William Herbert Hunt Liquidating Trust
In connection with a confirmed Chapter 11 plan of reorganization, Mr. Turoff was engaged in January 1990 as the Independent Trustee to hold and dispose of substantially all the assets of William Herbert Hunt. He served, in essence, as the chief executive officer of a conglomerate, including over 55 entities in a number of industries, including domestic and international oil and gas and other natural resources, real estate, banking, entertainment, recreation, ancient art and shipping. In addition to the hard assets liquidated, we oversaw the examination and investigation of certain pre-petition transactions, which resulted in significant causes of action being pursued to recover transfers made by Mr. Hunt to family members and entities controlled by them on the eve of bankruptcy. In December 1994, the litigation was successfully settled after nearly three years of contentious proceedings. By the end of 1997, Mr. Hunt’s bankruptcy estate had been liquidated into cash aggregating over $100 million. Distributions to trust beneficiaries were over $67 million, which constituted approximately 91 percent of the net proceeds after mortgages and liens.