Case Studies
J.S. Held Acquires GLI Advisors, Strengthening Our Construction Project Support Services in the Western US and Hawaii
Read MoreRetained by Senior Lender to work with its borrower, a top-3 market share leader among Chevrolet Auto-Dealers in the Mid-Atlantic region, with premises located in New Jersey.
Senior Lender uncovered a $7 million out-of-trust (under collateralization) position on its $26 million Floorplan Credit Facility to the Company. It was alleged that the Company had committed fraudulent activities in selling vehicles “out of trust,” whereby the vehicles were sold and paid for, with the proceeds being retained by the Company and not paying off the Floorplan loan against the sold vehicle
The Bank continued to have $19 million of Floorplan loans collateralized by new and used car collateral. Given the alleged fraudulent activity coupled with the limited/inconsistent nature of the Company’s reporting, the Bank requested that J.S. Held assume control of the collateral and overall Company operations. J.S. Held supervised the activities at the Company for the next 90 to 120 days so that an effective sale process of the Company’s assets could be achieved.
In assuming the interim management role in operating the Company, we created a variety of detailed financial tools, coupled with supporting analysis and operating controls to allow for a value maximization of the Company’s assets during the sale process. Ultimately, J.S. Held provided oversight to the liquidation in excess of 100 cars, including both one-off car sales and separately packaged car sales, resulting in a recovery far in excess what had been anticipated by both the Bank and the Company ownership.
Brian F. Gleason, CTP
Senior Managing Director
Strategic Advisory Practice
+1 610 659 8118
[email protected]
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