Alixpartners misconduct affected yo29 Mar 2019 06:48
We believe that the actions taken by Alixpartners Afren Administrators appointed the 31st of July 2015 throughout the course of Afren's Administration amounts to Professional Misconduct because they have not givendue consideration to going concern options that were made for Afren plc (from August 2015 ). They sought only to dispose of assets.
In regards the Administrations proposed strategy (poorly justified), we believe that the choice of Administrators objective ‘2’, and the reasons for choosing it, are not proven given that 3rd parties were actively seeking from August 2015 to discuss options for Afren plc that might have achieved the aims of objective ‘1’, and led to a better outcome for all creditors, including shareholders. And will have avoid what we are seeing with Lekoil today, you are also victims of misconduct
It’s our understanding that the three Administrator objectives must be considered, and adopted or dismissed, in sequential order (1, then 2, then 3)
Our point is that ‘1’ was wrongly dismissed, as there were potentially routes to achieve that objective. However, these routes were blocked by PJT Partners acting on Alixpartners’s behalf.
We believe Alixpartners performed their function with a view to achieve Objective 2 only. In our opinion there is a breach of duties as they clearly failed to consider Objective 1 when the opportunities presented earlier in the Administration process.
The Adhoc Committee advised by Blackstone (PJT Partners) acted in the same fashion before administration appointment as we mentioned in the previous email.
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