David W. Brown
David W. Brown, a Senior Principal and co-founder of Obsidian, brings expertise in transaction structures, creative ideas in tax and finance, and resolving or liquidating distressed companies and assets. Industries of particular focus are forest products, finance, energy and bankruptcy estates.
At Obsidian, Mr. Brown has acted as president of many companies in liquidation in Europe and South America. His responsibilities included, among other things, managing litigation resolving disputes and selling various assets in many different countries while Obsidian served as asset manager for a multinational medical leasing company in liquidation. Mr. Brown has repeatedly applied his extensive experience in the forest products industry, most recently while leading the efforts to acquire a major Pacific Northwest forest products company. The effort involved a unique structure that included tax efficiencies not generally available when taking timberland private, maximizing value for shareholders.
Prior to founding Obsidian, Mr. Brown practiced law with Miller Nash LLP in Portland, Oregon for 23 years. His practice included many different aspects of business, tax and finance, including both successful and financially distressed companies. In this context, he also represented several liquidating trusts and companies in reorganization, specializing in the resolution of various tax issues which were often complex and burdensome. As an attorney, Mr. Brown represented Willamette Industries, Inc., a Fortune 500 company headquartered in Oregon that manufactured and sold paper, boxes, building products and other forest products throughout the world. He was responsible for handling numerous transactions in several different countries.
Mr. Brown also represented U.S. Bancorp, a bank holding company then headquartered in Oregon. During that time, he negotiated and closed numerous leveraged leases of transportation equipment with a variety of counterparties including several major airline carriers and shipping companies. He also represented U.S. Bancorp in numerous disputes with the IRS. This knowledge of, and experience with, creative tax solutions in large business transactions has been heavily utilized at Obsidian.
Mr. Brown graduated with a B.S. in marketing and a J.D. from the University of Oregon.
Kevin D. Padrick
Kevin D. Padrick, a Senior Principal and co-founder of Obsidian, has responsibilities for much of Obsidian's advising and consulting activities, execution and implementation of complex financings and transactions, and working on matters involving distressed companies. Industries of particular focus and with which he has considerable experience are finance and aviation.
While at Obsidian, Mr. Padrick has worked extensively with distressed situations, including advising a major Wall Street investment bank, private equity funds, hedge funds, liquidating trustees, indenture trustees, and prospective purchasers of distressed assets. Mr. Padrick has also advised lenders providing DIP and exit financing and lessors under complex lease transactions impacted by the insolvency of the lessee. Asset management and sale advice has also been provided by Mr. Padrick to owners of structured finance assets, real property, equipment, and venture capital investments. Mr. Padrick has been involved with financing a company in the organic pet food industry and, prior to its sale, served on its board.
Prior to founding Obsidian, Mr. Padrick had a career as an attorney with Miller Nash LLP where he chaired the insolvency department and represented debtors, secured and unsecured creditors, and creditors committees, and was lead outside counsel for U.S. Bancorp in reorganization matters nationally and internationally. Mr. Padrick then had a career as an entrepreneur and consultant, acting as advisor to a major Wall Street investment bank and others on structuring complex financial transactions, the structuring of asset purchases, negotiation of agreements with mono-line insurers, structuring of DIP and exit financing, and the valuation of residual interests in securitizations. Acting as financial advisor, Mr. Padrick advised the founder of Columbia Aircraft Company, a manufacturer of certified aircraft, in securing capital from the government of Malaysia for the continued operations of Columbia. Additionally he acted as financial advisor to that same founder in the sale of his interest in Columbia and the sale of his interest in Lancair, a manufacturer of experimental aircraft.
Due in part to his success as an entrepreneur in both regulated and non-regulated industries, and in part to his work as an advisor, Mr. Padrick has broad experience in business transactions involving natural resources. As an advisor, he worked with the developer of the largest mill reclamation project in the Northwest. Mr. Padrick has also served as director of a publicly held bank after being nominated by a group of dissident shareholders, ultimately assisting in the bank's sale, and as president of a subprime mortgage company for the purpose of its sale and reorganization.
Mr. Padrick holds an M.B.A., a J.D., and a B.S. in both mathematics and psychology, all awarded with honors. His four degrees were obtained over six years, the first two of which were spent at the United States Air Force Academy and the last four at the University of Santa Clara. Mr. Padrick is an avid pilot, with commercial and instructor ratings in fixed wing aircraft and helicopters.
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