ABC for Chain of 11 Medical Clinics
Asset Sales, Landlord Negotiations, Litigation
The Bottom Line:
As Assignee in the Assignment for the Benefit of Creditors (“ABC”) for a chain of 11 shuttered, insolvent medical clinics, Stapleton Group achieved a $5MM recovery for unsecured creditors and eliminated approximately $5MM in lease obligations.
Objective:
Optimize recovery for all creditors and avoid additional liabilities.
Actions:
Sold assets to various buyers. Negotiated with landlords to avoid approximately $5MM in future lease obligations. Initiated litigation resulting in $5MM settlement for unsecured creditors. Managed claims process and creditor communications.