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CST: 22/10/2019 19:39:32   

ACIS CAPITAL MANAGEMENT EMERGES FROM BANKRUPTCY

244 Days ago

Approved Reorganization Plan Effective as of Feb. 15, 2019

Dallas, Texas, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Acis Capital Management, L.P. and Acis Capital Management GP, LLC (collectively Acis) announced that their Plan of Reorganization (Plan) became effective Feb. 15, 2019, and that they have emerged from Chapter 11 as a privately held company owned and operated by former partner, Joshua N. Terry. The United States Bankruptcy Court in Dallas, TX, confirmed Acis’ Plan on Jan. 31, 2019.

The Plan proposes to pay creditors in full. Prior to bankruptcy, Acis was owned and controlled by Highland Capital Management, L.P. (Highland) and its affiliates.

Before his departure in June 2016, Terry led Acis’ growth to approximately $3.7 billion in assets under management, consisting of a hedge fund, separately managed accounts and collateralized loan obligations (CLOs). Acis was recognized for its portfolio management under Terry’s leadership, including an award for its CLO-focused hedge fund. After Terry’s departure, and while Acis was owned or operated by Highland, Terry obtained an $8 million judgment against Acis, attributed in part to the value of his partnership interest.

Robin Phelan of PHELANLAW served as the Chapter 11 Trustee of Acis. Jeff Prostok, Suki Rosen, and Laurie Rea of Forshey Prostok, LLP served as the Trustee's bankruptcy counsel and Rakhee Patel, Joe Wielebinski, Annmarie Chiarello and Phillip Lamberson of Winstead PC served as the Trustee’s special counsel. Richard Klein of Miller Buckfire & Co. and Zachary Alpern of Stifel, Nicolaus & Co., Inc. served as the Trustee's financial advisor. Josh Terry is represented by Brian P. Shaw of Rogge Dunn Group, P.C.

Acis Capital Management, L.P. is a Dallas, Texas based SEC-registered investment adviser with approximately $2 billion in assets under management.

Winstead PC is a national business law firm with more than 325 attorneys. The firm provides a full range of business legal services to some of the most recognized and respected companies across the country and throughout the world. Winstead has offices in Austin, Dallas, Fort Worth, Houston, San Antonio and The Woodlands, Texas and Charlotte, North Carolina. For detailed information about Winstead visit winstead.com. 

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Michael A. Webb
Winstead PC
214.745.5308
mwebb@winstead.com

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