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VesCor Capital Corporation, directly and through affiliates, controlled approximately a third of an undeveloped industrial complex commonly known as Apex Industrial Park, located in Las Vegas, Nevada. VesCor and its affiliates owned approximately 3,100 acres within Apex. In the spring of 2006, three of VesCor’s affiliates jointly filed for bankruptcy protection under Chapter 11.
In early 2007, the VesCor entities filed a joint plan of reorganization. Certain creditors of the bankrupt entities opposed the plan, challenging, among other things, its feasibility. Cypress acted as financial advisor to the VesCor entities and provided testimony at the confirmation hearing. The VesCor plan was approved by the United States Bankruptcy Court for the District of Nevada.