A Pennsylvania based food and chocolate manufacturer and purveyor of goods for the national fund-raising industry over-extended itself and sold its assets for cash and the promise of a future stream of payments based upon sales.
The sales proceeds and the rights to a promise of future payments by the asset purchaser were conveyed into a Trust.
A Delaware assignment for the benefit of creditors was commenced.
As Assignee, investigated certain financial inconsistencies and asset transfers.
Commenced Federal litigation to compel the new owner of the assets to timely comply with the obligations and payments it had agreed upon.
A complex and legally novel Texas Franchise Tax case was successfully resolved saving an enormous claim amount.
Thoughtful and meticulous administration of the estate assets, including verifying and obtaining multi-year payments were assured.
Creditors received multiple pro-rata distributions on account of their verified claims approaching 80 cents per dollar of claim.
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