Case Studies
J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida
Read MoreThe owner and developer of a 55+ active senior living community in Plano, Texas, with 318 rental units on 31.5 acres (“Borrower”), defaulted on its $80M+ loan funded via senior living bonds, filed for bankruptcy, and was in violation of the bankruptcy plan for failing to pay debt service on the bonds. A large national bank serving as Trustee on behalf of bondholders (“Trustee”) sought a receiver to take control of the property and its operations, protect the underlying collateral for the benefit of bondholders, and design and implement an exit strategy.
After a heavily contested hearing and multiple rounds of cross-examination, the Trustee appointed one of our Texas-based experts to serve as Receiver based on our proven track record of turning around and optimizing the value of large, complex real estate entities. Within ten months of the appointment, the receivership, supported by our team, delivered an 89% recovery to bondholders by running a competitive property sale that yielded $71M in proceeds and working with counsel and the Trustee through the technically complicated process of terminating the bonds’ regulatory agreement and transferring funds in concert with the sale process.
With our Texas-based expert serving as the court-appointed Receiver, and supported by our broader team, the property was effectively operated throughout the sale process, ultimately resulting in a successful recovery for the bondholders by:
> Receiverships
Federal and state courts, creditors, and legal counsel choose our team to serve as Receiver of distressed businesses and real estate entities. We stabilize operations and cash flow, safeguard business assets, and pursue methods to maximize financial recovery. Our multidisciplinary team applies a wide breadth of restructuring and industry experience as Receiver to take control of companies facing financial, operational, and legal issues.
> Solutions for Distressed Situations
We deliver integrated solutions for distressed and insolvent businesses that maximize recovery, mitigate risk, and restore enterprise value. Our experts are retained to help distressed organizations stabilize operations, protect stakeholder interests, and execute turnaround strategies. We take an operationally-focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth.
