CHAPTER 9 VALUATION OF DISTRESSED ASSETS AND COMPANIES

• Jurisdiction: United States

Financial Distress in the Oil & Gas Industry
(Feb 2010)
CHAPTER 9
VALUATION OF DISTRESSED ASSETS AND COMPANIES
James E. Parkman
Parkman Whaling LLC
Houston, Texas

James E. Parkman has been associated with the energy industry and financial services business for over 30 years as an employee of energy companies, an investment banker specializing in energy and an entrepreneur providing financial services to energy companies. He is now involved in an investment banking firm formed in 2007 named Parkman Whaling LLC. Petrie Parkman & Co., the firm he co-founded in 1989, was sold to Merrill Lynch in December 2006. During the seventeen year history of Petrie Parkman it was engaged in providing financial services to the energy industry including representing clients in mergers, asset transactions, restructurings, private placements and underwriting of securities. Petrie Parkman became a leader in its businesses and was recognized in several publications as the best in the energy advisory sector before it was sold in 2006. Prior to the formation of Petrie Parkman, Jim Parkman was a Managing Director of The First Boston Corporation where he worked in the New York M&A Group as an energy specialist beginning in 1982. He came to First Boston after working for Saxon Oil Company and Texas Eastern Corporation from 1975 to 1982. His first professional job as an economist for The Federal Reserve Bank was accepted after receiving his M.A. in economics from Texas Tech. Prior to that he served as an officer in the U.S. Air Force after completing his undergraduate degree (honors) at Mississippi College in 1972. During his career as an investment banker Mr. Parkman has advised many public and private companies, directors, investors and government officials on strategic and transaction objectives. He was extensively engaged in numerous contested takeover situations in the 1980's and was responsible for organizing many energy company asset restructuring programs during that same period. His involvement in energy industry mergers and the asset market was extended through 2006 as he developed a leading provider of acquisition and divestiture services and established a leading merger advisory service. In the late 1990's Mr. Parkman created a specialized service to advise both creditors and debtors in bankruptcy and was involved in several significant reorganizations and recapitalizations of energy companies. In addition to his service to private, public and institutional...