Case Studies

State Court Receiver of $20M Southern California Primary School

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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Home·State Court Receiver of $20M Southern California Primary School

The Situation

A new, unoccupied primary school in Southern California, which was outfitted with desks, technology and other FF&E, had been built by a charter school operator whose charter got pulled four months before the opening date.

How We Advised

As State Court Receiver of a new, unoccupied primary school in Southern California, we completed construction, obtained the certificate of occupancy, marketed the property, and maintained it for two years until its successful sale to the local school district for $20 million.

Our key actions resulting in the successful recovery for the property’s secured lender included:

  • Took possession of the nearly-completed property, comprising classrooms, administrative offices, and an auditorium.
  • Inventoried the campus and established possession of school-related property, including all necessary classroom and administrative technology.
  • Obtained financing advances from the lender to complete construction by providing a construction budget and operational forecast.
  • Managed all aspects of completing construction and obtaining a certificate of occupancy.
  • Actively marketed the property to charter school buyers. Ultimately, the local school district elected to submit the highest and best offer to purchase the property.
  • Successfully navigated the process to gain court approval to sell the campus for $20 million to the local district.
  • Maintained the property in saleable condition throughout the 2-year marketing process.
  • The school had been financed with a bond. Worked with the trustee and bondholder throughout the process.

Related Practice Areas

> 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. 

 

> Chief Restructuring Officer (CRO) and Interim Management Services 
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value.

Key Contact

For additional information about the engagement or to learn more about our services, contact:

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