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Complicated? We Love Complicated!

A national bank needed help addressing a Borrower default involving tens of millions of dollars involving multiple, cross-collateralized properties. In addition, it was anticipated that the U.S. government was likely going to assert numerous lien rights to the Borrower’s property.

Instead of filing a lawsuit and initiating a scorched earth and expensive discovery process, we managed to negotiate with the Borrowers and coordinate a Wisconsin Chapter 128 liquidation with a stipulated appointment of a Receiver. Over the course of the next couple of years, the Receiver was able to, in an orderly fashion, liquidate much of the collateral without requiring the bank to take title to any of the property. The Receiver made sure the bank’s collateral was adequately protected and not sold at distressed rates. While there have been a myriad of environmental, labor, insurance and other issues involved surrounding the properties during the Chapter 128 Receivership, we were largely able to forego a significant amount of cost by circumventing the pre-trial discovery phase in its entirety.