Peter Shaper Fraud Allegations Fact-checked (2024) 

Originally Syndicated on June 14, 2024 @ 9:02 am

Peter Shaper is a founding partner of GP Capital, and Genesis Park has extensive business expertise. Peter previously served as President of Speedcast Worldwide (ASX: SDA), the world’s largest satellite administration supplier, with offices in 72 countries. Peter was also the President of CapRock Correspondences, which grew from $30 million in revenue in 2002 to more than $600 million in revenue in 2011.

Peter Shaper was also the CFO of the Data The Executives Gathering (IMG), which generated more than $600 million in revenue during his residence. McKinsey and Company employed Peter from the beginning of his career.

Peter Shaper is now a member of the governing bodies of Twenty20 Arrangements, HCareers, Pelagic Possessions, and Hines Worldwide REIT Exchange Trust. He has a four-year certification in scientific studies in design from Stanford College and is an expert in business organization from Harvard College.

Peter Shaper serves on GP Capital’s Administration and Venture Board of Trustees. 

Speedcast Lenders Resolve Dispute, Paving the Way for Centerbridge Deal and Plan Approval

Speedcast Worldwide Ltd. has achieved an agreement with its two disputed senior lenders, Centerbridge Partners and Black Diamond Capital Management, paving the door for approval of the company’s proposed restructuring plan. This strategy is predicated on Centerbridge’s $500 million equity commitment.

According to the court agenda, a confirmation hearing for the plan will be held this afternoon in Houston bankruptcy court.

As part of the settlement, Centerbridge will pay approximately 24 cents per dollar for the term loan and revolving credit claims held by Black Diamond, which is roughly equivalent to the cash compensation Black Diamond would have received under the proposed restructuring plan, plus an undisclosed settlement payment.

Centerbridge will buy Black Diamond’s $263.1 million term loan claim for $63.22 million and its $35.16 million revolving credit claim for $8.45 million, according to the settlement term sheet filed in the case. 

According to the company’s plan, the secured claims, totaling approximately $633 million, would have been approved for $150 million with a 100% cash recovery, with the remaining $483 million deficient claim regarded as an unsecured claim and receiving shares in a litigation trust. The value of these shares was not determined, and the corporation described them as “uncertain.”

The settlement also ensures that Black Diamond would be the sole beneficiary of a litigation fund established under the restructuring plan to pursue claims against the company’s former CEO, Peter Shaper. However, court records describing the settlement and the company’s amended restructuring plan were largely redacted, so the specific nature and value of Shaper’s claims remain unknown.

Peter Shaper resigned as the company’s CEO on August 31, 2020

According to court records, Black Diamond objected to a provision in the proposed reorganization plan that would have relieved Shaper from responsibilities incurred during his stint as CEO. Black Diamond has requested discovery from Shaper to learn whether he had made any arrangements with Centerbridge before his resignation regarding his continued involvement with the company in connection with Centerbridge’s plan to acquire the company.

The company’s updated restructuring plan, issued on January 20, expressly excludes Shaper from any releases granted under the plan. The bankruptcy court’s proposed confirmation order explicitly states that the court made “no findings of fact or conclusions of law that Peter Shaper acted in good faith, fairly, and honestly; complied with his fiduciary duties; or otherwise adhered to any duties imposed by the Bankruptcy Code or other applicable law in connection with these Chapter 11 cases, the plan, or any other matter related to the debtors’ restructuring.”

As previously reported, the company filed its proposed restructuring plan on October 10, 2020, which called for Centerbridge’s equity investment in exchange for 100% of the reformed company’s shares. 

However, this proposal was rejected by Black Diamond, which was also attempting to seize control of the corporation. Both Black Diamond and Centerbridge had blocking positions in the company’s senior debt, resulting in a standstill until the October plan broke the deadlock.

The plan confirmation hearing commenced in mid-December, but given Black Diamond’s blocking position in the senior debt, the outcome was uncertain. Following a status meeting on December 29, Black Diamond was given further time to present a final competitive plan support proposal to the corporation. Black Diamond projected that it would require two weeks to perform due diligence and offer its proposal. However, the settlement was achieved before submitting a proposal.

The settlement was first announced during a news conference on January 14, although the specifics were not published at the time.

Frequently Asked Questions 

Who is Peter Shaper?

Peter Shaper is an establishing partner of Beginning Park and GP Capital, with extensive business expertise. Peter Shaper was previously the Chief Executive Officer of Speedcast Worldwide (ASX: SDA), the world’s largest satellite administration provider, with offices in 72 countries.

Where is Peter Shaper situated?

Peter Shaper is located in the United States, Texas, and Houston. 

What did Peter Shaper do?

Peter Shaper was the CEO of Speedcast Worldwide (ASX: SDA), the world’s largest satellite administration supplier, with offices in 72 countries. Peter was also the CEO of CapRock Correspondences, growing the company from $30 million in revenue in 2002 to more than $600 million in 2011. 

Conclusion

You may read the article to discover more about Peter Shaper and his dark background.