I begin each
engagement by meeting with the parties to the lawsuit
separately to determined their goals, objectives, and
visions for the receivership, subject to the limitations
of any court orders. I retain present management, when
appropriate, to use their knowledge, skills, and
expertise. My methodology is tailored to the specific
requirements of each company but normally include the
physically secure, and inventory all assets.
implement policies and procedures to control and
account for cash, accounts receivable, inventory,
and manage daily business operations.
Identify and meet
with key employees to evaluate their concerns,
integrity, and emotional stability. Develop plans as
prudent to address their concerns, including the
possibility of severance packages for staying with
company until resolution.
third parties as needed to determine the quality,
quantity, and value of the assets.
Review all recent
reports performed by outside professionals and
budgets, if needed, and determine cash flow
requirements. Review and assume/reject/abandon
volume profit relationship" to determine marginal
value of completing work in process.
Meet with key
staff to develop and assess all reasonable methods
for disposing of inventory and assets. Seek
and recommendations to meet objectives. scenarios
(a) selling the company as a going concern; (b)
selling the company by strategic parts; (c) selling
inventory/ assets in the ordinary course until
advantageous bulk sale is found; (D) selling assets
and inventory via a sealed bid or court-supervised
public overbid process; or (e) proceeding as
circumstances dictate or permit.
Seek approval of
interested parties and of interested parties and of
the court to implement the appropriate plan, and
then implement the plan.