TTM revenue multiples for cybersecurity stocks declined similarly quarter-over-quarter at 7.0x, down from 10.9x at the end of Q1—the lowest level we’ve seen in 2 years.
Financing Trends: During the quarter, VC and PE firms invested $5.4B in 180 cybersecurity companies, down from 249 deals in Q1 but flat from a transaction value perspective. Application security, data security and threat and vulnerability management (TVM) were the most active product categories receiving funding.
M&A Activity: Q2 2022 was another strong quarter for M&A activity for cybersecurity with 118 deals worth $19.7B, excluding Broadcom’s whopping $69.2B acquisition of VMWare. Revenue multiples for deals declined slightly less than public markets, declining to 8.7x in Q2 from 11.6x TTM revenue in Q1
Segment Spotlight | Post-Quantum Cryptography: Recent legislation is driving newfound investment and activity in the race to protect critical infrastructure and systems against potential threats from quantum computers. We highlight the key trends, players and legislation driving the segment.
This article was published by Steven R. Gerbsman and Robert Tillman in previous years and has significant relevance today due to the Russia/Ukraine situation, inflation, the energy crisis, the potential recession and Covid.
Please read, enjoy and “be prepared”.
We are currently in one of the most challenging times in our country’s history. The stock market had hit at all-time highs and now suffers from higher interest rates, inflation, high energy costs and world political turmoil. There are, of course, many other worrisome trends: the situation in Ukraine and Eastern Europe, Russia, terrorism, excessive government spending, trade deficits, high and higher oil prices, immigration and over the longer term, such issues as an aging population and (possibly) global warming. Although problems and worries always exist, in historical terms, these are times of challenges.
The big questions for us as specialists in maximizing enterprise value are:
When will the Black Swan and Tipping Point issues end?
It will eventually end of course. Even fundamentally healthy economies experience frequent and often violent corrections. The current world economy has evolved in many ways over the past decade. All large businesses are international. The primary economies of the world are very tightly linked together. Money is far more liquid and moves around the world with far less “friction” than it did in the past. The pace of technical change continues to increase. Nevertheless, we do not believe that the laws of history, and especially, the laws of human nature, have been repealed.
As always, “The more things change, the more that they remain the same.”
Unfortunately, no one knows the answer to this question. In historical terms, the current economic expansion has continued for a very long time and has survived numerous shocks, including war, a doubling and maybe a future tripling of energy prices, natural disasters and localized economic downturns, such as the bursting of the sub-prime mortgage bubble. The markets have been in for a downturn. On the other hand, inherently unstable situations often persist for far longer than anyone could believe possible. During the 2000 Internet bubble, it seemed to us for quite some that the old rules of business no longer applied and that 25 year-old CEOs knew something us old guys did not know. When the crash occurred, we were relieved to find out that we were not so obsolete after all.
We did, however, underestimate the staying power of technically insolvent companies with broken or non-existent business models. Many of these companies had significant cash on the balance sheet (offset, of course, by significant liabilities) and investors who continued to infuse more cash far beyond the point of reason. Today, there exist immense pools of uncommitted cash, much of it in the hands of entities, such as private equity funds and hedge funds that are subject to minim al regulatory scrutiny and whose operations are obscured from the public view. In addition, the weakness of the dollar against both the Euro and the Pound Sterling makes U.S. assets a relative bargain. These factors tend to mitigate against an economic downturn. For how much longer they will continue to do so we do not know (and if we did know, we would certainly would not tell).
How will it end?
Fast, hard and unexpectedly. Three books shed a great deal of light on the process:
The first book, The Tipping Point by Malcolm Gladwell describes how human behavior causes events to cascade rapidly once a certain critical mass (the “Tipping Point”) has been achieved. Examples in the business world include periodic economic ?panics? and the spread of certain technologies and products, such as personal computers, iPods, cell phones, etc. It is very difficult to predict in advance when the ?tipping point? in any situation will be reached, but history has shown that, once it has been reached, events proceed very quickly.
The second book, The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb describes how highly improbable, and hence unpredictable, events periodically create massive change. The title of the book derives from the observation that the existence of even a single black swan disproves the assertion that all swans are white. Historical examples include the Fall of France at the beginning of World War II, the rise of the Internet and 9/11.
The third book, “The Sun Also Rises” by Ernest Hemingway describes the character Mike Campbell and discusses his money troubles where he responded with a vivid description embracing self-contradiction. “How did you go bankrupt”, Bill asked. “Two Ways”, Mike said. “Gradually and then Suddenly”. “What brought this on?”. “Friends,” Mike said. “I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England.”
There are many obvious candidates for a “black swan” event that pushes the world economy over “the tipping point” into a downturn – a war with Iran, Russian/Ukraine situation, Korea and/or China over Taiwan, a nuclear terrorist attack or the coninutaion of the Covid epidemic, but generally, it is what you do not see that gets you. We are fundamentally optimists about the long-term prospects of the world economy. In many highly measurable ways, the world really is improving, driven by technological innovation, a lowering of barriers to trade and increasing economic integration. Nevertheless, we are old enough to have lived through many “bumps” along the road and know that such discontinuities will always occur. We believe that we will see a significant economic event sometime over the next 6-18 months, either localized to a particular sector or geographic region or globally.
Gerbsman Partners and other Equity Investors Advice?
Before such an event occurs:
As a board member, investor, senior lender or stakeholder:
Implement tight cash flow, account receivable focus and inventory reporting so that you are alerted to problems early.
Focus on the control, preservation and forecasting of CASH on a weekly, monthly and quarterly basis.
Require “bottoms up” forecasting for all aspects of revenue and expense. Have the CEO and CFO defend ALL numbers.
Hold the CEO responsible and accountable for Performance. If you are off the business plan/forecast, re-forecast based on the reality of “what is” today.
Communicate frequently with all parties at interest. Check that the CEO is providing leadership, motivation and morale to the management team and employees.
Review all companies in your portfolio. Identify and define action plans to fix weaknesses now.
Utilize professional resources to assist in maximizing enterprise value, when appropriate.
When such an event occurs:
Face up to reality and act quickly. When things are going bad, waiting seldom improves them. We have never seen a board of directors act too quickly when faced with a crisis. We have all too frequently seen a board act slowly or not at all.
Call for assistance early. The earlier professionals can get involved in the process, the better the potential outcome in maximizing enterprise value. Many times board’s request assistance only after a company has run out of cash. Many more options exist to maximize enterprise value if a company has some running room.
About Gerbsman Partners
Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in underperforming, undercapitalized and undervalued companies and their intellectual properties. Since 2001, Gerbsman Partners has successfully maximized the values of 116 companies in a wide and diverse spectrum of industries, ranging from technology, medical device/life science, digital marketing to cyber security, to name only a few.*
In the process, GP has successfully restructured/terminated over $810 million of real estate executory contracts and equipment lease/sub-debt obligations, and has assisted in over $2.3 billion of financings, restructurings and M&A transactions.*
Gerbsman Partners has offices and strategic alliances in San Francisco, Orange County, Boston, New York, Washington DC, McLean, VA, Europe and Israel.
*For further information on Gerbsman Partners expertise and industry experience, please request our company profile here
With the current economic condition under pressure from interest rates, inflation and limited cash availability from equity and debt sponsors, the Gerbsman Partners team is now available for a complementary review and assessment of your challenged portfolio companies. We can discuss the control, preservation and forecasting of CASH, options for maximizing value of assets and intellectual property and leadership stabilization issues.
By background, Gerbsman Partners represents companies, the Board, equity and/or senior lenders of underperforming/distressed technology, life sciences and medical device companies with the objective of maximizing enterprise value of their assets and IP, as well as terminating/restructuring prohibitive real estate leases, senior and junior debt and creditor issues. Gerbsman Partners also assists emerging growth companies access the capital markets and leverage their Intellectual Property in licensing opportunities throughout the world.
Please see the presentation below that I gave at Stanford University – “Early Warning Signs” and “Maximizing Value” for under-performing/distressed venture and senior lender backed Intellectual Property companies”.
This presentation will be used inthe Stanford Engineering and Business Schools via STVP (Stanford Technology Ventures Program) and SCPD (Stanford Center for Professional Devlopment) through this link .
Highlighted below is a partial list of companies Gerbsman Partners assisted in maximizing and monetizing value. To date, Gerbsman Partners has been involved in maximizing value in 116 intellectual property based companies and has terminated/restructured over $ 810 million of prohibitive real estate leases and creditor issues.
My best, and the Gerbsman Partners team looks forward to earning the right to assist you and your portfolio companies.
Steve
San Francisco July, 2022
Gerbsman Partners – Maximizing Enterprise Value
Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in under-performing, under-capitalized and under-valued companies and their Intellectual Property, as well as maximizing value for Intellectual Property Patents. Since 2001, Gerbsman Partners has been involved in maximizing value for 116 technology, medical device, life science, solar, fuel cell, cyber security, consumer and digital marketing companies and their Intellectual Property and has restructured/terminated over $810 million of real estate executory contracts and equipment lease/sub-debt obligations. Since inception in 1980, Gerbsman Partners has been involved in over $2.3 billion of financings, restructurings and M & A Transactions.
Gerbsman Partners has offices and strategic alliances in San Francisco, New York, McLean, VA/Washington DC, Orange County, Boston, Europe and Israel.
Technology – IP
Software
Emergent Game Technologies, Inc. – Licensed and supported 3D/game software.
Capital Thinking – Enterprise Risk Management (ERM) platform, a credit and risk management software solution for the financial services industry.
Cesura – Web and on demand business software.
Conformia Software Inc. – Software solutions for highly regulated process industries – Life Science.
deNovis – Enterprise softwa re for government health and health insurance industry.
Aperion Inc. – Software.
Gentiae Inc. – Real-time fully automated processing of cardiac safety input and core lab operations. The system offers a comprehensive, real time web portal for sponsor and site access.
Banquet – Interactive sports entertainment.
ID Engines Inc. – Role-based access control (RBAC) across enterprise networks.
InDplay Inc. – Online, B2B video content distribution (monetization) platform, deployed on enterprise-quality software components, served in the SaaS (software-as-a-service) model.
Metreo Inc. – Pricing software for manufacturers and distributors.
Neohapsis Inc. – IT management services platform. Zone4Play – Interactive game technology.
Roots Web, Inc. – Geneology software.
StreamSearch, Inc. – Multimedia aggregator that has created a unique solution for indexing, locating, promoting, and distributing rich media on the Internet.
Technion University – Technology patents
Teranode Corporation – Business intelligence and lab automation solutions for the Life Science market.
USA Democracy, Inc. – Direct, verifiable, credible communications between elected representatives and their constituents through its non-partisan legislative-based website.
Utility.com, Inc. – Multi-utility eCommerce/eCRM technology, Web-based energy management technology.
Vcommerce, Inc. – Developed, deployed, and operated fully integrated, end-to-end supply chain execution systems and direct fulfillment infrastructure.
Intelectron, Inc. – Commercial lighting technology.
Skunk Technologies – Java based software
Bell & Howell – Information Intellectual Property/Patents
Food and Beverage Industry
Vigilistics, Inc. – Manufacturing analytic software
Telecom
Dialpad, Inc. – Web-to-phone service.
Simpler Networks, Inc./Hercules Technology Growth Capital – Telco software – a matrix switch platform that sits within the Telco’s central office (CO) or street cabinets. Developed to allow for universal access to any service, the system’s protocol-transparent design allows it to be placed in front of any existing or future access gear that delivers services over the local loop
Storage
Cornice Inc. – Storage and flash controllers.
PhaseMetrics Inc. – Storage systems manufacturer.
Plasmon, Inc. – Data archival storage technology
Networking/Optical Networking
CipherMax, Inc. – Storage networking.
Private Networks, Inc. – Broadband multicast delivery system utilizing digital satellite technology. The technology has universal applicability to many industries for distribution of high-band data and video.
Teak Technologies Inc. – Internet switching and gateway networking products.
Zeus Communications, Inc. – Hardware architecture of 10 Gbps IPSec VPN and firewall in a single board.
Optivia, Inc & Hercules Technology Growth Capital – Optical transport systems.
Princeton Lightwave, Inc. – Optical networking technology
T-Networks, Inc. – Optical networking components.
Transparent Networks, Inc. – Wavelength Selective Switch, a high performance large scale Photonic cross-connect functional prototype, detailed design and simulation validation of a Light Path Exchange with integrated DWDM, an HDTV display mirror array high level design and simulation, proprietary and unique MEMS design and validation engineering tools.
Network Photonics, Inc.
Cambridge NanoTech, Inc. – Materials Science company that developed high Performance turnkey equipment for Atomic Layer Deposition (“ALD”).
Mobile
eBiz mobility – Mobile business payment
YPS Software – ASP and software vendor for the PC and mobile phone industries, Mobile Entertainment Centre.
Teleflip – Mobile messaging.
Media/Advertising/Internet
Active Response Group Inc. – On line marketing company.
Akimbo Inc. – Monitizing on line media.
Competition Accessories, Inc. – Online direct marketing.
Gallery Player Inc. – Provider and distributor of high-value, rights managed high definition imagery for high definition televisions.
MeMedia Inc. – Online advertising solutions provider and ad network that delivers contextually and behaviorally targeted advertisements across a multi-modal network of websites and desktop applications.
MyWire Inc. – Paid content and advertising.
NebuAd, Inc. – Online advertising model. Next-generation digital media technology and solutions.
Syncapse, Inc. – Provider of technology-enabled social performance management services for global enterprise clients with multiple B2C brands.
Optify, Inc. – Software-as-a-Service (SaaS) provider of digital marketing suites company, its Assets and Intellectual Property.
• TrueFacet, Inc. – Online business model for selling certified pre-owned marketplace for jewelry and watches
Aprilis, Inc./Dow Corning – Holographic Data Storage Drives and Biometric Security
Raydiance, Inc. – Manufacturer of precision solutions laser technology
Security
NeoScale Inc. – Storage encryption and key management solution for organizations securing information stored on tape and disk media.
Oviso Inc. – Semi conductor manufacturing equipment.
SciCortex, Inc. – Manufacturer of high performance computers.
Medical Device
Cardiovascular, Vascular, Endoscopy, Breast Imaging
Cardiomind Inc. – Stent delivery platform.
• Dune Medical Devices, Ltd. – US and Israel company. Medical devices that differentiate and characterize tissue for the purpose of identifying normal versus malignant tissue in real-time.
OmniSonics Medical Technologies Inc. – Vascular disease IP.
InnerPulse Inc. – Cardiac rhythm management (CRM) medical device company.
Myocor Inc. – Developing innovative cardiac reshaping devices to treat functional mitral regurgitation (FMR) and left ventricular (LV) dysfunction, both of which are significant in the progression of congestive heart failure (CHF).
NDO Surgical, Inc. – Flexible endoscopy technologies that enable surgical procedures through the body’s natural openings.
Viacor Inc. – Cardiac implant device for the treatment of functional mitral regurgitation.
XTENT Inc. – Customizable drug eluting stent systems for the treatment of cardiovascular disease.
GluMetrics, Inc. – Glucose monitoring medical device company
NeoGraft Technologies, Inc. – Acquired Vascular Patents from Kips Bay Medical
Palmaz Scientific, Inc. – Medical technology company
InterValve, Inc. – Medical devices for structural heart market
Gamma Medica – first fully digital, dual headed Molecular Breast Imaging (“MBI”) system
AirXpanders, Inc – medical device used in two-stage breast reconstruction procedures following mastectomy
Spine
Applied Spine Technologies Inc. – Screw based dynamic stabilization system validated with Class 1 clinical data
AxioMed Spine, Corp. – Developed Freedom technology, with the goal of restoring spinal function to patients by adhering to the natural biomechanics of the spine.
Respiratory
Emphasis Medical Inc. – Endobronchial valves for the treatment of heterogeneous emphysema.
Uptake Medical, Inc. – developing innovative, therapeutic bronchoscopic devices to treat advanced heterogeneous emphysema and lung cancer.
Orthopedics
NovaLign Orthopedic Inc. – Long bone fracture, intramedullary nail technology.
Opthomology
Optobionics – Retinal degeneration.
Refractec, Inc. – Radiofrequency (RF) device called ViewPoint CK System, used to perform NearVisionSM CK (Conductive Keratoplasty) treatment
Pluristem, Inc. – Stem cell research – Israel company
Igenica Biotherapeutics, Inc.. – harnessing the natural tumor microenvironment to deliver a pipeline of high-impact antibody-based cancer therapeutics
Pegasus Biologics Inc. – Developed and is commercializing a revolutionary bioscaffold comprised of highly organized collagen, sourced from equine pericardium that encourages the healing process by addressing the demands of a challenging biological environment.
Radiant Medical, Inc. – Endovascular therapeutic cooling.
Valentis, Inc. – Biotechnology company with small molecule, antibody, protein, gene and manufacturing assets.
• Ravenna Pharmaceuticals – Cancer drugs
• Velicept, Inc. – OAB drugs
Relypsa, Inc. – Acquisition of BioPharmaceutical Patents and Intellectual Property
• Adynxx, Inc. – The Company is focused on development of non-opioid therapeutics for the treatment of pain and inflammatory diseases.
• Ohana Biosciences -Developer of molecular techniques designed to create a novel category of fertility treatment.
Energy – Solar & Fuel Cell
Nanosolar
AQT Solar
SVTC Solar
Clear Edge Power, LLC – sold to Doosan in Korea
Consumer – Retail
• Bambeco, Inc. – manufacturer and distributer of sustainable and socially responsible home décor and furnishings in the United States
• Site for Sore Eyes – retail eyewear chain – sold to Cohen’s Fashion Optical
• Solar Planet –retail sun tanning chain
Hotel/Resorts
Divi Hotels & Resorts – stabilized and restructured through a Chapter 11
Other
• The NanoSteel Company – steel based coatings based on research at the Dept of Energy
The Advantages of a “Date-Certain M&A Process” over an “Assignment for the Benefit of Creditors – ABC”
Apart from a formal bankruptcy (Chapter 7 or 11), there are two basic approaches to maximizing enterprise value for underperforming and/or under-capitalized technology, life science, medical device, digital marketing, information & cyber security and solar companies and their Intellectual property: “Date-Certain M&A Process” and an Assignment for the Benefit of Creditors (ABC).
Both of these processes have significant advantages over a formal bankruptcy in terms of speed, cost and flexibility. Gerbsman Partners’ experience in utilizing a “Date Certain M&A Process” has resulted in numerous transactions that have maximized value anywhere from two to nine times what a normal M&A process or “ABC” would have generated for distressed assets. With a “Date-Certain M&A Process”, the company’s Board of Directors hires a crisis management/private investment banking firm (“advisor”) to wind down business operations in an orderly fashion and maximize value of the IP and tangible assets.
The advisor works with the board and corporate management to:
Focus on the control, preservation and forecasting of CASH.
Develop a strategy/action plan and presentation to maximize value of the assets, including drafting sales materials, preparing information due diligence war-room, assembling a list of all possible interested buyers for the IP and assets of the company, and identifying and retaining key employees on a go-forward basis.
Stabilize and provide leadership, motivation and morale to all employees.
Communicate with the Board of Directors, senior management, senior lender, creditors, vendors and all stakeholders in interest. The company’s attorney prepares very simple “as is, where is” asset-sale documents (“as is, where is – no reps or warranties” agreements is very important as the board of directors, officers and investors typically do not want any additional exposure on the deal). The advisor then contacts and follows-up systematically with all potentially interested parties (customers, competitors, strategic partners, vendors and a proprietary distribution list of equity investors, investment bankers and lawyers in Europe, Israel, China, Australia, India and the US). It also includes the coordination of their interactions with company personnel and the arrangement of on-site visits. Typical terms for a “Date Certain M&A” asset sale include no representations and warranties, a sales date typically three to four weeks from the point that sale materials are ready for distribution (based on available CASH), a significant cash deposit in the $200,000 range to bid, and a strong preference for cash consideration and the ability to close the deal in 7 business days. Date Certain M&A terms can be varied to suit needs unique to a given situation or corporation. For example, the Board of Directors may choose not to accept any bid or to allow parties to re-bid if there are multiple competitive bids and/or to accept an early bid.
The typical workflow timeline, from hiring an advisor to transaction close and receipt of consideration is five to six weeks. Such timing may be extended if circumstances warrant. Once the consideration is received, the restructuring/insolvency attorney then distributes the consideration to creditors and shareholders (if there is sufficient consideration to satisfy creditors) and takes all necessary steps to wind down the remaining corporate shell, typically with the CFO, including issuing W-2 and 1099 forms, filing final tax returns, shutting down a 401K program, D&O insurance and dissolving the corporation etc.
The advantages of this approach include the following:
Speed – The entire process for a “Date Certain M&A Process” can be concluded in five to six weeks. Creditors and investors receive their money quickly. The negative public relations impact on investors and board members of a drawn-out process is eliminated. If circumstances require, this timeline can be reduced to as little as two weeks, although a highly abbreviated response time will often impact the final value received during the asset auction.
Reduced Cash Requirements – Given the Date Certain M&A Process’ compressed turnaround time, there is a significantly reduced requirement for investors to provide cash to support the company during such a process.
Value Maximized – A company in wind-down mode is a rapidly depreciating asset, with management, technical team, customer and creditor relations increasingly strained by fear, uncertainty and doubt. A quick process minimizes this strain and preserves enterprise value. In addition, the fact that an auction will occur on a specified date usually brings all truly interested and qualified parties to the table and quickly flushes out the ‘tire-kickers.’ In our experience, this process tends to maximize the final value received.
Cost – Advisor fees consist of a retainer plus an agreed percentage of the sale proceeds. Legal fees are also minimized by the extremely simple deal terms. Fees, therefore, do not consume the entire value received for corporate assets.
Control – At all times, the board of directors retains complete control over the process. For example, it can modify the auction terms or even discontinue the auction at any point, thus preserving all options for as long as possible.
Public Relations – As the sale process is private, there is no public disclosure. Once closed, the transaction can be portrayed as a sale of the company with all sales terms kept confidential. Thus, for investors, the company can be listed in their portfolio as sold, not as having gone out of business.
Clean Exit – Upon closing of the auction, considerations received are distributed and the advisor, under the leadership of the insolvency counsel, then takes all remaining steps to effect an orderly shut-down of the remaining corporate entity. To this end, the insolvency counsel then takes the lead on all orderly shutdown items.
In an Assignment for the Benefit of Creditors (ABC), the company (assignor) enters into a contract by which it transfers all rights, titles, interests, custody and control of all assets to an independent third-party trustee (Assignee). The Assignee acts as a fiduciary for the creditors by liquidating all assets and then distributing the proceeds to the creditors. We feel that an ABC is most appropriate in a situation with one or more highly contentious creditors, as it tends to insulate a board of directors from the process. Nevertheless, we have found that most creditors are rational and will support a quick process designed to maximize the value that they receive. A good advisor will manage relationships with creditors and can often successfully convince them that a non-ABC process is more to their advantage. Apart from its one advantage of insulating the board of directors from the process, an ABC has a number of significantdisadvantages, including:
Longer Time-to-Cash – Creditors and investors will not receive proceeds for at least 7 months (more quickly than in a bankruptcy but far slower than with a “date-certain” auction).
Higher Cost – Ultimately, ABCs tend to be more expensive than a “Date-Certain M&A Process”. It is not uncommon for the entire value received from the sale of company assets to be consumed by fees and/or a transaction for maximizing value may not be consummated in a timely fashion.
Loss of Control – Once the assets are assigned to the independent third-party trustee, the board of directors has no further control over the process. It cannot modify the process in any way or discontinue the process. Thus, it is not possible to explore multiple options in parallel.
Higher Public Relations Profile – The longer time frame for the ABC process and the more formal (and public) legal nature of an ABC make it more difficult to put a positive spin on the final outcome.
Messy Exit – Most independent third-party trustees do not perform the services of cleanly shutting down the remaining corporate shell. Thus, investors must either pay another party to do this job or leave it undone, resulting in increased liability.
About Gerbsman Partners
Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in under-performing, under-capitalized and under-valued companies and their Intellectual Property. Since 2001, Gerbsman Partners has been involved in maximizing value for 116 technology, medical device, life science, digital marketing, information & cyber security and solar companies and their Intellectual Property and has restructured/terminated over $810 million of real estate executory contracts and equipment lease/sub-debt obligations. Since inception, Gerbsman Partners has been involved in over $2.3 billion of financings, restructurings and M&A transactions.
Gerbsman Partners has offices and strategic alliances in San Francisco, New York, Virginia/Washington DC, Boston, Miami, Europe and Israel.
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