About Us -- Principal
CPA LUIS R CARRASQULLO RUIZ
Certified Public Accountant with over 16 years of experience in accounting, auditing, finance, and taxes working at international CPA Firms (KPMG) and as the Chief Financial Officer of Private and Public (highly regulated) Companies in Puerto Rico. During the last four (4) years, CPA Carrasquillo has been exclusively working with business reorganizations. In this practice, Carrasquillo has participated in many Chapter 11 restructuring cases as Financial Advisor, Accountant, and Special Witness, providing debt restructuring services as well as workout services out of the legal forum.
- Five years as Senior Auditor in charge of several important audit engagements in the Insurance and Distribution Industries such as Atlantic Southern Insurance Company, PCA of Puerto Rico Inc. (Humana), Triple S, Triple S Life, Seguros Multiples, COSVI, Empresas Bechara Inc., Atlantic Pipe Company, Stanric Inc., Pfizer Corp., Coulter Inc., Pall Biomedical, Pall PR, Pfizer Pharmaceutical, Hotel y Parador el Sol, Empresas Bechara, among others. Responsibilities included the supervision of audit assistants assigned to the engagements, the coordination of the administrative matters of the engagements, obtaining an understanding of the full accounting cycle and of the internal controls structures of the clients in order to perform the audit, and suggest recommendations for improvement.
- Six years as Vice President of Finance of Liberty Cablevision of Puerto Rico Inc. Responsibilities included the supervision of the accounting, finance, billing, collections, fleet, warehouses, taxes, capital expenditures (with an annual budget of over $30MM per year), disbursements, and other departments. In charge of the supervision of over 100 employees.
- Effectively reorganized the Company with Company's President and top management, to develop new lines of business which significantly increased Company's revenues in a period of less than 5 years (from a level of $48 million in revenues during the year 2000 to approximate $78 million in revenues in 2004).
- Reorganized internal functions to reduce overhead expenses minimize SGA expenses and consolidate the operations of four (4) segments into one single entity, reducing or eliminating direct operating expenses by maintaining different segments for the same business.
- Effectively maintained the reporting requirements of local and federal agencies such as the FCC, the PR Telecommunications Board, SEC (as a subsidiary of a public Company; Liberty Media Group), and others.
- Two years as the CFO and Senior Vice President of Margo Caribe Inc., a publicly-trade company in NASDAQ. Responsibilities included the supervision of the accounting, finance, collections, fleet, warehouses, taxes, human resources, MIS, and other departments. In charge of all SEC and NASDAQ filing requirements such as the 10K's, 10Q's, press releases, investors' relationship, and others.
- Effectively reorganized the Company outside the Bankruptcy Court, achieving annual savings in SGA and operating expenses of over $2MM. Together with other management group he was able to reorganize the operations, reduce the business to its core operations, and move the facilities to a Jacksonville (US) location. Payment plans were achieved with all vendors and banks outside the Bankruptcy Court. New financing facilities were obtained making feasible Company's business plan and moving.
- Two years as the CFO of Almacenes Linda, Inc. and affiliates in its reorganization process. Closely working with Company's legal and financial counselors looking forward an effective reorganization of the Company under the Chapter 11 of the Bankruptcy Code. In charge of the preparation of all Monthly Operating Reports, Exhibits, and others, as required by the counselors for the U.S. Trustee Office and the Bankruptcy Court. Hands on in all related processes of the Bankruptcy filing requirements such as Company's Business Plans, Liquidation Analysis, Assets Valuations, Financial Reports and Projections, Disclosure Statement, Objections to Proof of Claims, and others, as the Internal CPA of the Company.
- Effectively consolidated all corporations into a single estate. Implemented costs containment programs which resulted in annual savings of over $5MM in SGA and operating expenses. Implemented systems and controls to improve financial reporting and disclosure. Implemented business reengineering techniques, consolidating administrative personnel duties and responsibilities reducing salaries expense, without losing internal controls that safeguard Company assets. Plan of reorganization was confirmed on August 27, 2008.
EDUCATION
- University of Puerto Rico, Río Piedras Campus
- Bachelor Degree in Business Administration - Major in Accounting – 1993
- Major GPA: 4.0 Overall GPA: 3.65 - Magna Cum Laude
- Seminars and Trainings in the Insurance, Medical Plans, Manufacturing, Retail, and Distribution Industries
- Seminars in Bankruptcy Proceedings offered by the American Bankruptcy Institute (2009 and 2010)
- Continued education towards the CPA License Renewal including accounting and taxes seminars and courses
ACHIEVEMENTS
- High Honor Award, Business Administration College, 1993
- Magna Cum Laude, UPR, 1993 Class, Accounting 4.0 Medal, UPR, 1993
- Passed all parts of the CPA examination at first attempt, May 1994
- Highest grade in Puerto Rico for the May 1994 CPA examination (overall average 96 out of 100)
- LOMA Certification – Accident, Health, and Life Insurance Certificates
ACTIVIES AND ASSOCIATIONS
- Member of the PR Certified Public Accountants Society
- Member of the American Bankruptcy Association
- Member of the Association of Insolvency and Restructuring Advisor