Engagements

Our Engagements

Please take a moment to review partial listings of past and current engagements. We have tried to list our engagements by categories of the specific types of consulting services our firm provided in our efforts to demonstrate the breadth/depth of our experience. Click the plus sign next to each title for a short summary.

 

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Receivership

Washington Organic Dried Fruit & Juice

(Chelan County) A company that purchased organic fruit and processed it to either dried fruit or juice and then marketed it to companies throughout the US.

Multi-Ply, Inc.

(Clark County), a plywood manufacturer in Vancouver that purchased raw material from local mills and made numerous plywood products for wholesale to lumber stores and commercial end users.

Cresent Capital Partners, LP

(King County) A limited partnership formed to purchase land and construct an assisted living facility in Tukwila, WA. Land was purchased but never developed.

Goble Farms and William Goble

Fruit orchards and real estate in Benton and Yakima Counties.

SMICO Development Company & SMICO Enterprises, Inc.

(King County) A commercial driving school for commercial truck drivers and a teen age driving school for first time license applicants.

Long Beach Retirement Community

(Pacific County) An assisted living facility on the Long Beach peninsula.

Orchards Village

(Clark County) An independent living, assisted living, and memory care facility in Vancouver.

Moses Lake Senior Care

An assisted living and independent living facility.

Kennewick Care, LLC.

An assisted living and independent living facility.

Parkview Estates Cottages, LLC

35 free standing single family homes.

Tyee at Green Lake, LLC

A partially completed multi-use building in Seattle, WA.

Lin Dental

A dental practice in Seattle comprised of 5 dentists and 3 other professionals dealing in general dental care.

LANCO, LLC

Completed and unsold condominium units in Westport, WA.

Inland Joseph Fruit Company, Inc.

A fruit storage and processing facility in Wapato, WA.

Lincoln Commons, LLC

A 60 unit low income apartment complex in Hoquiam, WA.

Tolle Furniture Group

A company holding 5 licenses to sell La-Z-Boy Furniture in retail outlets in Puget Sound.

Reich Land, Inc., Eagles Landing at Lake Tapps, L.L.C.

Partially completed condominium project involving shoreline management issues, Corps of Engineer permits for docks, and environmental issues. Property sold.

West Richland Properties, L.L.C.

A strip mall project in West Richland, WA.

Yoon (Colonial Motel)

A motel operation in the City of Lakewood, WA.

Grays Harbor Paper Company

General Receiver over 100 year old paper plant in Hoquiam, Washington. Plant employed over 175 employees. Mill was on a combination of leased and owned real estate. Sold mill to an owner/user. Due to the excellent mothballing and stabilization of the equipment buyer was able to start the mill and began making paper within 60 days of acquisition.

Jazzbones

General Receiver over real property leased to an affiliated party as a nightclub in Tacoma, Washington. Legal issues between the parties, and bankruptcies of some parties created delays and claims to the estate and the rights of the Receiver. Resolved the issues and sold the property.

Base Capital, LLC

General Receiver over a real estate development company that functioned as a lender and developer. A very large percentage of the real properties were never developed, or partially developed, or the developed property failed to produce income sufficient to pay the debts of the LLC, including debt service. Worked through approximately 45 different LLC entities to determine status, security positions of various parties, possible equity, and best outcome. Have resolved all but two LLC interests which should be resolved Q2 2014.

Perrinville Properties, L.L.C.

General Receiver. Two retail centers located in Kennewick, Washington and Lynnwood, Washington. Initially appointed as Receiver. Debtor filed Chapter 11. Acted as Chapter 11 Trustee and filed for dismissal of bankruptcy. When bankruptcy was dismissed reverted back to Receiver. Stabilized and sold both properties.

Pacific Commons, LLC

General Receiver. A large retail mall exceeding 250M square feet, anchored by K-Mart in Spanaway, WA. Mall was suffering from deferred maintenance and other issues. Stabilized and sold the property.

Stratford at Maple Leaf, LLC

General Receiver. An assisted living building in Seattle, Washington consisting of 116 rooms. Care ranges from independent living to memory care. Borrower refinanced debt.

Cousin Larry's LLC and Silver Valley Beehive Homes, LLC

General Receiver. Two assisted living facilities located in Coeur d’ Alene and Pinehurst, Idaho. At the time of appointment the facilities were restricted from admitting new residents by the State of Idaho Department of Health and Welfare. Resolved issues with State of Idaho and replaced management company. Both properties sold, new buyer is now the operator under license granted by the State of Idaho Department of Health and Welfare. Receivership dismissed.

Downstream Partners, Inc d/b/a Commercial Sound and Video

General Receiver of company that installed video and sound equipment for commercial applications including museums, fire stations, auditoriums and stages. Reviewed numerous incomplete contracts, hired contractor to complete those with economic benefit to estate, collected accounts receivable and sold assets of company. Receiver dismissed.

Hughes Ransom Cremation and Mortuaries, Inc

General Receiver over two funeral homes located in Astoria and Seaside, Oregon. Business had been severely neglected by owner. Retained contract funeral director and business improved. Both the Seaside and Astoria, Oregon facilities were sold. Receivership dismissed.

Freylands Sixth Avenue, LLC

Custodial Receiver over multi building office industrial complex in Monroe, WA. Collected rents and stabilized property while lender and borrower negotiated settlement. Property foreclosed by lender by agreement of all parties, and receivership was dismissed.

Du Sik Jung

General Receiver over retail strip building in Federal Way, Washington. Debtor was major tenant and operated dental clinic from this location. Debtor filed bankruptcy and property was liquidated in bankruptcy. Receivership dismissed.

Newwood Manufacturing, Inc. and Newwood Corporation

General Receiver over a 275M square foot mill that manufactured a wood-plastic-composite panel similar to a plywood panel. Plant idle at time of appointment. Mill equipment sold to the landlord the Port of Grays Harbor.

Holly Global Investment, Inc.

General Receiver over a 50 unit motel in Lakewood, Washington. Motel was under closure notice from City of Lakewood for violations of license. Evicted tenants, cleaned up and secured property. Attempts to sell property unsuccessful due to expectations by lender. Property transferred to liquidation receiver who has not sold property for in excess of one year.

William E. Moorman

Custodial Receiver over several parcels of real property consisting of raw land in Eastern Washington and single family residences in the Seattle area. Single family houses all rented. Rents collected, tenant issues resolved as needed and all properties sold. Receivership dismissed.

John Casserd

Custodial Receiver over three single family houses in Seattle area. Houses all sold and Receivership dismissed.

Vitis Cellars Corporation

General Receiver. Small boutique vineyard and winery in Eastern Washington. Assumed control of winery and tasting room. Tested wines for quality and variety. Managing horticultural care of vineyard that was abandoned over the winter. Marketable bottled and bulk wine sold on wholesale basis. Vineyard was farmed for the 2013 crop and grapes marketed. Vineyard being prepared for 2014 crop using local farm managers. Foreclosure process completed by secured lender and Pivotal Solutions, Inc. has been dismissed as Receiver.

Centrum Financial Services, Inc.

Custodial Receiver over a two story office building in Monroe, Washington. At the time of appointment the sole tenant had given a notice to vacate to the owner. Negotiated a lease, obtained court approval, and completed the repairs and maintenance items necessary to bring the building to commercial standards. Lender, after considerable delays, was able to foreclosure on property. Receiver dismissed.

Cascade Ag Services, Inc.

Liquidating Agent appointed by the Western District of the US Bankruptcy Court. This was a highly contentious matter involving various property owners, leases, and a purchaser of assets that is removing those assets over an extended period. Matters include a Washington Department of Ecology permit for stormwater retention and disposal, equipment auctions. Released as Liquidating Agent. Case converted to a Chapter 7 and now controlled by Chapter 7 Trustee.

State Street Retail Center, LLC.

Appointed as Liquidating Plan Administrator by the Western District of the US Bankruptcy Court. Assets consisted of 10 commercial partially developed lots in Mount Vernon, Washington and a vacant restaurant building in Marysville, Washington. Prepared to sell the real property using local real estate brokers per the court order. Borrowers obtained funds sufficient to repay the debt to the secured lender. Matter dismissed.

Granite Products, LLC.

General Receiver appointed to control and market 349 acres of land in Cascade Mountains, east of Seattle. Property very remote with access only through other privately controlled land. Land was a tallus slope containing natural granite boulders used for landscaping. Marketed property to private and public parties. Sold to State of Washington Department of Natural Resources, with the land being converted to conservatory status. Receivership dismissed.

Everett Masonic Corporation

Custodial Receiver appointed to control real property in Everett, WA. Property is an aging strip mall. Also charged with determination of the extent of potential contamination from long term use by one tenant as a dry cleaner. Extensive testing performed and determinations made to best course of action. Receiver duties expanded to include power of sale. Property was sold following approval of the court. Receiver was dismissed.

Old RTSC

General Receiver appointed to resolve claims and disburse funds. Company offered trustee services for foreclosure proceedings and eventually sold the business to another firm. At the time of sale there were a number of outstanding claims and pending lawsuits against the company for a variety of issues. All claims were resolved and funds paid to creditors after obtaining court approval. Receiver dismissed.

Rialto Red Otter

General Receiver appointed to take control of real property in Eugene, OR. Property leased to a veterinary clinic. Several attempts to allow current tenant opportunities to refinance the debt were unsuccessful. Located a number of potential buyers of the real property and obtained court approval to hold an auction. Auction held to determine the highest bidder. Sale closed and Receivership dismissed.

TS Property Management, Inc.

General Receiver requested by the State of Oregon Real Estate Agency. Business was a property management firm in Eugene, OR with over 350 properties, most of which contained a number of units. Receiver requested due to expected issues with control of funds and potential violations of State of Oregon regulations regarding trust funds. Determined the business was insolvent, obtained court approval to close business, and returned essential information to property owners in two weeks. Reports to the court have been approved and Pivotal Solutions, Inc. has been dismissed as Receiver. Based on information and reports of Receiver owner of company was charged in Federal Court and has been sentenced to Federal prison.

Cascade Community Management, LLC

General Receiver requested by the State of Oregon Real Estate Agency. Business was a property management firm in the Portland, OR area with over 300 properties. Properties were primarily owned by private parties and consisted of single family residences and some multi-family units. Receiver was requested due to potential violations of State of Oregon regulations regarding trust funds and fraudulent billings. Determined the business was insolvent, obtained court approval to close the business, disposed of office furnishings and other property, and disbursed remaining funds to the property owners per court order. Based on information and reports of Receiver the owner of the company was charged in Federal Court and has been sentenced to Federal Prison.

Kim Family, LLC and Ahn Holding Limited Liability Company

Custodial Receiver for a 76-unit mobile home park in Kitsap County, Washington. In addition to assuming management and control of the operating mobile home park the Receiver was appointed to provide an economic valuation of the operating business and provide a comprehensive financial audit of the business for a period exceeding 21 years. Both reports have been provided per the courts instructions. Parties are utilizing the reports to formulate a structure for resolution of issues and a plan to sell the property.

Dairy Best, Inc.

Family owned operating dairy that processed milk production into a variety of milk products. Milk products were sold in local community and through an affiliated convenience store. Debtor filed Chapter 12 bankruptcy.

Chief Restructuring Officer

Mills Electric

A commercial electrical contractor in Bellingham with contracts in both Western and Eastern Washington.

Stairmaster Sports Medical Products

A manufacturer of physical exercise equipment sold to individuals and health clubs around the world.

Paper Zone, Inc.

A retail sales outlet for paper products. CRO responsibilities were limited to locating potential purchasers and conducting a sale of assets.

Commercial Nursery in Oregon with $35Million in annual sales

Retained by the Board of Directors to provide management and supervision to all aspects of the company to facilitate increased sales, liaison with lenders, and possible future sale or equity investment.

Seattle Jewelry & Loan, Inc.

Appointed CRO by the Western District of the US Bankruptcy Court after the Debtor was unable to comply with the requirements of The Bankruptcy Code. Business consisted of 5 operating pawn stores located in the Puget Sound area. Business was not sustainable due to large losses and other issues. Obtained court authority to liquidate the inventory in all stores and closed the business. Chief Restructuring Officer was dismissed by the court.

Trustee

Walt's Radiator and Muffler, Inc.

Engaged by creditor’s committee and debtor to facilitate sale of assets as a competing plan alternative to debtor’s plan of reorganization. In less than eight weeks located potential buyers and conducted auction sale of the assets. Appointed by Bankruptcy Court as Trustee for disbursement of sale proceeds to creditors as provided in Plan of Reorganization, filing tax returns, and closing residual estate.

Chapter 11 Trustee for Perrinville Properties, LLC.

Company owns real estate properties in Lynnwood, WA and Kennewick, WA. Properties are strip malls and neighborhood retail/industrial centers.

Chapter 11 Trustee for West Seattle Fitness

Well established fitness center in Seattle neighborhood. Assumed control as trustee after court ordered case converted. Located several interested buyers and sold the facility within 60 days to new owner.

Elumwood Associates, LP

Appointed as Chapter 11 Trustee by the Western District of Washington Bankruptcy Court for an apartment building in Cle Elum, WA. The property had suffered from long term lack of proper management. Property was underperforming and in need of several repair and maintenance issues. Receiver was able to satisfy insurance underwriters of new controls and progress on the repair and maintenance issues to prevent cancellation. Receiver marketed the property and presented the potential sale of the property to the court for approval. Court allowed the debtor to purchase the property under the same terms as the potential sale, which exceeded the original offer by the debtor and led to resolution of lien claims by third parties. The court dismissed the Trustee.

Outside Workout Consultant

Retained by two regional banks with multiple branches to provide workout expertise on classified credits

Dealt directly with bank clients to determine the nature of the default and determine practical solutions for resumption of payments, alternative financing, or liquidation of assets to retire debt.

Outside Loan Examiners

Retained by $300Million regional bank with multiple branches in Washington and Oregon

Completed a comprehensive loan review of portfolio identifying specific loan deficiencies as well as portfolio trends and problems. Report to Board of Directors provided to regulators to show bank’s commitment to properly monitoring loan quality and proper risk grading of assets.

Farm Management

An international insurance company

Engaged initially as consultant on agricultural issues and debtor plans for restructuring. Later retained by lender to provide daily oversight of farm management company including budgets, daily operations, sales, staffing, and equipment. Operation included multiple orchards in Eastern Washington and budgets exceeding $3 million.

Consultant

Major fish processing and fish products company in Northwest Washington

Retained after company filed for Chapter 11 Bankruptcy and counsel for the debtor was advised to seek additional professional advice. Worked with management of the company to determine cash flows, projections and more accurately report financial status to both its lenders and to the Bankruptcy Court. Negotiated with the lenders to obtain their cooperation for the use of cash collateral, and for the time necessary to facilitate the restructure of the company. Company filed a Chapter 11 Plan or Reorganization with the court which was approved and subsequently confirmed by a 100% vote of the creditors.

Two family owned fruit packing and orchard operations in Eastern Washington

Worked with both companies to restructure debt. Assisted with cash flows and other financial projections to obtain use of cash collateral and term loans necessary to implement plan of reorganization.

Award winning major winery and vineyard operation in Eastern Washington

Worked with management to properly structure financial reporting and then worked with two lenders to provide additional time for the company to stabilize operations. Time allowed issues between shareholders to be resolved as the assets were sold.

Regional specialty chain restaurant

With 15 restaurant locations

National hardware wholesale distributor

With issues involving offshore manufacturers and suppliers and facility leases.

Major heavy industrial firm in Seattle area

Company manufactured special products and was suffering from management direction and poor financial accounting and controls. Worked with management and assisted in locating a new CFO. Management installed new procedures and managers to stabilize company.

Major regional home builder with $60MM in debt with numerous lenders

Assisted in evaluating which projects were most valuable for completion. Met with lenders and owner to develop a long term plan to retire debt or surrender properties. Builder is now stabilized and has obtained new financing for new construction.

Local franchisee for national restaurant chain with 3 outlets in Puget Sound area

Worked with owner to evaluate leases, costs, and options. Met with landlords to obtain lease concessions and worked with owner to improve cash flows by managing costs and service.

Family farm operation in Eastern Washington

Specialized in wheat and some row corps. In addition had a crop spraying service available to other growers. Worked with bank and obtained time to locate a new lender.

Local contractor in Eastern Washington

Difficulties from downturn and issues presented by divorce and settlement of property and debt. Worked with borrower and lender, coordinated with CPA and IRS for settlement of amounts due. Assisted in planning for and execution of Chapter 11 bankruptcy to resolve remaining issues.

Family owned and controlled food manufacturing business

Worked with family members, who comprise the management team, to develop new organization charts, and new management responsibilities. Working with production manager revised work flow and distribution of responsibilities to allow for maximizing production with fewer personnel and less production disruptions. Analyzed product lines and eliminated a number of products that were either limited in sales, or were not profitable. Participated in negotiations with secured creditors to provide assistance in restructuring of existing debt. This is an ongoing engagement.

Privately owned real estate general contractor

Working with owner, counsel for the company and counsel for the owner to assist in restructuring plans for the company.