Performance

Receivership is more than quantifying the enterprise and following the rules. It is practical intelligence: grasp the heart of a business, work with people, solve problems, realize value.

Case: A full-service, high-end offset printing company doing business in northeastern Ohio since 1980.
Challenge: Operations were paralyzed by severe creditor problems, lack of basic production materials, excessive receivables and questionable financial transactions.
Resolution: Turned the company around to profitability in four months: sold unproductive assets, revised the customer base, put in place a new management team and renegotiated rent and other expenses, saving 70 jobs and setting a new sales record.

Case: A development including a $100 million strip shopping center with major retailers, a car dealership and an apartment complex.
Appointed: 1999 by The Honorable Nancy McDonnell
Challenge: Owner and secured creditor were disputing the amount of a balloon payment during loan renegotiation. Both parties were wedded to principled positions.
Resolution: Mediated to avoid default and prevent litigation. After managing the property for 36 days, in one day negotiated a settlement acceptable to both owner and bank.

Case: A 10-building apartment complex with 1500 suites for elderly residents in a suburb east of Cleveland.
Appointed: 2001 by The Honorable James P. Celebrezze
Challenge: Stability of the operation and future of the property were in question during a divorce action.
Resolution: Kept the business in good condition for two months, handling all accounts receivable and payable, negotiated with authorities to reduce a questionable utilities bill, and helped the parties work out a settlement that enabled them to continue mutual ownership and management.

Case: A day care partnership operating for 20 years with four facilities in the Cleveland area.
Appointed: 2000 by The Honorable Nancy McDonnell
Challenge: This business had $5.4 million in debt including a large IRS liability, complicated by asset ownership disputes and two properties in undesirable locations.
Resolution: Sold all real estate, day care license and client list, negotiated IRS settlement at substantial savings, paid all secured debt with a high dividend to all other creditors. Day care service continued uninterrupted.

Case: a four-physician professional partnerhsip.
Challenge: Selected in 1997 by law firms representing the partners to mediate numerous disputes during dissolution of the partnership.
Resolution: Valued assets and managed the practice for one month while resolving partners' issues face-to-face, avoiding significant litigation by structuring a division of assets acceptable to all parties.

Cases: Property disposition.
Challenge: Since 1982, assisting courts, creditors, owners, regulatory bodies, and legal counsel to sort out the commonplace, but time-consuming matters resulting from disposition of assets.
Resolutions: A strong position in real estate and property management enables us to achieve swift results and unexpected value in cases where default dictates sale of liquor licenses, small businessses and foreclosed urban properties, even those with tax and title problems. We quickly accomplish distribution of assets in domestic relations and probate cases.