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Marti P. Murray is a principal of The Brattle Group, with subject matter expertise in corporate financial distress and restructuring, securities trading, business and securities valuation, solvency, fraud (including Ponzi schemes), and industry custom and practice in the alternative investment management industry.

She has had a 35+ year career in the financial services industry, including leadership roles at both alternative investment management firms and business restructuring financial advisory firms. She has also served on numerous boards of directors and has acted as a court-appointed SEC Receiver for an investment adviser accused of fraud.

Earlier in her career, Ms. Murray was the founder, president, and portfolio manager of Murray Capital Management, Inc., an SEC-registered distressed debt hedge fund firm which she ran from 1995-2008.  The distressed debt business of Murray Capital was acquired by Babson Capital in April 2008.

Ms. Murray served as an adjunct professor at the NYU Stern School of Business from 2001-2013, teaching courses in bankruptcy, distressed debt investing, and equity analysis/valuation. While at NYU Stern, she was the recipient of awards for excellence in teaching, including the Teacher of the Year Prize. Ms. Murray has written for numerous publications, and was a contributing author to Managing Hedge Fund Risk: From the Practitioner’s Perspective, edited by Virginia Reynolds Parker, published in 2001.

Ms. Murray holds the Certified Valuation Analyst credential (CVA), awarded by the National Association of Certified Valuators and Analysts (NACVA). She also serves as the Vice-Chair of the Academic Relations Committee of the Turnaround Management Association and is a full member of the National Association of Federal Equity Receivers (NAFER).

Representative Engagements
The Dolan Company

Retained as financial advisor to the Official Committee of Equity Security Holders of The Dolan Company, a holding company with multiple lines of business in e-discovery, business publications, and appellate services. Issued a valuation report of The Dolan Company’s component businesses, testified as the designated valuation expert, and evaluated alternatives to the bankruptcy plan of reorganization. The equity security holders received a recovery as part of a negotiated settlement.

Petters Company Inc. Liquidating Trust

Retained as expert in a litigation relating to claw-back claims stemming from the Petters Ponzi scheme. Issues included fraud, Ponzi schemes, solvency, asset tracing, and hedge fund industry custom and practice, including the calculation of management and performance fees. [The matter is pending.]

Patriarch Partners, LLC

Retained as expert on behalf of Lynn Tilton and Patriarch Partners with respect to an SEC enforcement action alleging fraud in connection with CLOs that held investments in distressed companies. Issued expert report, including opinions related to industry custom and practice with respect to managing a distressed debt investing strategy and loan modifications. Lynn Tilton and Patriarch prevailed.

Saba Capital

Retained as one of Saba’s experts in a litigation brought by the Public Sector Investment Board of Canada (“PSP”), a former investor, relating to the valuation of distressed securities held in the portfolio as of the effective date of PSP’s redemption. Issued expert report that addressed a variety of issues, including industry custom and practice with respect to marketing illiquid investments for sale, industry custom and practice with respect to valuing illiquid investment positions, hedge fund ecosystems, and fair value measurements. The parties settled prior to trial, on the basis that both agreed that the matter was a “commercial dispute involving a good faith disagreement over the valuation of two highly illiquid corporate bonds.”

Knowledge Investment Partners

Retained as expert in a dispute relating to redemptions paid to certain investors in a hedge fund focused on the for-profit education sector. Issues included hedge fund industry custom and practice, business and investment valuation, the for-profit education sector, solvency, fraudulent conveyance, and alleged fraud. Issued expert report. The matter settled prior to trial.

Publications
Article
Assessing the Reasonableness of Rights Offerings Raising Exit Financing in the Context of a Chapter 11 Bankruptcy Proceeding
May 7, 2019
Published in Corporate LiveWire's Bankruptcy & Restructuring 2019: Expert Guide
News & Events
May 07, 2019
Brattle Principal Marti Murray Authors Article on the Role of Rights Offerings in Corporate Restructurings

Brattle Principal Marti Murray authored an article in Corporate LiveWire’s Bankruptcy & Restructuring 2019: Expert Guide publication, titled “Assessing the Reasonableness of Rights Offerings Raising Exit Financing in the Context of a Chapter 11 Bankruptcy Proceeding.”