Case Studies

Estate Closedown of Casino and Racetrack

J.S. Held Acquires GLI Advisors, Strengthening Our Construction Project Support Services in the Western US and Hawaii

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Home·Estate Closedown of Casino and Racetrack

The Situation

Casino and race track just south of Indianapolis. Engaged as Liquidating Trustee just prior to closing a 363 sale of all tangible assets. No sales and no debt. 

  • Distributed the majority of proceeds immediately post-363 sale to three tranches of secured debt.
  • Managed $24 million pool of cash, transaction escrows, and claims with the goal to increase recoveries for the benefit of secured creditors.

How We Advised

  • Worked with creditors, 363 buyer, and other professionals to successfully and timely resolve all post-transaction escrow issues without litigation.
  • Resolved all claims without litigation except for one situation, which the secured creditor specifically allocated money to pursue.
  • Completed all gaming and tax reporting without negative repercussions.
  • Distributed $10 million more cash to secured creditors than budgeted.
  • Actual to budget spending represented a 28% reduction, with our fees 30% under budget.
  • Resolved claims at 50% of the budgeted amounts.
  • Closed case in 1 1⁄2 years.

Key Contact

Dan F. Dooley, CTP 
Senior Managing Director 
Strategic Advisory Practice 
+1 603 660 8952 
[email protected] 

Related Practice Areas

> Fiduciary Services 
We deliver unbiased, expert solutions in court-mandated and out-of-court situations that demand a third-party fiduciary, including insolvency, fraud, litigation, and shareholder disputes. When companies are in financial distress, become entrenched in complex disputes, or fraud is suspected, lenders, attorneys, and regulatory agencies recommend that federal and state courts or boards of directors appoint our experts as fiduciaries. 

 

> Solutions for Distressed Situations 
We deliver integrated solutions for distressed and insolvent businesses that maximize recovery, mitigate risk, and restore enterprise value. Our experts are retained to help distressed organizations stabilize operations, protect stakeholder interests, and execute turnaround strategies. We take an operationally-focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. 

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