Asset Liquidations

Selected Examples
Asset Liquidations 

Molded Plastic Houseware products  

  • After working capital lender terminated advances, retained by debtor to develop plans for a Chapter 11 filing and the liquidation of assets.
  • On fourth day of assignment, presented liquidation plan (which proved to be highly accurate) to creditors. Retained by debtor as CRO, negotiated DIP financing, and liquidated receivables, inventories, and real estate and equipment of five manufacturing plants.  

Manufacturer of high-end Kitchen Appliances 

  • Retained in Chapter 11 proceedings by secured creditors to control debtor use of cash collateral, sell business assets and negotiate settlement of major liabilities.
  • Highly contentious disputes and damage claims by Far Eastern suppliers were settled favorably to obtain control of valuable tooling. This cleared the way for a 363b bankruptcy sale of the ongoing business at an attractive price to a strategic buyer.  

Holder of residual Mortgages from company exiting manufactured housing business 

  • Retained to sell $115 million residual mortgage portfolio, including $40 million applicable to 400 units in foreclosure and 350 REO units.
  • Over 36 month period, effected a major clean-up of the portfolio. Net recoveries exceeded initial valuation estimates by almost $20 million.  

Medical Equipment Leasing  

  • Retained to sell medical equipment lease portfolio which had serious delinquencies, documentation problems and excessive administrative expenses.
  • Sold portfolio at an attractive price after managing an extensive clean-up of both documentation and delinquencies.  

Greek Tanker Fleet  

  • In reaction to payment defaults 15 days after a debt restructuring, put investigative team in Piraeus Greece to assess business viability and cash flows. Identified operational misrepresentations and fraudulent overstatement of collateral appraisals.
  • Managed world-wide foreclosure actions on 49 vessels in 33 different legal jurisdictions; Reactivated 26 vessel fleet prior to disposition in order to maximize recovery values.  

Wire and tube manufacturer  

  • After death of founder, retained by estate to develop a liquidation plan for assets of a business with two manufacturing plants and large metals inventories held for speculation; silver, copper and brass, etc. Plants had been closed due to serious long term labor difficulties.
  • By developing detailed plans to relocate equipment to a new location, copper tube manufacturing operations were sold to a major air conditioning manufacturer. Sales of other equipment and inventories were negotiated with strategic buyers. 

Designer and importer of Electronic Games and Toys  

  • Installed as Interim CEO with concurrence of secured creditors after Chapter 11 filing; objective was maximization of proceeds from sale/liquidation of business assets.
  • Disposed of excess inventories; resolved major receivables disputes; maintained ongoing relationships with Far Eastern suppliers and customers in order to continue operations through the following Christmas season; developed reorganization plan involving sale of business as an ongoing entity.