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| Bankruptcy, Insolvency & Receivership |
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This practice area headed by Barry
Mukamal, a Chapter 7 Panel Trustee, facilitates general accounting,
money management, fraud and forensic accounting examinations,
avoidance analyses, operational reviews, asset liquidations, and
preparation of projections and financial forecasts. Our professionals
within this department possess significant experience and qualifications
in more than 30 industries, including real estate construction
and development, manufacturing and distribution, healthcare, hospitality,
aviation and trucking. Depending on a client's particular needs,
Rachlin has the capability to develop strategic solutions for
secured and unsecured creditors committees, accountants, committee
advisors, debtors-in-possession, shareholders, equity holders,
secured lenders, and other involved parties.
We have been engaged to facilitate matters regarding:
- Compliance filings including schedules and monthly DIP reports
- Analysis of business operations and performance, pre and post-petition
- Preparation and review of liquidation analysis
- Preference searches and investigations
- Review of organizational plans
- Development and consideration of reorganization alternatives
- Management team and personnel assessment
- Negotiation
- Investigation and reporting of fraudulent conveyances
- Comprehensive claims management
- Debt restructuring analysis
- Development and implementation of orderly liquidation alternatives
- Management of the asset recovery process
- Preparation and filing of required financial reports
- Tax advice on complex cases as well as routine compliance matters
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Rachlin's senior principals and managers have substantial experience as court appointed receivers on interrupted real estate projects and distressed operating businesses. Those assignments have often involved not only the preservation of value for creditors and equity owners, but as well the enhancement of the business or property operations for the benefit of all interested parties. |
Financial Advisor to the Trustee and Receiver of Major Ponzi Scheme
In a major Ponzi scheme in Florida involving over $300 million, Rachlin was retained as financial advisors to the Trustee and Receiver. As consultants, Rachlin assisted with the identification and recovery from avoidance actions and litigation involving other parties, and also performed claims analysis for an investor base of over 2,000 claimants. As accountants, Rachlin maintained the books of the Estate and the Receivership and helped to resolve numerous tax related issues. The defrauded investors recovered almost 65% in this proceeding.
Investigation of Ponzi Scheme in Palm Beach County
Rachlin professionals were involved in the investigation of a Ponzi scheme in Palm Beach County.
The perpetrator of the scheme, through an intricate web of investment and brokerage firms, raised over $40 million from over 300 unsuspecting investors and siphoned funds to offshore locations and related parties. Rachlin professionals assisted Counsel with the identification and recovery of preference transfers, fraudulent conveyances, and assets transferred to offshore locations and related parties, and also assisted with claims analysis and objections.
Appointment as Plan Administrator of High-Rise Condominium Project
Appointment in bankruptcy court as plan administrator to complete plan implementation for a high-rise condominium project composed of two, 45-story towers. The engagement entailed resolution of more than $10 million in association turnover claims, supervising a sales office responsible for selling the remaining $18 million in unit and cabana inventory and evaluating and directing litigation claims of more than $30 million against design professionals, contractors and material men.
Receivership for High Profile Medicare Fraud Conviction
Receivership for forfeited assets from a high profile medicare fraud conviction in South Florida. Liquidated over $44 million worth of assets. Within a year, the $44 million included:
- $16 million business as a going concern (approx). Post receivership, this business continued operating in an effort to keep the employees employed, avoid creditors losing money, and to get as much value from the business towards the forfeiture amount. The forensic team helped run the business to keep it afloat until the sale of the assets.
- $21 million commercial building in Miami with tenants
- $5.5 million in 3 warehouses/ commercial property in Miami
- $3 million in personal property including a plane, cars and a yacht Close to $400,000 residential property in Savannah, GA
- $5.1 million residential property in the Florida Keys is under contract and ready for closing. $800,000 commercial property is under contract in Georgia
The firm was commended by the Federal Judge for liquidating the highest amount of assets of this type of forfeiture for medicare fraud ever in the United States.
Appointed Receiver for $80 Million in Fortified Assets
Appointment in federal district court as receiver for $80 million in forfeited assets, which are being liquidated under order of the court, and include $45 million in commercial and residential real estate. The receivership has successfully liquidated or is liquidating these assets and is realizing over 90% of appraised values for this estate.
Appointment in Bankruptcy Court as Plan Administrator of a Consensual Plan of Reorganization
Appointment in bankruptcy court as plan administrator of a consensual plan of reorganization. Responsibilities included completing construction of a $100 million-plus interrupted condominium project and completing and closing project sales, while maximizing the value of the project for interested creditors.
Advisory on Liquidation Value of Major Shopping/Office Complex
Representing the beneficiaries of a Washington, D.C. based charitable trust, provided an expert report regarding the likely liquidation value of a major shopping/office complex located on Florida’s west coast. The engagement was extended to include “shadow oversight” of the trustee during his effort to market and sell the property.
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