40 plus years of success.
First court appointment 1989.
First lender asset repositioning 1979.
Total asset sales over $750MM.
Total assets sold over 1,250.
Appointed in five states.
Transactional experience in eight states.
Transactional experience in over seventy-five municipalities.
US Bank: 282,760 square feet in three class A office buildings. Sold as Referee. Generated 26 offers totaling $410MM. Closed with buyer who had offer twenty percent higher than the next four offers. Negotiated with defendant who opposed sale motion. One of multiple appointments by US Bank.
Online Internet Company $250,000,000: Closed business and liquidated per Federal Court.
OneWest Bank: Facilitated $2MM overbid at foreclosure sale. Operating hotel / resort, with bar, restaurant, hotel, liquor store, and gas station. Held multiple alcohol licenses, and lottery and tobacco license. Managed operations increasing NOI ten percent with no new capital improvements, and returned over $1MM in cash to lender.
Judicial Foreclosures: We have successfully completed two judicial foreclosures.
Continental Illinois Bank / Bank of America: 1,000 lots, 250 homes located in twenty-one locations in California. Completed homes, exonerated bonds, and closed operating entity that had twenty employees.
Various lenders: Obtained contempt orders and recovered, soft goods, furniture and fixtures, trucks, cars and other vehicles.
ING: Completed condominium podium project, leased up same and sold. Value was second highest per door sale in Los Angeles in 2010. Loan was largest defaulted loan in the history of ING, Netherlands. Negotiated final approvals from city and resolved unpaid contractor and subcontractor liens as substantial discount.
HSBC: Successfully resolved largest defaulted real estate loan in US for this international bank.
US Bank: Resolved entitlement and leasing issues and sold out of the estate a $360,000 SF industrial / office facility. The sales price was the third highest for the product type in Orange County in 2010.
Operating Company: Recovered dump truck, street sweeper and cash from various checking, stock brokerage accounts per the court orders.
United States Bankruptcy Court, Southern and Central District: Acted as a court appointed custodian.
Equity Partnership Dispute: Acted as managing member as instructed by the court. Negotiated extension of existing loan, giving partners time to resolve their conflicts.
Bank of America: 969 residential lots, 128 homes located in three states across 34 locations. Recovered 81% of a $133MM loan. Completed construction, renewed building permits, completed Fish and Game permitting process, obtained statewide BRE sale approvals, negotiated city fines. Sold largest land asset for 105% of loan balance.
Public Auctions: Per various court orders auctioned assets in Irvine, Sunnyvale and Marina del Rey, California. Largest auction consisted of forty-one condominiums in Marina Del Rey, gross revenue $20,550,040, 33% above lender approved minimums. Sold in two hours thirty-seven minutes.
Partial list of Receivership Parties
Bank of America
Canada Life Insurance
Security Pacific Bank
Pacific Western Bank
Wells Fargo Bank
American Security Bank
Corona Summit, LLC
Partial list of Appointing Judges
Honorable Robert O’Brien
Honorable John Grant
Honorable Thierry Colaw
Honorable Barbara Meiers
Honorable Richard Fruin
Honorable Ann Jones
Honorable Paulette D. Barkley
Honorable Thomas P. Nugent
Honorable L. Shelton
Honorable Michael McLaughlin
Honorable Tan Schuman
Honorable Tracy Grant
Honorable Charles Wachob
Honorable Kim G. Dunning
Honorable Gregory Lewis
Honorable Steven R. Denton
Honorable Laura A. Matz
Honorable David R. Chaffee
Honorable Kathleen Delaney
Honorable Paulette D. Barkley
Honorable Jacqueline C. Jackson
Honorable Robert J. Moss
- Board of Directors, ten years NYSE listed REIT.
- Real Estate lending experience at large California bank.
- Development ground up for sale residential towers to 30 stories, industrial properties, retail, self-storage, for rent homes, and office buildings.
- Developed first speculative office building in the Irvine Spectrum.
- Developed largest industrial park in Springfield, MS. Tenants included Fed Express and UPS.
- Managed over one million square feet of real estate for third parties, including Connecticut General Life Insurance Company (CIGNA) and Canada Life Insurance.
- Largest project management responsibly was for a $180,325,000 valued property in Long Beach. Equity partners were Citicorp and Macquarie, Australia
- Total transactional experience exceeds $4B
- Review and valuation of lender real estate portfolios to $2B of original loan value.
- Profit and loss responsibility for publicly traded NYSE real estate companies.
- One of the founders of the California Receivership Forum, and a board member of directors of the Los Angeles / Orange County chapter.
- Board of Directors, Santa Anita REIT, NYSE Co. – 10 years. Operated Santa Anita Racetrack, developed and operated Apartments, Industrial, Retail and Office Parks. Participated in asset spin-off as new public company, and eventual sale of entire company, with tripling the value per share. Held California Gaming License.
- Delivered lectures at Los Angeles County Bar Association, American College of Mortgage Attorneys, Urban Land Institute, International Conference of Shopping Centers, Building Industry Association, Cornell University, Johns Hopkins University, University of Southern California, and University of California at Irvine and University of California at Los Angeles.
- Has been published or quoted in the following publications: Forbes, Wall Street Journal, Bloomberg, Real Estate Forum, Big Builder, Real Estate Investor, Professional Builder, Globe Street, Los Angeles Times and the Orange County Register, and Multi-Housing News.
- Former Chairman of the City of Newport Beach Parks, Beaches and Recreation Commission – 8 years. Chairman for two terms. Provided leadership for new city-wide park and recreation facility development plan.
Our primary goal is to efficiently and cost effectively manage the estate and earn a recommendation for additional appointments, no matter their size of complexity, while always remaining a court appointed neutral who follow the court orders. We would like the opportunity to earn your business.
We believe our experience is our greatest asset.