Overview of Project
Our client is a large courier company that was facing dire liquidity problems and needed to complete a preferred stock offering under difficult conditions to keep the company solvent. Manchester's investment banking professionals provided a fairness opinion on the transaction which enabled the company to complete its stock offering.

The Challenge
The price of the client's stock offering was very low relative to normal market terms and conditions, making it difficult to find comparable transactions.  Also, the client was under a severe time crunch, so Manchester's professionals only had two weeks to complete the opinion.

The Engagement
Manchester's investment banking professionals were hired to provide a fairness opinion on a convertible preferred stock offering by the client. In addition to the fairness opinion, we prepared a report to accompany the opinion letter and presented our findings to the client.

The Solution
Our professionals were able to find enough relevant information through the use of our database and professional network to derive meaningful conclusions in a timely manner.

The Impact
Upon issuance of our fairness opinion and an opinion from another financial institution, the client completed the offering and solved its immediate liquidity needs. As a result, the client was able to emerge from its liquidity crisis and is operating today with the resources it needs.