$65M conglomerate entity with businesses in numerous industries.
Court: Maricopa County Superior Court
In 2006, Spiral, Inc., refinanced their portfolio of investment companies. The $65M debt obligation along with the deteriorating assets caused by the economic recession led to the appointment of a receiver.
Conglomerate had over 100 affiliate sub-entities with multi-national connections. The businesses spanned across five states: AZ, CO, TX, GA, and OH; encompassing multiple industries: manufacturing, aerospace, residential & commercial real estate, sports/entertainment, live stock, and full service gas station & car wash.
In 2013, Resolute was appointed as receiver and quickly gained control of the business operations and implemented improvements where necessary to safeguard asset values. Resolute systematically evaluated all corporate overhead functions and ascertained best methods to decentralize with minimum disruption to the operations to reduce personnel and cost at the corporate level. Initiated litigation of asset recoveries and defended litigation of assets for receivership estate with steadfast handling of approx. 10 third-party litigations throughout the U.S. and Europe. Executed thorough forensic accounting to determine misappropriation of funds in favor of the receivership estates. Utilized appropriate steps for defendant contempt actions regarding receivership order violations.
Resolute conducted the successful sale of the marketable assets for the receivership estate with approximately 64% of debt recovered.