In 2005, Arizona businessman Reginald “Reggie” Fowler looked ready to make history as the NFL’s first African American principal owner with his bid for the Minnesota Vikings. But under scrutiny, the deal crumbled. Questions swirled about Fowler’s finances, lawsuits, and even his résumé. Instead of a controlling interest, Fowler walked away with only a fractional ownership stake, financed by draining millions from his companies.
That decision, combined with the weight of the 2008 financial crisis, triggered a chain reaction that destabilized his sprawling $250 million business empire. By 2006, Spiral Inc., Fowler’s flagship company, had refinanced with $65 million in debt, an unsustainable burden that ultimately sent his businesses into freefall.
The Spiral of Spiral Inc.
Spiral Inc. was not a typical enterprise. It was a conglomerate of more than 100 affiliated entities, stretching across five states and industries as varied as ice rinks, real estate, foam tray manufacturing, and military flight simulators. As the debt mounted and assets deteriorated, Fowler admitted default. In spring 2013, the court appointed Resolute as receiver.
This was no ordinary appointment. This was one of the largest and most challenging receiverships in Arizona’s history. Resolute was brought in to stabilize a multi-industry enterprise whose reach and obligations had spun out of control.
Resolute Steps In
The complexity of the case was daunting. Each company carried its own unique issues, ranging from payroll problems to active litigation, and had to be managed as if it were its own project.
Resolute tackled the engagement head-on. Operations were stabilized by decentralizing services such as IT and utilities, which ensured seamless transfers during asset sales. The firm managed and defended more than $30 million in litigation claims across the United States and Europe. Nearly $6 million in unpaid property taxes spread across three states was resolved. Forensic analysis uncovered that Fowler had diverted receivables and asset sales into personal accounts, a discovery that resulted in him being held in civil contempt of court.
By the end, Resolute facilitated the sale of all marketable assets, generating $20 million in proceeds, while enabling lenders to recover an additional $22 million through foreclosure. All told, Resolute’s work produced more than $43 million in recovery for creditors, representing 64% of the outstanding debt.
The Final Whistle on Reggie Fowler
Even after the fall of Spiral Inc., Fowler continued to chase big ventures. In 2018, he bankrolled the Alliance of American Football (AAF), a spring football league that collapsed midseason when he abruptly pulled his funding. Shortly after, his accounts were frozen, and in April 2019 he was arrested for providing illegal shadow banking services to cryptocurrency exchanges.
By 2023, the man who once dreamed of NFL ownership was sentenced to 75 months in federal prison, ordered to forfeit $740 million, and required to pay $53 million in restitution.
Why We Do the Hard Things
The Spiral Inc. receivership demonstrates what makes Resolute different. Faced with a $250 million enterprise weighed down by $65 million in debt, entangled in lawsuits, riddled with tax delinquencies, and led by an uncooperative owner, Resolute kept the drive alive and scored meaningful value for creditors.
This case reflects Resolute’s guiding principle: taking on the hard cases. Not because they are easy, but because they are hard.