Robert Boldt

ENI Holdings, LLC v. KBR Group Holdings, LLC, No. 8075-VCG (Delaware Court of Chancery), Vice Chancellor Glasscock. 

• Lead trial counsel for an affiliate of Oaktree Capital after it sold an engineering, procurement and construction company named Roberts & Schaefer (R&S) to KBR, Inc. for $280 million.

• Over a year after acquiring R&S, KBR, Inc. took a $179 million write-down on the investment and claimed that the seller had misrepresented R&S’s earnings by improperly releasing contingencies on construction projects and under-estimating costs. 

• KBR sought to rescind the transaction and/or obtain $100 million in damages.

• Argued and won a motion to dismiss. See Delaware Business Court Insider, Survival Clauses Trump Limitations, Chancery Rules, Dec. 4, 2013. Also defeated a motion to indefinitely delay the related arbitration described next.

ENI Holdings, LLC v. KBR Group Holdings, LLC Working Capital Arbitration (Chicago, IL), Arbitrator Michael Braverman, Duff & Phelps (2013).  

• Won arbitration over the target company’s working capital.

• Disproved opponent’s contention that revenue from long-term construction projects had been recognized prematurely—a favorable factual finding for the related litigation described above.

Assurances Generales de France, et al, as alleged subrogees of Space Communications Corporation (SCC) v. Boeing Satellite Systems International, Inc., No. 50 132 T 00506 06) (AAA), Judge George C. Pratt (Chair), Judge Stanley Sporkin, and Richard Chernick (2010).

• Second chaired arbitration for Boeing in $240 million subrogation action brought by seventeen insurers for the Superbird-6 communications satellite.

• None of the engineers accounted for the effect of the moon’s gravity, which caused the satellite to re-enter the atmosphere before it had completed its initial orbit around Earth. The satellite was de-orbited and declared a total loss.

• In an extensive arbitration hearing, Mr. Boldt and his partner Jeff Davidson defeated all damages claims against Boeing and subsequent motion to vacate arbitration award.  Boeing only paid an undisputed contractually agreed-upon amount for a warranty payback—about five percent of the amount the insurers sought.

• Key to success was proving at trial that an “empty chair” launch services provider rather than Boeing was contractually responsible for the satellite’s initial orbit, even though Boeing planned the mission and was contractually responsible for raising the Satellite from its initial orbit to its final orbit. 

Integrated Products and Services, Inc. v. Kayne Anderson, LP et al., Akron, OH (SS&G ), before Accounting Arbitrator Lewis Baum (2012).

• Lead counsel for United Technologies Corporation (UTC) and affiliates in disputes with Kayne Anderson, L.P. and others who sold a company named Detection Logic to UTC for $140 million.

• Opponents raised over 50 challenges to client's post-closing statement of working capital.

• Defeated opponent’s $5 million claims and prevailed on over $6 million of counterclaims (an $11 million swing in client’s favor). Also obtained favorable factual findings relevant to litigation described next.

Integrated Products and Services, Inc. v. Kayne Anderson, LP et al., No. 1220040443 (JAMS), Judge Haley Fromholz (Ret.) (2012).

• Lead counsel in an arbitration governed by the California Rules of Evidence and Civil Procedure.

• Proved at trial that the sellers had improperly accelerated the recognition of revenue and overstated earnings by manipulating a work-in-process schedule and thereby caused UTC to overpay for the company.

• Won $33 million for client even though the represented and warranted earnings were only overstated by $3 million proved that client based the purchase price on a multiple of earnings.

• Defeated vacatur motion and subsequent appeal/petitions.

CWD, LLC v. Hammond, Kennedy, Whitney & Company, Inc., (New York, NY) before Accounting Arbitrator Michael Braverman, Duff & Phelps (2014).  

• Represented CWD in dispute over the amount of a reserve for excess and obsolete inventory.

• Proved that opponents departed from past accounting practices by decreasing the reserve based on supposed imminent demand for the inventory.

• Recovered 100 percent of the amount sought, plus arbitrator costs.

ASP MD Intermediate Holdings II, Inc. and Carlyle CIM Agent, LLC Working Capital Dispute, (Philadelphia, PA) FTI Consulting, Basil Imburgia (2013).  

• Post-merger working capital dispute over accounts payable capital, and accounts receivables.

• Developed an argument based on the target company’s accounting policy that $7.5 million liabilities relating to capital expenditure investments had not accrued, despite contrary finding in audited financial statements. 

• Prevailed on most of the remaining issues and recovered $9.4 million. 

In re Quinine Sulfate Products Liability Consolidated Litigation, JCCP No. 4565 (Los Angeles Superior Court), Judge Elihu Berle (2011).

• Plaintiffs sued Teva Pharmaceuticals and other manufacturers of quinine, an old anti-malarial drug that physicians prescribed off-label for the treatment of nocturnal leg cramps. Approximately a hundred plaintiffs claimed that quinine caused an array of injuries, including a rare blood condition that damages kidneys.

• Led medical causation defense, deposed treating physicians and causation experts, handled most of the court appearances, and facilitated favorable settlement for Teva.

Guerrero, et al. v. Kinki Nippon, et al., No. 04-0574D (Northern Marianas Islands, Superior Court), Judge Juan T. Lizama (2008). 

• Lead trial counsel for Morgan Stanley Japan Securities following its attempt to buy a majority stake in a Saipan company.

• Local minority shareholders alleged that Morgan Stanley aided and abetted breaches of fiduciary duties by a majority shareholder.

• Won two motions to dismiss and settled case without client paying anything.

Milstein et al. v. Protection One Alarm Services, Inc., No. BC296025 (Los Angeles Superior Court), Judge Alexander H. Williams III and Arbitrator Mary S. Jones (2004).

• Lead counsel for Protection One, a leading provider of residential alarm services, in an alleged class action brought by a former customer complaining about fees for terminating a contract that automatically renews each year.

• This was the first class certification decision made by the AAA in the country, and Mr. Boldt was prominently featured in the Los Angeles Daily Journal, “Divided Loyalty Causes Neutral to Deny Class Action." (Los Angeles Daily Journal, June 6, 2005.)

• Defeated class certification and subsequently obtained judgment on the pleadings for this client in two similar class actions. 

All American Telephone, Inc., et al. v. Multimedia Long Distance, Inc. et al., No. 67-174273-98 (Texas State Court, Fort Worth), Judge Don Cosby (2008).

• Lead trial counsel for Qwest Services Corporation in a dispute with reseller of long distance telephone services. The reseller sought approximately $25 million from Qwest for allegedly “slamming” customers, misappropriating call records, and destroying the reseller’s business.

• Won summary judgment and defeated appeal. See All American Telephone, Inc. v. USLD Communications, 2009 WL 1996291 (Tex. App. Fort Worth, July 2009).