SM Financial Services Corporation professionals serve as receiver, special fiscal agent, assignee for the benefit of creditors and liquidating trustee.Assignments for the Benefits of Creditors (ABCs) or state court receiverships are often the best alternative to maximize recovery and monetize assets resulting in greater recoveries for creditors.We have served as Assignee for the Benefit of Creditors in numerous proceedings, serving as fiduciary to oversee the efficient and effective wind-down of corporations and business entities.
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We advise creditors on their legal rights and remedies to repossess assets, attach goods pre-judgment and petition the Court for insolvent debtor corporations to be placed into statutory receivership in order to secure and preserve assets.
We have completed numerous receivership appointments, many for highly complex situations.
Our in-depth expertise enables us to satisfy creditors and at the same time ensure viable business operations, thereby balancing the needs of the many parties involved to reach equitable solutions.
Beginning in 2007, the economic downturn adversely affected the entire retail industry, including Coldwater, and from 2007 to 2011, the Debtors experienced multiple management changes and strategic shifts that, when combined with the Debtors’ unmet sales expectations, led to significant inventory buildup.
On the Petition Date, the Debtors submitted its initial proposed plan of liquidation (the “Liquidation Plan”) with the stated goal of the liquidation and conversion of all of the Debtors’ remaining assets to cash [Docket No. On September 17, 2014, the Bankruptcy Court entered an order (the “Confirmation Order”) [Docket No. The Plan became effective on September 26, 2014 (the “Effective Date”) [Docket No. Part of and in addition to the Liquidation Plan, the Debtors filed a motion seeking to commence rapid chain-wide store closing sales in order to quickly liquidate inventory, furniture, fixtures and equipment, and other assets [Docket No. In accordance with the Liquidation Plan and the Confirmation Order, the Liquidation Trust was established on the Effective Date of the Plan.
Also on the Effective Date, as contemplated by the Plan and Confirmation Order, the Debtors and the Liquidating Trustee entered into the CWC Creditors’ Liquidating Trust Agreement (the “Liquidating Trust Agreement”). With the April 14, 2016 statute of limitations looming, the Liquidating Trustee has commenced filing the Avoidance Actions.Under the Plan and the Liquidating Trust Agreement, the Liquidating Trustee was appointed to administer the Liquidating Trust. The substance of the Complaints reviewed thus far is somewhat standard. 14-10867 (BLS) Plaintiff: Peter Kravitz, as Liquidating Trustee of the CWC Creditors’ Liquidating Trust On March 15, 2016, Peter Kravitz, as Liquidating Trustee (“Liquidating Trustee”) of the CWC Creditors’ Liquidating Trust filed 74 actions (the “Avoidance Actions”) pursuant to Sections 544, 547, 548 and 550 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). (now CWC Liquidation Inc.) and its seven subsidiaries (collectively, the “Debtors”) operated as a multi-channel retailer that sold women’s apparel, accessories, and home decor through retail stores across the country, their catalog, and their e-commerce website. 2], Coldwater reached a peak revenue of .1 billion in 2006, with a successful period of store growth from 198 stores in 2005 to 336 stores in 2007.From 2011 through 2013, the Debtors attempted a targeted turnaround process that ultimately led to a sale effort that failed due to lack of interest from potential buyers.After months of declining sales and failed out-of-court sales and refinancing processes, the Debtors determined that the best way to maximize value for the benefit of all interested parties was a prompt and orderly wind-down of their business.On April 11, 2014 (the “Petition Date”), each of the Debtors filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code.