Greg Milligan is currently the practice leader of both the Insolvency Advisory and the Asset Recovery and Divestiture sections at Harney Management Partners, in addition to his work with all other areas of the firm’s corporate advisory practice. For 20 years, Greg has maintained a practice exclusively serving companies in crisis and other troubled situations. Greg joined HMP in 1998 and opened the second HMP office in Austin in 2001. During that time, he has both led and collaborated on engagements with highly successful outcomes, including multiple peer review awards such as from the Turnaround Management Association and the M&A Advisor. 

The common thread which runs throughout Greg’s career is his ability to enter a new and troubled situation and quickly develop an understanding of the situation, the key resources needed to achieve the best possible outcome, develop multiple strategic alternatives and manage the personnel and other resources required to execute the selected plan of attack – while developing and maintaining a good working relationship with all stakeholder constituencies. Greg has served both inside and outside of court proceedings in the following capacities: 

•  In November, 2011 Greg was approved to the pool of eligible Special Deputy Receivers by the Texas Department of Insurance with respect to the rehabilitation and/or liquidation of Texas insurance entities.

Representative engagements include:

• Chapter 11 Post-Confirmation Trustee representing the interests of 64,000 policy holders of a failed automotive extended warranty company. This engagement involved the direction of complex litigation against multiple third-party defendants both in the United States and internationally, as well as the claims adjudication process with total creditor claims exceeding $50 million. 

• State Court Receiver for a number of entities sued by the Texas Attorney General and State Securities Board for selling unregistered securities, by unlicensed dealers and though various means of fraud. Greg is charged with investigating the identity of investors, the source and use of investor funds, the location and liquidation of all recoverable assets, and the development of an equitable claims and distribution process.  

• Chapter 11 Trustee in a high-profile and highly contentious bankruptcy case involving real property valued in excess of $30 million. After litigation and negotiation to clear several clouds on the title, a plan was developed that provided sufficient funding to pay all creditors 100%, plus interest, and left ownership of the property with the Debtor. 

• Advisor to a Chapter 11 debtor involving the closure of two unprofitable divisions and the operation and sale of a third, profitable division after an extensive §363 sale process which has the possibility of returning 100% to unsecured creditors. Greg also served as Post-Confirmation Trustee in this matter. 

• Advisor to a Chapter 11 debtor in Galveston, Texas directing the successful §363 sale process of a biodiesel refinery and assisting in the formulation of the Disclosure Statement and Plan. Greg also serves as Post-Confirmation Trustee in this matter. 

• Out-of-court wind down of the 6th largest drug wholesaler in the United States with sales of $2.5 billion in the year the engagement began. HMP represented a ten-member bank syndicate related to its $350 million credit facility. Greg oversaw the orderly liquidation of approximately $250 million in assets located in four states. These efforts also lead to the discovery of undisclosed inventory fraud approaching $10 million. 

• State Court Receiver for a high tech service company which involved the operation and sale of the company (which retained all 140 local jobs) and the subsequent administration of the sale proceeds for the benefit of unsecured creditors. 

• Advisor to $70 million contract manufacturer of luggage, sports bags and backpacks for private label brands at Target, Kohl’s, JCPenny, Wal-Mart and K-Mart. The company also held licenses to manufacture the same product lines for Champion, Spalding, Coleman, Hummer, Rubbermaid and Laura Ashley. This engagement involved the orderly wind down of activities in both the U.S. and Asia, a §363 asset sale in Chapter 11, as well as the identification of financial and collateral reporting irregularities by the debtor’s management. 

• Advisor to $50 million custom manufacturer of integrated components with operations in the U.S. and Mexico. The company was highly concentrated in the automotive industry with customers such as General Motors, Chrysler, Honda, Delphi, TRW and Visteon. After the collapse of the automotive sector, Greg lead an orderly, out-of-court wind down of the operations and liquidation of assets, including the dismissal of an involuntary bankruptcy proceeding filed against the company. 

• Advisor to $20 million wire drawing operation concentrated in the fiber optics and telecom markets. After the decline in those sectors and technological advances in fiber optics delayed the need for new cable, HMP conducted a §363 sale process to a Fortune 500 company which continued operations at that location and retained and ultimately increased employment at that site. 

• Served on a Creditor’s Committee in an insolvency proceeding pending in the Cayman Islands, through his capacity as a Post-Confirmation Trustee, wherein he asserted claims exceeding $50 million against the Cayman entity on behalf of the Trust. 

• Served as Sole Manager of an LLC involved in contentious real estate litigation in Federal Court in West Virginia. Milligan investigated the assets, liabilities and operations of the company and ultimately initiated a bankruptcy filing in Texas which lead to the liquidation of its assets, the full payment of all creditors and a return to equity. 

• Advisor to $120 million furniture manufacturer where Greg organized and negotiated a consensual out-of-court restructure of $15MM of trade debt with approximately 500 different creditors.  

Prior to joining HMP, Greg spent 10 years as a Portfolio Manager for Court-Appointed Trustees, Receivers, and Examiners, and has participated in the administration of thousands of Chapter 7, Chapter 11, and State Court Receivership cases.

Greg is currently a Member of the Turnaround Management Association (TMA - National); Founding Member of the TMA (Austin/San Antonio Chapter); Member of the TMA Board of Directors (Austin/San Antonio Chapter); Member of the National Association of Bankruptcy Trustees; and Member of the American Bankruptcy Institute, as well as a guest lecturer at various colleges, universities and State Bar CLE events, as well as to the National Association of Attorneys General on Receivership matters. He has also been appointed to serve on the Non-Lawyer Committee to the State Bar of Texas Bankruptcy Law Section. Greg received a B. A. in Economics from The University of Texas at Austin.

Greg is also active in his church, to include service as Chair of the Budget and Finance Committee, and is a Court-Appointed Special Advocate (CASA) and Guardian Ad Litem for abused and neglected children.