SUMMARY OF SIGNIFICANT
The following summary of significant engagements of Newleaf and/or its principals illustrates the scope and breadth of services which Newleaf offers and the depth of the skills of its expertise. Our proven, hands-on business experience, together with our solid record of accomplishment, enable clients to select Newleaf with confidence to solve complex business and financial problems, to operate and/or liquidate financially troubled/bankrupt business enterprises, and to manage, market, lease, and sell real estate projects.
PLAN TRUSTEE—Appointed by U.S. Bankruptcy Court as the Plan Trustee under the Chapter 11 Plan of Liquidation of Vesta Insurance Group, Inc., a publicly held Birmingham based insurance holding company, to, inter alia, evaluate, initiate , manage and oversee litigation seeking recoveries from the debtor’s former officers and directors and its outside professionals, and avoidance actions.
BANKRUPTCY TRUSTEE/BUSINESS LIQUIDATION; TRUCKING INDUSTRY--Appointed Chapter 11, and subsequently, Chapter 7 bankruptcy trustee for PIE Nationwide, Inc., one of the nation's largest, unionized, interstate LTL trucking companies, formerly a $500 million concern, in liquidation; asset sales, including cleanup and sales of more than 30 owned truck terminals, lawsuit recoveries against the company's former legal professionals and liquidation proceeds exceeded $150 million, including proceeds realized from over 30,000 bankruptcy adversary proceedings filed against accounts receivable debtors.
RECEIVERSHIP, PROPERTY MANAGEMENT, AND LEASING--Supervised operations of financially distressed 200,000 square foot office/retail downtown class "B" office building, initially as state court appointed receiver; subsequent to its foreclosure by European mortgage lender, appointed property manager and leasing agent, doubling occupancy to 90% level and supervising $860,000 program of capital and tenant improvements (funded entirely from operating cash flow).
PARTNERSHIP RESTRUCTURING AND ASSET MANAGEMENT; REAL ESTATE SYNDICATIONS--Directed, as asset manager, the recapitalization and loan restructuring activities of 8 financially troubled single asset partnerships which owned downtown historic rehabilitation office buildings in the Southeast and Midwest; negotiated and implemented separate partnership recapitalization/mortgage loan restructurings and workouts with Mellon Bank, Fifth Third Bank, BankSouth, Wachovia Bank of Georgia, First Liberty Bank, and First American Bank of Georgia; managed and leased the properties, and in some instances, sold the properties and/or the related mortgage loans.
BANKRUPTCY TRUSTEE/BUSINESS LIQUIDATION; CABLE TELEVISION--Appointed Chapter 11 bankruptcy trustee for multi-state cable television operator; while conducting ongoing operations, marketed, auctioned, and sold all of the business assets yielding over $8 million (20% more than any previous offer); through a negotiated settlement with the primary secured creditor, paid a distribution to the unsecured creditors.
RECEIVERSHIP; ALLEGED SECURITIES FRAUD--Appointed receiver (on the nomination of the U.S. Securities and Exchange Commission) by U.S. District Court to seek to recover over $11 million of proceeds paid by investors for "wireless cable" investment scam, resulting in recapture of some funds and partial distribution to defrauded investors.
REAL ESTATE AND FINANCIAL CONSULTING--Appointed Alternate General Partner for The Koger Partnership, Ltd., a publicly held limited partnership, in connection with the confirmation of its bankruptcy Plan of Reorganization, and in that capacity, provided ongoing consulting and oversight services for a portfolio of 92 office buildings in the Southeast on behalf of a creditor committee of major insurance companies and commercial banks.
FORENSIC ACCOUNTING; MORTGAGE LOAN FRAUD SCHEME--Appointed as forensic accountant to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcies of Gulf Properties Financial Services, Inc. and related companies to reconstruct historical accounting and financial information of debtors in the mortgage loan brokerage business involving fraud and other improprieties and over $100 million of funds in the three years leading up to the bankruptcy petition date.
BANKRUPTCY EXAMINER; REAL ESTATE--Appointed Bankruptcy Examiner, with expanded powers to operate the business, in a Chapter 11 bankruptcy case due to litigation among various parties-in-interest regarding ownership of an 18 hole golf course and due to allegations of fraud and mismanagement of operations.
SPECIAL MASTER--Appointed Special Master (at the request of the U.S. Securities and Exchange Commission) by U.S. District Court to serve as disbursing agent to distribute recovered funds to defrauded investors in bond investment scam.
PROPERTY CONSTRUCTION SUPERVISION AND LEASING--Supervised, arranged financing, and managed over $4,000,000 of base building rehabilitation and tenant improvement construction expenditures for downtown Orlando office building; procured a single tenant for 95% of the building space (84,000 square feet) paying the equivalent of annual gross rent of $22.00 per square foot. Ultimately sold the building in conjunction with a local Orlando broker on behalf of the owner.
BANKRUPTCY TRUSTEE AND APARTMENT MANAGEMENT/LEASING--Appointed Chapter 11 bankruptcy trustee and assumed all property management and leasing responsibilities of a financially distressed 328 unit apartment complex in suburban Atlanta.
PROPERTY MANAGEMENT, LEASING, AND SALES--Managed and leased to full occupancy (and in one instance, sold) a portfolio of financially distressed historic office buildings on behalf of a Boston-based mutual fund mortgage holder.
RESIDENTIAL LOT SALES--Directed a residential lot sales program to homebuilders through the sell-out of a planned residential community, on behalf of a financial institution which had acquired the project through foreclosure.
TENANT BROKERAGE REPRESENTATION--Negotiated multi-year lease of over 50,000 square feet, as tenant broker for an investment banking firm client, including generous tenant improvement, moving, parking, free rent, etc. allowances.
LAND PLANNING AND SALES--Directed multi-discipline land planning activities for development of a master plan for large urban mixed-use development, including negotiation of right-of-way contributions for a new major Interstate highway interchange and related roadway improvements, and subsequently acted as broker in a $25 million plus land sale of the residual property.
LAND TRACT SALES--Planned and managed the sale through division into component pieces of a large suburban land tract, and conducted a sales program covering the entirety of the divided property, including the conduct of purchaser negotiations on a parcel by parcel basis.
BANKRUPTCY TRUSTEE/REAL ESTATE LIQUIDATIONS--Appointed Chapter 11 bankruptcy trustee for an individual owning interests in investment real estate and a chain of 6 operating long term care (principally Medicaid funded) nursing homes throughout the state of Georgia; while conducting ongoing operations, marketed, auctioned, and sold certain of the nursing homes and liquidated the remaining nursing homes and other assets.
RECEIVER--Served as receiver of a dual location clothing manufacturing company after proposal by the Attorney General of the State of Georgia in connection with alleged insurance premium collection improprieties at the company.
BANKRUPTCY TRUSTEE/REAL ESTATE SALES--Appointed Chapter 11, and subsequently, Chapter 7 bankruptcy trustee for an individual owning a controlling interest in a planned residential airstrip "fly in" community and negotiated the terms of sale of this real estate project.
REAL ESTATE AND FINANCIAL CONSULTING--Employed in numerous separate engagements to negotiate and/or implement workout agreements, troubled loan restructurings, and/or liquidation strategies by real estate entities/owners of land, office and multi-family income producing properties.
BANKRUPTCY TRUSTEE; HOTEL OPERATIONS--Appointed Chapter 11 trustee in the bankruptcy of an urban hotel and conference center, supervised the management company and successfully negotiated to retain the nationally known franchise during bankruptcy and ultimately managed the successful sale of the property.
RECEIVERSHIP; MANUFACTURING--Appointed receiver for a lighting fixture manufacturing operation after being nominated by a financial institution holding a secured indebtedness, and as receiver supervised the shut down of operations and liquidation of the secured creditor's collateral.
CONSULTING-RECEIVERSHIP; RESIDENTIAL DEVELOPMENT--Served in a consulting capacity on a large lake oriented second home/retirement golf resort community and subsequently as receiver after nomination by the primary owner in connection with a dispute involving a co-owner management company.
RECEIVER/MONITOR; ALLEGED SECURITIES FRAUD--Appointed receiver (upon nomination by the U.S. Securities and Exchange Commission) by U.S. District Court of a multi-level marketing company accused of operating an illegal pyramid scheme; subsequently appointed as "Monitor" on behalf of the Court to evaluate and report on the compliance of the Company's operations with the terms of the Court's order permitting limited resumption of doing business.
BUSINESS LIQUIDATOR; INDUSTRIAL SUPPLIES--Appointed by the Board of Directors of a regional industrial supply distribution company to conduct a liquidation of its assets, including the disposition of office/warehouse facilities in four locations, sale of inventories and other personal property, and management of accounts receivable collections.
LITIGATION SUPPORT/EXPERT WITNESS; ALLEGED SECURITIES FRAUD--Engaged by the U.S. Securities and Exchange commission to perform analysis of financial statements and business activities of two companies engaged in the sale/leaseback and operations of pay telephones and subsequently serving as expert witness at hearings to support of the SEC's litigation and enforcement actions.
BANKRUPTCY TRUSTEE; REAL ESTATE SALES--Appointed Chapter 11 bankruptcy trustee of a real estate investment entity which owned over 1,000 acres of undeveloped land and managing the sale of such property and related litigation over the rights and claims of various parties in interest.
RECEIVER/FORENSIC ACCOUNTING; COLLECTION AGENCY--Appointed receiver (upon nomination of a major national credit card issuer) of a collection agency which allegedly failed to remit collection proceeds to its clients and performed forensic accounting work to reconstruct cash receipts and disbursements.
LITIGATION SUPPORT/EXPERT WITNESS; ALLEGED MORTGAGE FRAUD--Engaged by a purchaser of subprime mortgage loans in the secondary market to examine and evaluate the financial records and activities of a court appointed receiver of a mortgage loan broker and served as expert witness at hearings regarding such findings.
ASSET MANAGER; REAL ESTATE INVESTMENT TRUST--Served as principal officers and asset manager of a publicly held bankrupt real estate investment trust owning a 900,000 square foot heavily mortgaged shopping center in a mid-Atlantic state and a large net operating loss carry forward, oversaw the manager of the leasing and operation of the center pending sale of the center, and negotiated a merger of the post sale entity into a third party purchaser for cash and stock in the surviving entity which proceeds where distributed to the bankrupt REIT's creditors.
RECEIVERSHIP; TELEPHONE SERVICES PROVIDER--Appointed by state court as receiver for company engaged in providing long-distance telephone services upon nomination by a telephone equipment manufacturer and significant lender after the cessation of operations and managed the marshaling and recovery of equipment dispersed throughout the United States on behalf of it creditors.
BANKRUPTCY TRUSTEE; TRUCKING COMPANIES-Appointed bankruptcy trustee for three related companies engaged in trucking operations and managed the shutdown of its operations, recovery of lender collateral and liquidation of the remaining assets.
LIQUIDATING TRUSTEE-Appointed trustee of the Asset Backed Securities Liquidating Trust to evaluate and pursue (together with the Unsecured Creditors Liquidating Trust and the CFS Liquidating Trust) multiple potential courses of action against former third party professionals engaged by the debtor as well as its principles and to disburse liquidation proceeds to holders of asset backed securities from the bankruptcy of Commercial Financial Services, Inc. and to manage and oversee all litigation thus begun.
DAMAGES ANALYIS EXPERT; LEGAL MALPRACTICE--Engaged by a bankruptcy trustee with the approval of the bankruptcy court to analyze and opine on damages in connection with alleged legal malpractice for events leading up to bankruptcy filing.
BANKRUPTCY TRUSTEE; EQUIPMENT AND REAL ESTATE--Appointed Chapter 7 bankruptcy trustee for an individual engaged in the ownership and leasing of heavy construction equipment and the development, rental and sale of residential real estate developments.
BUSINESS LIQUIDATOR; RETAIL FURNITURE SALES-Engaged to supervise and manage the orderly liquidation (outside of bankruptcy) of a multi-location retail furniture company, including negotiation of creditor settlements, engaging furniture liquidators, and disposition of real estate holdings.
ADMINISTRATOR OF ESTATE; FOOD SERVICES BUSINESSES--Appointed by Probate Court to serve as the Temporary Administrator of an estate of a deceased non-U.S. citizen, including the oversight and/or sale negotiations of extensive interests in the restaurant and wholesale food businesses, real estate interests, and assets in Mexico.
RECEIVERSHIP; ALLEGED SECURITIES FRAUD--Appointed receiver by Federal District Court upon nomination by the U.S. Securities and Exchange Commission of two companies engaged in telephone and call center marketing services due to alleged securities fraud.
ACCOUNTING AND AUDITING EXPERT – Expert witness on behalf of the U.S. Securities and Exchange Commission regarding compliance with generally accepted accounting principles of financial statements of a public shoe retailing company and evaluation of the conduct of audits by independent public accountants.
DAMAGES ANALYSIS EXPERT - Expert witness as expert in the liquidation and valuation of financially troubled businesses concerning an analysis and quantification of damages suffered for negligent misrepresentation based on a valuation of corporate equity interests in an auditor malpractice action.
LIQUIDATING AGENT – Appointed Liquidating Agent by federal bankruptcy court to liquidate the assets of companies in a Chapter 11 bankruptcy proceeding that were engaged in the sale of industrial machinery, including the pursuit of preference claims and similar avoidance actions.
FINANCIAL ACCOUNTING EXPERT – Expert witness on behalf of the U. S. Securities and Exchange Commission regarding compliance with generally accepted accounting principles of financial statements of a public printing company and an evaluation of the materiality of the alleged misstatement.
RECEIVERSHIP OF BROKER/DEALER – Appointed by state court as receiver for company engaged in the securities broker/dealer business after the cessation of operations and managed the marshaling and recovery of assets on behalf of it creditors.
FINANCIAL ACCOUNTING EXPERT – Expert witness on behalf of the U. S. Securities and Exchange Commission regarding compliance with generally accepted accounting principles of financial statements contained in SEC filings of a development stage public company.
RECEIVERSHIP OF ASSISTED LIVING FACILITY LESSOR – Appointed by state court as receiver for company that owned an operating assisted living facility upon nomination by the secured lender and oversight of the lessor operations.
FINANCIAL ANALYSIS AND ACCOUNTING EXPERT – Expert witness on behalf of the U. S. Securities and Exchange Commission regarding the integrity and accuracy of accounting records and reports and evaluation of financial performance and projections of losses in connection with investments in charged-off consumer debt portfolios.
BUSINESS TERMINATION SERVICES – Engaged by London based, international retailer to assist with the termination of all of its business operations in the United States, principally involving the negotiation of early terminations of its leases of retail locations.