ACIS CAPITAL MANAGEMENT EMERGES FROM BANKRUPTCY

 

 

FOR IMMEDIATE RELEASE

Approved Reorganization Plan Effective as of Feb. 15, 2019

DALLAS, Feb. 20, 2019 – 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.

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

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