Trendset, Inc

Situation Trendset Incorporated (Inc.) was a major provider of freight audit and payment services located in Greenville, South Carolina. It provided bill payment services and by 2013 had invoices with a value of around $10.75 billion. Trendset was caught up in an embezzlement scandal that cost the company $68 million in lost earnings and owed $70 million in unsecured claims. GGG were engaged as trustees to follow through on a Chapter 11 Bankruptcy in May 2014. At the time, the Company had just $40,000 in unrestricted cash and $150,000 owed in Payroll due just 10 days after the engagement. Action GGG immediately implemented customer surcharge measures in order to supplement [...]

2017-11-25T16:27:24+00:00 Bankruptcy, Financial, Sale, Trustee|

NETBANK, Inc

Situation NetBank, Inc. (NASDAQ;  NTBK) was a bank holding company that owned several entities, including a thrift.  Due to heavy NetBank, Inc. losses in consumer financing and mortgage lending, the FDIC, in one of the first in a large wave of FDIC take-downs, took possession of the bank thrift in 2007. Action When the company filed for protection under Chapter 11 of the Bankruptcy Code, GGG assumed the role of Chief Restructuring Officer, working closely with the FDIC as Receiver for NetBank’s bank assets. Results GGG successfully sold the majority of the assets of the company, including the commutation of six mortgage reinsurance companies.  Working closely with a Creditor Committee [...]

2017-11-25T16:17:55+00:00 Bankruptcy, Financial|

First Home Brokerage, LLC

Situation GGG was engaged by existing lenders to assess the viability of First Home Brokerage, LLC, a $100 million reseller of distressed middle-income housing in the outer boroughs of New York City. The fear was that First Home Brokerage was losing money and in danger of going out of business. Action After GGG determined that the company could only be saved with a significant infusion of new capital, the lenders requested that GGG liquidate the company. Results Foothill, the secured lender, was paid out in full, including all accrued fees; additional monies were available for sub-debt lenders as well.

2017-11-20T16:27:58+00:00 Financial|