UPC Polska files emergency petition opposing SISU's witness change

By Jeff Pines

Washington, Jan. 15 - UPC Polska, Inc. filed an emergency objection to SISU Capital Ltd.'s proposal to change its valuation expert witness, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

"SISU continues to abuse the discovery process by attempting at the eleventh hour to designate a new valuation expert witness," UPC Polska said in its filing with the court.

During a full-day deposition, UPC Polska's attorneys questioned Dariusz Wiatr of Hexagon Capital, which is SISU's financial advisor.

In a previously filed objection to UPC Polska's plan of reorganization, SISU said it believes the company is purposely undervaluing itself by a significant amount. The company values itself at $234 million, but Hexagon values the company at $529-$712 million.

But UPC Polska said Wiatr's qualifications "were significantly called into question" during the deposition.

A week before the confirmation hearing, SISU told UPC Polska it now wants Hexagon's Rafal Nowakowski as its valuation expert witness.

"SISU is not entitled to replace one poorly performing witness with a new one with the confirmation hearing less than one week away," UPC Polska said. It cites a case that a party may not change its expert witness, even on a motion, if it is "untimely or prejudicial."

The company notes Hexagon began its valuation work in July, but did not deliver a completed report until Dec. 24, though it was dated November.

Case cited:

UPC Polska's attorney cited Erwin v. City of Chicago

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