Pinnacle Towers Inc.
At its peak, Pinnacle was a $200 million provider of wireless communications antenna site space with tower and rooftop sites in all 50 states and Canada. By the time they filed for Chapter 11, much of their debt was secured by the stock of direct and indirect subsidiaries. This triggered the need to include all of those investors in the vote and distribution, adding enormous complexity to the process.
Why Breaking with Convention Matters
Working closely with counsel, DRC consultants used their expertise to adapt one of Depository Trust Corporation's standard systems. With a customized, innovative solution and database, they were able to orchestrate multiple elections, tabulate the vote and then accurately distribute hundreds of millions of dollars to the investors by the distribution date.
Getting Results
This solution made it possible for counsel to negotiate and implement a plan suited to this specific creditor/investor population. Over two-thirds of the company's outstanding convertible notes voted in favor of the plan.
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