Our expert was engaged as the Receiver in a major Receivership resulting from fraudulent operations by a Registered Investment Advisor (“RIA”) who managed and invested approximately $100 million in funds deposited from 80 clients and investors over a period of 10+ years. To date the Receiver has been successful in achieving asset recoveries of $30 million or 50% of “net cash” invested while spending less than 5% in total Receivership expenses.
- The management and extensive legal work around 7 individual but co-mingled receiverships
- Forensic tracing of thousands of cash transactions and transfers between Special Purpose Investment Entities (“SPIE”), investors, operating companies and vendors
- Shutting down and liquidating operating companies
- Negotiating settlements with vendors
- Reviewing and processing dozens of investor claims
- Investigating D & O insurance policies and third party malpractice claims
- Selling intellectual property for $10 million to Google
- Performing Board Observer roles
- The selling of a company for $54 million to a NASDAQ listed public company and subsequent assignment of responsibility as the Shareholder Representative of an $8 million escrow holdback
- Working closely in cooperation and negotiating as necessary with several government agencies- DOJ, SEC, FBI, and IRS and overall maximizing net asset recoveries for the ultimate distribution of cash and well being for 80 investors who, in many cases, had their retirement and life savings at risk of total loss
Engaged to take control of a company that was placed in receivership when its operations ceased as a result of the owners’ failure to agree on company operations, our Receiver was charged with collecting outstanding accounts, settling outstanding debts, and making final liquidating distributions to creditors and the owners. The Receiver was also called to testify at a trial concerning other litigation between the business owners. The realization of assets and settlement of liabilities was complicated because outstanding accounts were due from companies based in Russia, Hong Kong, Canada and Japan. The total amount collected and distributed was approximately $3,000,000.
Engaged as the Receiver covering the assets of a member of a prominent Seattle family, our expert was tasked with selling properties including a home, a farm, a small hotel, and 80 acres of land on Maui. This engagement was handled with great sensitivity and discretion while dealing with trust officers and creditors ranging from hard moneylenders and taxing agencies to ex- farm hands.
One of our experts represented the Receiver in a situation involving a deadlocked board of directors of a closely held company that owned a state-of-the-art floating fish processor. This engagement included developing the value of the company and its key assets by working closely with various experts in the fishing industry, and current and projected national and state regulation governing fishery preservation and catch quotas. It required working through contentious positions of the two shareholder factions and ultimately making a recommendation for the company’s disposition, which was accepted by the Court over the vigorous opposition by one of the shareholder factions.