Disposition Disposition
Success Stories
ADDITIONAL LINKS
Latest News:
Asset Disposition Success Storiess
In the non-performing commercial loan arena, success equates to maximizing recovery, and Trigild does this faster, easier and more cost-effectively than anyone else. This is our core business—not a sideline. The proof? Our 30-year track record of delivering extraordinary results.
To find out more about the extraordinary results Trigild has delivered for clients, please click on the links below:
Case Study #1
Services:
Trustee, Management, Disposition
Asset:
Casual Dining Restaurant Portfolio
Portfolio sale for double the amount appraised at Receivership.
Synopsis:
The federal court appointed a Trigild Executive as Bankruptcy Estate Representative and Trigild operator of six franchised casual dining restaurants
Challenges:
- Franchisor had incurred substantial financial losses.
- Poor systems & controls were in place.
- The staff was demoralized.
- High theft rate was experienced across all operations.
Solutions:
- Worked closely with franchisor on all aspects of operations
- Implemented systems to control the cost of food, liquor and labor
- Upgraded service levels and food quality
- Implemented tight purchasing, inventory and cash handling systems
- Closed restaurant corporate office, accounting handled out of Trigild office
Results:
- Operating profits improved from a one million dollar loss to a quarter million profit in just one year
- Client received maximum return—the portfolio was sold for double the amount appraised at the time of the Receivership appointment.
Case Study #2
Services:
Receivership, Management, Disposition
Asset:
Quick Serve Restaurant Portfolio
Client receives funds in under 90 days on 62 restaurants—including 14 previously closed locations.
Synopsis:
A Trigild executive was appointed receiver for a portfolio of 62 quick serve restaurants by a NY Federal District Court. With the court’s permission, the Receiver hired Trigild to operate the properties, located across 5 states. Additionally, the Receiver was granted the right to sell the restaurants.
Challenges:
- All stores were leasehold so the value was highly tied to operational profits, location, market & property condition.
- The portfolio was in default with franchisor.
- The food vendor was threatening to cut off deliveries.
- The franchisor had closed approximately 14 locations.
Solutions:
- Negotiated temporary franchise agreement with franchisor without needing to pay borrower’s pre-receivership franchise fees.
- Re-opened the closed locations within 48 hours of the Receivership appointment.
- Working with the franchisor, negotiated a plan with food vendor that reinstated deliveries without paying pre-receivership debt. This was accomplished within 7 days of re-opening.
Results:
- Facilitated the sale of all locations just 80 days after being appointed receiver..
- Client saved money & time by only having to deal with one contact for receivership, management, and disposition.
- Portfolio risk minimized by quickly selling the assets.
Case Study #3
Services:
Receivership, Management, Disposition
Asset:
Restaurants
Trigild turns around a portfolio of 40 QSR’s, sells all properties for several million dollars more than initial offers.
Synopsis:
Appointed receiver and management by Federal Court for 40 quick serve restaurants in 7 states. Court allowed receiver to sell assets.
Challenges:
- Over $1 million in unpaid payroll and vendor invoices
- Borrower had commingled funds with a different portfolio of assets that were not part of the receivership estate, although he had previously been instructed by the court to stop doing so.
Solutions:
- Receiver successfully seized funds in all co-mingled accounts.
- Negotiated favorable new terms with major suppliers.
- Closed all leasehold sites that had a negative effect on the overall Enterprise Value of the portfolio.
- Broke stores down into smaller asset groups to maximize sales price.
- Retained auctioneer to facilitate speedy, profitable sales.
Results:
- The assets were sold during the receivership period using a combination of auction and traditional sales method.
- The total sales price was several million dollars higher than initial offers from single ownership entities.