Receivership

Allen D. Applbaum, Partner at StoneTurn, Appointed Receiver of ArciTerra Companies, LLC

Retrieved on: 
Wednesday, January 10, 2024

On December 21, 2023, the U.S. District Court for the District of Arizona appointed Allen D. Applbaum , a Partner at StoneTurn, as the Receiver of ArciTerra Companies, LLC and its related affiliates (“ArciTerra”), in connection with an alleged $35 million misappropriation of funds by Phoenix-Area Real Estate Fund Adviser Jonathan Larmore and affiliates.

Key Points: 
  • On December 21, 2023, the U.S. District Court for the District of Arizona appointed Allen D. Applbaum , a Partner at StoneTurn, as the Receiver of ArciTerra Companies, LLC and its related affiliates (“ArciTerra”), in connection with an alleged $35 million misappropriation of funds by Phoenix-Area Real Estate Fund Adviser Jonathan Larmore and affiliates.
  • The SEC’s complaint, filed on November 28, 2023, alleges, among other things, that since at least January 2017, Larmore and certain charged entities misappropriated more than $35 million from private real estate funds and other investment vehicles that ArciTerra managed.
  • The Receiver has retained Archer & Greiner, P.C., as his counsel, with the representation led by New York partner, Allen G. Kadish .
  • In order to centralize and address inquiries of investors, creditors and other affected parties, the Receiver has established the following email address, hotline, and website:

Court Appoints KSV Restructuring as Receiver and Manager of MJardin Group, Inc.

Retrieved on: 
Wednesday, March 23, 2022

TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- KSV Restructuring Inc. (KSV), in its capacity as receiver and manager of MJardin Group, Inc. (CSE:MJAR, MJardin), announces that the Ontario Superior Court of Justice (Commercial List) (the Court) earlier today granted an application by PricewaterhouseCoopers Inc. (PwC), in its capacity as court-appointed receiver and manager of Bridging Finance Inc. and certain related entities and investment funds (collectively, Bridging), seeking to appoint KSV as receiver and manager of MJardin.

Key Points: 
  • TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- KSV Restructuring Inc. (KSV), in its capacity as receiver and manager of MJardin Group, Inc. (CSE:MJAR, MJardin), announces that the Ontario Superior Court of Justice (Commercial List) (the Court) earlier today granted an application by PricewaterhouseCoopers Inc. (PwC), in its capacity as court-appointed receiver and manager of Bridging Finance Inc. and certain related entities and investment funds (collectively, Bridging), seeking to appoint KSV as receiver and manager of MJardin.
  • The Court issued an order (the Receivership Order) appointing KSV as receiver and manager (in such capacity, the Receiver) of the property, assets and undertaking of MJardin, excluding certain excluded assets as specified in the Receivership Order.
  • The Receiver has not been appointed as the receiver of MJardins direct and indirect subsidiaries (collectively the Subsidiaries).
  • KSV Restructuring Inc., Court-appointed receiver and manager of MJardin Group, Inc.

Receiver Statement Regarding Bridging Sales Process

Retrieved on: 
Friday, July 23, 2021

TORONTO, July 23, 2021 /PRNewswire/ -PricewaterhouseCoopers Inc. (the "Receiver"), in its capacity as Court-appointed receiver and manager of all of the assets, undertakings and properties of Bridging Finance Inc. ("BFI"), certain of its affiliates and various investment vehicles (the "Bridging Funds") managed by BFI, today issued the following statement in response to an inaccurate media report that was published yesterday:

Key Points: 
  • TORONTO, July 23, 2021 /PRNewswire/ -PricewaterhouseCoopers Inc. (the "Receiver"), in its capacity as Court-appointed receiver and manager of all of the assets, undertakings and properties of Bridging Finance Inc. ("BFI"), certain of its affiliates and various investment vehicles (the "Bridging Funds") managed by BFI, today issued the following statement in response to an inaccurate media report that was published yesterday:
    "Contrary to a recent media report, the Receiver is not in advanced discussions with any party regarding a potential sale of BFI or the Bridging Funds or their respective assets.
  • As disclosed in the Receiver's Third Report to the Court dated June 9, 2021, the Receiver will shortly be seeking Court approval for a rigorous sales and investor solicitation process (the "SISP") to market some or all of the assets of the Bridging Funds and BFI.
  • The Receiver has been diligently and actively preparing for the SIS, including assembling the information that will be made available to SISP participants who execute confidentiality agreements, so that the SISP can be expeditiouslyimplemented provided it is approved by the Court.
  • The Receiver expects to file materials in Court next week seeking the Court's approval of the SISP."

Revitalization Partners Rolls out Asset Marketing System

Retrieved on: 
Wednesday, February 24, 2021

Aiming to improve the returns to creditors from inefficient and slow asset auctions, Revitalization Partners has developed a proprietary new digital marketing system to augment its expertise in corporate restructuring and receiverships.

Key Points: 
  • Aiming to improve the returns to creditors from inefficient and slow asset auctions, Revitalization Partners has developed a proprietary new digital marketing system to augment its expertise in corporate restructuring and receiverships.
  • RPs Asset Marketing Platform provides an alternative to traditional auctions with a robust online tool that can unlock trapped value more quickly.
  • Utilizing cloud-based technology, the Revitalization Partners system gives the firms professionals, all former C-suite executives, the ability to extract more value in managing the receivership process.
  • Our goal in designing the system was to more efficiently monetize the value of assets in receiverships, said Pat Scanlon, who leads the digital business practice at Revitalization Partners.

Highgate Launches Expanded Receivership Services

Retrieved on: 
Tuesday, February 16, 2021

Highgate, through its affiliates, has developed a workout process that supports the asset as a result of having been both the receiver and operator for numerous banks, special services agencies, lenders, and federal agencies.

Key Points: 
  • Highgate, through its affiliates, has developed a workout process that supports the asset as a result of having been both the receiver and operator for numerous banks, special services agencies, lenders, and federal agencies.
  • Using exclusive resources and data, Highgate works diligently to recommend cost-saving strategies and additional revenue sources for underperforming hotels.
  • For more information on Highgates Receivership and Loan Resolution capabilities, visit Highgate.com or contact Richard Millard at [email protected] .
  • Highgate is a leading real estate investment and hospitality management company widely recognized as an innovator in the industry.

The Receiver of the Titanium Blockchain Infrastructure Services, Inc. ("TBIS") Estate Announces Notice of Bar Date to Submit Claims Against TBIS Receivership Estate

Retrieved on: 
Friday, February 12, 2021

On August 21, 2020, the Court entered an Order authorizing the Claims Process and Bar Date, as modified December 15, 2020.

Key Points: 
  • On August 21, 2020, the Court entered an Order authorizing the Claims Process and Bar Date, as modified December 15, 2020.
  • Copies of these orders and other information regarding this case are available on the TBIS Receivership website at http://tbis.io .
  • You are receiving this Notice because our records indicate you mayhold a claim against the TBIS Estate.
  • Unless a claim is subject to a Receiver-granted exception, all claims against TBIS Estate assets that are not received by the Bar Date are barred.

The Receiver of the Titanium Blockchain Infrastructure Services, Inc. ("TBIS") Estate Announces Notice of Bar Date to Submit Claims Against TBIS Receivership Estate

Retrieved on: 
Friday, February 12, 2021

On August 21, 2020, the Court entered an Order authorizing the Claims Process and Bar Date, as modified December 15, 2020.

Key Points: 
  • On August 21, 2020, the Court entered an Order authorizing the Claims Process and Bar Date, as modified December 15, 2020.
  • Copies of these orders and other information regarding this case are available on the TBIS Receivership website at http://tbis.io .
  • You are receiving this Notice because our records indicate you mayhold a claim against the TBIS Estate.
  • Unless a claim is subject to a Receiver-granted exception, all claims against TBIS Estate assets that are not received by the Bar Date are barred.

David R. Haberbush, Esq. is recognized by Continental Who's Who

Retrieved on: 
Friday, February 5, 2021

is being recognized by Continental Who's Who as a Top Attorney for his remarkable contributions in the legal community, and his outstanding leadership at HABERBUSH, LLP.

Key Points: 
  • is being recognized by Continental Who's Who as a Top Attorney for his remarkable contributions in the legal community, and his outstanding leadership at HABERBUSH, LLP.
  • With over 100 years of combined experience in resolving client debtor/creditor problems, HABERBUSH, LLP demonstrates the highest level of professionalism and integrity through litigation, workouts, receiverships, general assignments, and bankruptcy.
  • As a well-respected and seasoned top attorney, Mr. Haberbush has accrued nearly 40 years of professional legal excellence throughout his career.
  • In his current position, Mr. Haberbush is the Principal of HABERBUSH, LLP since January 2006.

G.I. Sportz Inc. Announces Key Milestone in Restructuring Process

Retrieved on: 
Friday, October 23, 2020

Sportz Inc., a global leader in the manufacturing of high-quality paintball products, today announced details of its restructuring plan designed to strengthen the company and ensure uninterrupted service to its customers worldwide.

Key Points: 
  • Sportz Inc., a global leader in the manufacturing of high-quality paintball products, today announced details of its restructuring plan designed to strengthen the company and ensure uninterrupted service to its customers worldwide.
  • Sportz Inc. and its US affiliates (the "Companies"), were placed into receivership.
  • The Receivership Order appoints KSV Restructuring Inc. as receiver (the "Receiver") of the Companies' property, assets and undertaking.
  • Fulcrum's support of the process and its willingness to invest in the business reflects its strong belief in the Companies' long-term prospects.

Court Affirms That a Property (Not Taxpayers) Must Pay Its Own Costs of Health and Safety Receivership Abatement Work

Retrieved on: 
Wednesday, October 14, 2020

The Opinionaffirms that superior courts have discretion to subordinate existing liens on receivership property when doing so is necessary to remedy the nuisance conditions.

Key Points: 
  • The Opinionaffirms that superior courts have discretion to subordinate existing liens on receivership property when doing so is necessary to remedy the nuisance conditions.
  • Further, trial courts can "strip" liens off receivership properties in a sale meant to enable their ultimate abatement.
  • After the trial court approved a priority certificate to fund the abatement work, the dangers were remedied, all in just two months' time.
  • California Receivership Group is the most experienced health and safety receiver and pioneered the use of the remedy for nuisance property abatement.