EBBERS ASSET TRUST

Case Highlights

• Appointed by the Comptroller of the State of New York and MCI/Verizon
• Supervised and sold interests in operating entities and real property on behalf of litigation beneficiaries

Case Narrative

DSI was named as Trustee of the Ebbers Asset Trust by the Comptroller of the State of New York and MCI/Verizon. The trust was the vehicle used to wind down and dispose of all of Bernard Ebbers’ personal holdings, including a number of operating businesses as well as a significant amount of real estate and other assets. Ebbers, the former CEO of WorldCom, had amassed a considerable amount of personal investments, aside from the assets separately involved in the WorldCom bankruptcy.  These assets had a gross value in excess of $1 billion and included equity interests in timberlands, a trucking company, sawmills, a marina, large agri-business enterprises and various other forms of real estate investments. In addition to having to negotiate with Mr. Ebbers in connection with the disposition of virtually all of these assets, this DSI engagement included sales of these businesses as well as sales of minority interests in other businesses, the refinancing of some ongoing interests, the disposition of other wholly owned assets, as well as claims negotiations, claims reconciliation and claims settlements.