Tissurama Industries, Inc.
Textile Dying, Printing, Knitting and Finishing
The assignment involved the liquidation of the debtor’s business of dying, printing, knitting and finishing of textiles. The debtor operated out of a large manufacturing facility located in the City of Vernon, CA. The assignee liquidated significant textile inventory (raw materials (grey goods and chemicals), work in process and finished goods). The assignee also liquidated all of the plant and equipment and disposed of all hazardous materials in accordance with applicable law. The liquidation was complicated by the City of Vernon, which in addition to being the local government was also the local utility. The city attempted to extract payment of a non-priority unsecured utility claims ahead of other creditors and attempted to use its police powers to lock down the site until payment was forthcoming. The assignee through counsel rebuffed the attempted coercion by city officials and successfully completed the liquidation.
Lansco Die Casting, Inc.
Precision Die Casting of Metal Parts and Metal Finishing
This assignment involved the going concern sale of the assignor’s precision die casting and metal finishing business. The assignor manufactured aluminum parts which in turn were used by its customers in their own respective manufacturing businesses. As a result customers were dependent on the assignor/debtor in supplying parts in time so as not to interrupt each of the customers manufacturing operations. The assignee conducted a marketing process which culminated in a going concern sale. However, because of the nature of the assignor’s business the assignee had to facilitate the continuity of the debtor’s manufacturing plant so that customer orders could be migrated to the buyer without supply interruptions. This case also involved significant environmental issues which required the assignee to deftly remove and dispose of hazardous materials in accordance with law. The case resulted in both a successful sale transaction and the remediation of significant hazardous waste issues.
Mellace Family Brands, Inc.
Manufacturing and Marketing of Snack Food Products
This assignment was substantially similar to the Genisoy Food Company, Inc. matter but involved smaller dollar amounts. This matter also culminated in a successful going concern sale which paid a number of claims, including payment in full of the assignor’s primary secured creditors.
Genisoy Food Company, Inc.
Manufacturing and Marketing of Snack Food Products
The assignment involved the going concern sale of the assignor’s business of manufacturing and marketing snack food products consisting primarily of nuts, snack mixes and chocolate items. It also involved the oversight of a marketing process to locate potential buyers for the business. Those efforts culminated in competitive bidding among potential buyers with a sale closing to the highest bidder. The multi-million dollar liquidation resulted in a substantial recovery, which paid the assignor’s primary secured creditor in full, among others.
Cardinal Restaurant Supply, Inc.
Major supplier of food products to restaurant chains in Southern California
The assignor operated a state-of-the-art food distribution and warehouse center for the restaurant industry located in Southern California. The assignment involved the liquidation of a 100,000-square-foot warehouse containing perishable (produce, meat and dairy products) and non-perishable (canned and dry goods) food items. The assignee liquidated the substantial inventory, complied with state and federal regulations concerning food products and sold the substantial machinery and equipment associated with the business. The assignee also prosecuted significant state court preferences.
Blue Hill Data Services, Inc.
Information Technology and Systems and Network Management
The assignor was a New York corporation which made a general assignment under California law. The assignor was in the business of providing information technology outsourcing and offering systems and network management along with customized support plans. This assignment involved a national marketing campaign to locate a buyer for the assets of Blue Hill Data Services, Inc. on a going concern basis. Those efforts culminated in a sale transaction. In the meantime the assignee had to provide for the continued operations of the debtor and its data center in order to successfully conclude the transaction.
Long Beach Automotive
Automotive Parts Distributor (Retail/ Wholesale)
Company had 18 locations and distribution centers located throughout California. Assignee operated company over a 90-day period in order to preserve asset value and effectively transition company's assets, along with 300+ employees, to a buyer. Assignee also managed recovery of an $8 Million A/R portfolio. Secured creditor was paid-in-full on a $22 Million note as a result of a successful asset sale and a high yield A/R recovery. In addition, there will be a distribution to Unsecured creditors.
Veoh Networks, Inc.
Internet Video Streaming
Assignee conducted a competitive marketing campaign which resulted in a multimillion dollar sale of Intellectual Property and certain physical assets. In addition, Assignee successfully defended the assignment estate against a $4 Billion litigation claim, which, when combined with proceeds from a successful sale, resulted in a significant distribution to Unsecured creditors.
Assignee liquidated mortgages and other assets, worked with state regulators to affirm rates assessed by debtor, and arranged for borrower refunds where necessary. Assignee managed delisting of debtor company by regulatory agencies in over 40 states.
Avtel Services, Inc.
Debtor company was based in Mojave, CA with assets located in Maine and California and business records located in Alabama, which required visits to non-California sites by Assignee's staff to administer. Assignee leased and eventually sold aircraft hangar in Mojave.