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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FOR IMMEDIATE RELEASE

DALLAS, February 2, 2019 – Acis Capital Management, L.P. and Acis Capital Management GP, LLC (collectively Acis), a Securities and Exchange Commission (SEC)-registered investment adviser and collateralized loan obligation (CLO) manager with approximately $2 billion in assets under management, announced today that the United States Bankruptcy Court in Dallas has confirmed Acis’ Chapter 11 restructuring plan. Prior to bankruptcy, Acis was owned and controlled by Highland Capital Management, L.P. and its affiliates (collectively, Highland).

In 2018, Joshua N. Terry, former head of Highland’s structured products team and founder/former partner in Acis, and the holder of an $8 million judgment, successfully initiated and prosecuted an involuntary bankruptcy against Acis. The case was subsequently converted to Chapter 11.

Upon emergence from bankruptcy, Acis will be owned and operated by Mr. Terry. Acis’ plan of reorganization proposes to pay creditors in full. Brigade Capital Management, L.P., a global investment management firm with over $20 billion in assets under management, is currently acting as sub-adviser for the Acis CLOs. Acis will also retain substantial litigation claims against Highland, its affiliates and principals, James Dondero and Mark Okada.

“Today’s confirmation marks the beginning of an energizing new chapter at Acis as an independent portfolio manager,” said Robin Phelan, Chapter 11 Trustee for Acis. “Acis will be back in the capable hands of Josh Terry, who I anticipate will generate similar results as he did during his first tenure,” Mr. Phelan commented.

“At the outset of this bankruptcy case, it was not clear whether creditors would have a reorganized company to look to for payment. Acis can now pay its creditors and provide meaningful returns for investors,” said Jeff Prostok of Forshey Prostok LLP.

“We are pleased the bankruptcy court saw a potential future for this company,” said Rakhee Patel of Winstead PC. “We believe this case is a prime example of how the bankruptcy process can and should work for aggrieved creditors.” 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.

Joshua N. 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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February 21, 2018
FOR IMMEDIATE RELEASE

Contact: Baillie Hearne
(512) 480-8014
bhearne@txbf.org

FORT WORTH ATTORNEY MR. JEFF P. PROSTOK HONORED BY TEXAS BAR FOUNDATION

Mr. Jeff P. Prostok with Forshey & Prostok LLP has been elected to membership in the Fellows of the Texas Bar Foundation. Fellows of the Foundation are selected for their outstanding professional achievements and their demonstrated commitment to the improvement of the justice system throughout the state of Texas. Election is a mark of distinction and recognition of Mr. Prostok’s
contributions to the legal profession.

Selection as a Fellow of the Texas Bar Foundation is restricted to members of the State Bar of Texas. Each year one-third of one percent of State Bar members are invited to become Fellows. Once nominees are selected, they must be elected by the Texas Bar Foundation Board of Trustees. Membership has grown from an initial 255 Charter Members in 1965 to more than 9,500 Fellows throughout Texas today.

The Texas Bar Foundation is the largest charitably funded bar foundation in the country. Founded in 1965 by lawyers determined to assist the public and improve the profession of law, the Texas Bar Foundation has maintained its mission of using the financial contributions of its membership to build a strong justice system for all Texans. To date, the Texas Bar Foundation has distributed more than $18 million throughout Texas to assist nonprofit organizations with a wide range of justice-related programs and services. For more information, contact the Texas Bar Foundation at www.txbf.org.

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