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Onex, an investment firm, has equity interests across several industries in North America, mainly manufacturing and health care, but financial services, building products, and transportation, as well. While large-cap private equity is its biggest segment, the company also invests in debt and credit securities and real estate, including real estate investment trusts, commercial real estate loans, and residential developments. Onex’s credit securities investments are designed to take advantage of the subprime mortgage crisis and credit shortage. The company’s ONCAP family of private equity funds invest in mid-cap firms. All told, Onex has around $7 billion in third-party capital under management.
Case description: Alleged fraudulent conveyance arising from Onex’s acquisition of American Buildings Company and American Buildings’ subsequent acquisition of two other companies.
Cypress acted as expert witness on behalf of Onex as to the valuation and solvency of three companies acquired by Onex, the reasonableness of certain fees paid to Onex, the transaction structures and the events leading to the companies’ ultimate bankruptcies. On summary judgment, the majority of the plaintiff’s claims were dismissed. In addition, based on questions developed by Cypress and other rebuttal analysis of the plaintiff’s expert, the court refused to admit the testimony or analysis of that expert under the Daubert decision standards.