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Mark Shapiro Recognized for Work on the Sale of Alliance Medical Holdings by the M&A Advisor

Mark Shapiro Recognized for Work on the Sale of Alliance Medical Holdings by the M&A Advisor

The M&A Advisor's 13th Annual Turnaround Awards will recognize Mark Shapiro for his work as Financial Advisor to the Debtors and led the marketing process to a §363 sale. This case won for Consumer Staples Deal of The Year (Under $500MM). Winners will be awarded at a Black Tie Gala on Thursday, March 28, 2019 at the Colony Hotel in Palm Beach, FL. 

Alliance Health (“Debtors”) owned and operated a network of pharmacies across the United States that specialized in providing prescription pharmaceutical products to patients with chronic health conditions, including diabetes.  On February 23, 2017, the FBI raided the Alliance Health offices in suburban Salt Lake City in connection with a Department of Justice inquiry into the Debtors’ purchase of certain secondary market diabetic testing strips.   The Government’s actions immediately halted the Debtors’ operations as it had no ability to access funds to operate.  To protect the going concern value of the business, between April 7 through April 9, 2017, each of the Debtors filed for Chapter 11 Bankruptcy protection in the Southern District of Texas.  The cases were consolidated and administered under one of the Debtors, Uplift Rx and Ron Glass was appointed Chapter 11 Trustee on May 18, 2017.

Prior to the filings, Alliance Health generated more than $160 million in annualized revenue, serving approximately 60,000 individuals through its prescription delivery services.  Additionally, the Debtors counted more than 1.5 million persons as members of its Alliance online communities, reaching those individuals experiencing or otherwise connected to chronic health conditions.  Despite the Government restrictions, through a robust marketing process and sales effort, the Debtors were successful in selling the majority of its assets and certain pharmacy licenses as a going concern in a §363 bankruptcy auction to Upwell Holdings Inc. for $14.5 million.  The Sale Motion was approved by the Bankruptcy Court on November 7, 2017.

For a detailed list of winners, please click here: https://maadvisor.com/DITA/2019-DITA/13th_Annual_Turnaround_Award_Winners_List.pdf

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