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Liquidation Leads to Turnaround
Based on our experience and reputation in financial reorganizations, Gleason has often served at the request of the courts as a receiver.
Engagement
When a Pittsburgh subsidiary of a Japanese company declared bankruptcy and ceased operations, Gleason was retained by counsel for the largest shareholder and appointed as receiver to conduct an orderly liquidation of the assets. Originally owned by Westinghouse Electric, the company was an innovator in solar power research and manufacturing, but at the time of liquidation, its payables and liabilities far outweighed its hard assets.
Gleason's Role
To maximize the return for creditors and shareholders, we pursued parallel tacks:
- Negotiating with management and potential new investors to reopen the business.
- Arranging an Internet auction of the company's hard and soft assets, including its intellectual property and high-tech manufacturing equipment.
When the potential investors were unable to close
a deal, we took the company to auction, hoping to sell the assets as a
bulk purchase. Alternatively, we were also prepared to auction the hard
assets item by item.
Results
Three competing bidders generated an auction price for the bulk purchase
that exceeded expectations.
The successful bidder, a Florida-based company with complementary products,
ultimately re-established the operation, rehired many employees and purchased
the manufacturing facility the company previously rented, relieving the
landlord, who was also a creditor, of a vacant building.
In addition, the other creditors were paid from the proceeds, and the
utilities and others gained a new or renewed customer.
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