Fiduciary Services (Select Engagements)
Boca Java, Inc. (Coffee Roaster) – Assignee
Boca Java, Inc. was a wholly owned subsidiary of a Fortune 500 company and leading specialty national online retailer of fresh-roasted gourmet coffee, tea, chai latte, cocoa and customizable gifts. Mr. King, as Assignee, was able to continue the company’s operations, market, and then successfully negotiate the sale of Boca Java as a going concern for over $1 million paying creditors 100% of their approved claims and making a substantial residual distribution back to the Assignor. To accomplish these results, Mr. King worked diligently with interested buyers and their respective counsel with due diligence, asset identification, and the resolution of post-closing claims and customer concerns. This allowed a quick fourteen-day turnaround for court approval of the asset purchase agreement thereby preserving the company’s goodwill and other intangible assets substantially increasing the total value realized when compared to the estate’s tangible assets.
Other Professionals / Stakeholders: Rice, Pugatch, Robinson, and Schiller (Assignee’s Counsel); Greenberg Traurig (Assignor’s Counsel); Blyth, Inc. (Assignor)
Capital Coin Fund / State of Ohio BWC (Numismatics / Government) – Crisis Manager
The Capital Coin Fund was a $50 million fund managed by a high ranking political donor, Thomas W. Noe, and funded by the State of Ohio’s Bureau of Workers Compensation (BWC). The fund’s purpose was to invest in valuable rare coins and currency, bullion, and political and sports memorabilia. However, after a $13 million shortfall in the reported assets, Mr. Noe was immediately removed and replaced by Mr. King and a team of professionals. Mr. King, acting in concert with counsel, various agencies from the State of Ohio, and other team members, managed the day to day operations and wind down of the fund that included marshaling assets, securing business records, administering the sale of the coins, currency and collectables (including coins with values approaching $1 million), and performing various forensic accounting and investigation procedures to identify and pursue sources of additional recoveries. The BWC received a net return in excess of 100% of its initial $50 million investment.
Other Professionals / Stakeholders: Frost Brown Todd (Manager’s Counsel); Attorney General for State of Ohio; Ohio State Police; State of Ohio’s Bureau of Workers Compensation
Abraham Gosman (Health Care / Real Estate) – Financial Advisor to Chapter 7 Trustee
With creditor claims in excess of $500 million, the bankruptcy and related wind down of Mr. Gosman’s estate was one of the largest individual United States’ bankruptcy proceedings. As a financial advisor and accountant to the Chapter 7 Trustee, Mr. King played an integral role in investigating, managing and administrating the estate’s wide range of assets including six operating nursing homes and assisted living facilities (sold for over $30 million), an exclusive personal Palm Beach oceanfront residence (sold to Donald Trump for over $40 million), several delinquent multi-million dollar promissory notes and interests in numerous companies, partnerships and other business ventures. Over the course of several years, numerous court-supervised 363 sales, pursuit of various avoidance actions, and the adjudication of hundreds of millions of dollars in claims, the estate was able to monetize over $100 million for the benefit of its creditors.
Other Professionals / Stakeholders: Greenberg Traurig (Trustee Counsel); Genovese, Joblove & Battista (Special Counsel to Trustee); Credit Suisse (Secured Lender)
Michael W. Vick – Financial Advisor to Post Confirmation Trustee and Plan Administrator
Michael W. Vick’s Chapter 11 bankruptcy resulted in the confirmation of a plan that included the appointment of a Plan Administrator and a separate trust to administer the wind down of various Vick assets and future income streams, finalize claims and make distribution to creditors in accordance with the plan provisions. Mr. King, on behalf of the Plan Administrator and the Post-Confirmation Trustee, worked with counsel to secure and negotiate the sale of various assets, evaluate recovery actions, adjudicate claims, and administer creditor distributions.
Other Professionals / Stakeholders: Willcox & Savage (Trustee’s Counsel)
Promenade at Doral II (Real Estate) – Advisor to Receiver
Promenade at Doral II was a partially completed 531-unit residential condominium project located in South Florida and was the subject of a $67.5 million foreclosure action by its secured lender, Wachovia Bank (n/k/a, Wells Fargo). The court approved the appointment of a Receiver to whom Mr. King assisted in the day to day management of this receivership that included securing property and business records, monitoring, completing vital construction activities, facilitating access and due diligence requests from potential purchasers, and ensuring timely communications with lender, owner, creditors, and the court on status of the receivership (e.g., budgets, creditor claims, changes in property conditions).
Other Professionals / Stakeholders: Rice, Pugatch, Robinson, & Schiller (Receiver’s Counsel); Wells Fargo (Secured Lender); Carlton Fields (Lender’s Counsel)
Other fiduciary related engagements:
- Assignee of Loanwise Financial, LLC, a residential mortgage broker that operated throughout the United States.
- Assignee of Coalition Toxicology, LLC, a drug testing facility located in South Florida.
- Assignee of BSA Imports, LLC, an importer and national distributor of BSA shotguns and other firearms.
- Assignee of Baymack, LLC, owner of a gourmet burger franchise.
- Financial Advisor to the Chapter 11 and 7 Trustee for National Gold Exchange, one of the world’s largest coin wholesalers located in Tampa, Florida.
- Financial Advisor to the Chapter 11 Trustee of IPofA West Oaks Mall, LP, the owner of a 1.1 million square foot shopping complex in Houston, Texas.
- Financial Advisor to the Chief Restructuring Officer of Bank United Corporation.
- Financial Advisor to the Assignee of Angostura Wine & Spirits, a distributer of wine, beer, & spirits.
- Financial Advisor to the Chapter 7 Trustee of Avidus Trading Group, a foreign exchange trading company.
- Financial Advisor to the Chapter 7 Trustee of Southeast Banking Corp, a bank holding company.
- Financial Advisor to the Receiver of CKS Ventures, the owner of an apartment building and fractional condominium units located in Miami.
- Financial Advisor to the Assignee of Fantasi International, Inc. (d/b/a Bette & Court Golf), the designer and manufacturer of established women’s golf and active lifestyle apparel brands.
- Financial Advisor to the Assignee of National Lithographers, a large printer of high end marketing products and other printed materials.
- Financial Advisor to the Assignee of Kidozen, Inc., a software developer of enterprise mobile application platforms that allow companies to securely integrate and manage mobile apps with back-end systems.
- Numerous other Assignments for the Benefit of Creditors