In 1993, Mr. Turoff served as the litigation managing agent of a litigation limited partnership, Jewel Recovery, LP, established in connection with the confirmed Zale Corporation Chapter 11 plan of reorganization. The purpose of the limited partnership was to pursue third-party claims of the debtors and creditors, including claims against former officers, directors and professionals (including law firms and investment bankers) of Zale as well as a trust company and related insurance carriers. On behalf of the Zale creditors, we were responsible for prosecuting approximately 300 lawsuits to avoid pre-petition payments and other major litigation seeking recovery of damages, including claims for avoidance of fraudulent transfers.

Renaissance prosecuted and resolved the avoidance actions and three major lawsuits within the first two years of the engagement, realizing over $28 million in cash and resolving claims against former officers and directors, a major international law firm and three major insurance carriers. The final two lawsuits were resolved in 1997, providing an additional $24 million in recoveries. Total recoveries amounted to over $52 million—substantially greater, and achieved 18 months sooner than originally anticipated by the professionals representing the Zale creditors.