E3 Advisors Experience
With over 100 years of combined experience in both the real estate management and problem resolution arenas, our team has collectively owned, managed and provided receivership services for 250+ assets throughout the country. Below are a selection of cases utilizing our services.
Receivership – Real Estate (Retail)
Charlottesville Fashion Square | Charlottesville, VA
As receiver, through the COVID-19 pandemic crisis, an E3 principal oversaw management and leasing of this ground leased, 578,000 enclosed regional mall, until such time as the parties transitioned ownership via deed in lieu of foreclosure.
Crossroads Center | Waterloo, IA
An E3 principal was appointed Receiver over a 698,771 square foot portion of the Property, and oversaw management and leasing through to transition of the property to new ownership.
Northgate Mall | Cincinnati, OH
A 915,000 square foot super-regional mall anchored by Macy’s and Sears. As project manager for the receiver, an E3 principal executed a 50,000 square foot major tenant lease, thus eliminating potential national tenant co-tenancy violations resulting from Dillard’s closure prior to the receivership. As Receiver, an E3 principal oversaw the property’s operations, the due diligence and the receivership sale process, which was successfully completed with seller financing in the first quarter of 2012.
Olathe Station | Olathe, KS
A 617,940 square foot strategically located, leading shopping center anchored by Target, AMC Theaters, Bed Bath & Beyond, Petsmart and Office Max, to name a few. An E3 principal was appointed Receiver to take possession of and to oversee management and leasing of a 276,022 square foot portion of the Property. The Receiver worked closely with the parties to develop a capital improvement plan and ultimately assisted with the transition of the asset to new ownership.
Palo Vista Center | Vista, CA
A 29,000 square foot unanchored strip center. As Receiver, an E3 principal stabilized the existing tenancy and prepared it for eventual sale. On September 29, 2011, by virtue of a trustee sale, the receivership terminated.
SavALot Plaza | Manchester, CT
Appointed as receiver to take possession, custody and control over this 76,000 square foot grocery-anchored strip center located in Manchester, Connecticut. During the course of the receivership, the Receiver executed a lease buy-out, leased up all controlled vacant space, including one of the prime spaces in the center, to a national credit tenant and worked with the local Department of Transportation regarding property turnover. The Receiver also assisted with transitioning possession of the asset to new ownership.
Solomon Pond Mall | Marlborough, MA
An E3 principal is currently overseeing the receivership of this 890,000 square foot enclosed regional mall.
South Coast Home Shopping Centre | Costa Mesa, CA
A 300,000 square foot specialty shopping center. As project manager for the receiver, an E3 principal oversaw management and the disposition of this asset, which lost its anchor and nearly 30% of its tenancy prior to the receivership. This property was successfully marketed and sold during one of the most tumultuous times in recent history (2008) and several publications reported the sale as one of the largest transactions in Orange County in the 12 months preceding its close. Subsequent to its disposition, the asset underwent extensive remodeling and is now rebranded as South Coast Collection (SOCO), one of the premier furnishing and design destinations in Southern California.
Steeplegate Mall | Concord, NH
E3 served as receiver overseeing management and leasing of this 482,000 enclosed regional mall until such time as the parties transitioned ownership via deed in lieu of foreclosure. During the Receiver’s tenure, E3 worked to successfully appeal property taxes and towards reconciling six years of property taxes dating back to 2009.
Sunset Plaza Mall | Norfolk, NE
A 232,000 square foot regional mall. An E3 principal oversaw management, leasing and the transition of the property to new ownership, which transferred by way of trustee sale. During the short receivership tenure and through the COVID-19 pandemic, the Receiver was able to secure a new regional tenant, coordinate several amendments with existing tenants and handle final stages of two large tenant bankruptcy matters (both tenants remained in occupancy at the property).
The Legends Outlets | Kansas City, KS
A 1.2 million square foot shopping center. On June 5, 2012, E3 was appointed receiver by the United States District Court for the District of Kansas. On November 21, 2012, the Court entered an Order approving the receivership sale process as proposed by E3 through its counsel, Bryan Cave LLP. E3, with the assistance of Bryan Cave and CBRE, went on to direct a receivership sale and auction process which combined pre-auction financial due diligence, a public auction and limited post-auction due diligence that was the first of its kind in this federal jurisdiction. The process proved effective. On January 25, 2013, E3 conducted an auction of the property at the Robert J. Dole Federal Courthouse, whereby KKR Legends L.L.C., the acquisition company of Kohlberg Kravis Roberts & Co. L.P. and its partner, RED Legacy, placed the successful bid of $131.5 million. On February 27, 2013, the Court approved the sale that was successfully closed on March 14, 2013.
Valley West Mall | West Des Moines, IA
An E3 principal is currently overseeing the receivership of this 856,000 square foot enclosed regional mall.
Receivership – Real Estate (Hospitality)
Courtyard by Marriott | Willoughby, OH
An 82-room/8-suite limited-service hotel. As project manager for the receiver, an E3 principal oversaw the hotel management company, and ultimately assisted with an ownership transition, as stipulated by both parties to the litigation.
Fairfield Inn by Marriott (3 Properties) | Denver, CO
One 61-room and two 82-room limited-service hotels with complicated Tenancy in Common ownership. As project manager for the receiver, an E3 principal obtained Court approval and led a team in satisfactorily completing three Property Improvement Plans (PIPs) as per a budget she prepared and as approved/funded by the plaintiff. These actions saved the Marriott franchise agreements and provided for the successful conversion of each property to a Fairfield Inn & Suites.
Shanty Creek Resort & Club | Bellaire, MI
A 4,500 acre, four-season resort with lodging, dining and conference facilities, skiing, championship golf, and other recreational activities and amenities. In addition to assisting the receiver with management and membership oversight, an E3 principal prepared the monthly financial packages, prepared the due diligence materials and helped coordinate the overall due diligence process, which ultimately resulted in the sale of the property.
SpringHill Suites, Fairfield Inn & Suites by Marriott (2 Properties) | West Des Moines, IA
A 97-suite and a 94-room/8-suite limited-service hotel. As project manager for the receiver, an E3 principal oversaw the hotel management company, and ultimately assisted with an ownership transition, as stipulated by both parties to the litigation.
Stanford Court Hotel | San Francisco, CA
A four-star, full-service 393 room hotel with a restaurant/lounge, 12,000 square feet of meeting space and a 110 space parking garage. A member of E3, on behalf of the Receiver, oversaw the hotel management company in the face of union contract negotiations and the completion of the hotel’s renovations, including negotiation and settlement of pre-receiver mechanic’s liens.
Wigwam Resort & Spa | Phoenix, AZ
A full-service resort with 331 casita-style rooms/suites, dining and meeting facilities, championship golf (including the Arizona Biltmore Golf Courses), and other amenities. As project manager for the receiver, an E3 principal oversaw operations, managed the selection process for a replacement management company (outgoing management resigned one week prior to the appointment of the receiver) and coordinated a successful full-scale management transition in 11 days while confronting a dispute between the parties and management over receivership estate cash control and a voluntary chapter 11 bankruptcy filing seven days prior to the outgoing management company’s termination. Following the receivership and bankruptcy, new ownership retained the management company selected by the project manager and completed a $7 million renovation of the property.
Receivership – Real Estate (Multi-Family, Single-Family, Office)
351 California Street | San Francisco, CA
A Financial District high-rise office building put into receivership by the lender pending owner refinancing. As project manager for the receiver, an E3 team member managed this office building until the borrower successfully refinanced the property.
450 S. Melrose | Vista, CA
An E3 principal was appointed receiver over this 61,000 square foot office building located in Vista, California in order to stabilize the asset.
BluWater Crossing | Carlsbad, CA
A new mixed-used development comprised of 21,000 square feet of retail, 51 three-story live/work condominium units, 15 townhomes and 12 affordable housing units. Appointed as receiver, an E3 principal commenced the leasing and sales program which was assumed by the lender upon foreclosure.
Calzada Industrial Park Property | Fremont, CA
An E3 principal was named receiver for this industrial park property as the lender ultimately negotiated a refinancing agreement with the borrower.
Capistrano Terrace Mobile Home Park | San Juan Capistrano, CA
A 153-lot terraced mobile home park situated on 17 acres and plagued by subsidence issues. As project manager for the receiver, a member of our team oversaw the property manager and handled several crises, including a power outage due to an on-site transformer failure, a water outage and various other geotechnical and potential litigation matters.
Empire Corporate Center & Plaza Towers | Ontario & Temecula, CA
A four (4) story office building and two (2) separate office buildings offering medical and professional suites. E3 team members, on behalf of the receiver, took possession of and managed these assets until the parties reached resolution.
LeBard Construction | Vallejo, CA
A mixed-use property consisting of commercial and residential buildings. Appointed as receiver, an E3 principal stabilized, cleaned-up, managed, and successfully sold the property through the receivership.
Lexington Office Building | El Cajon, CA
An E3 principal was named receiver for this office building in El Cajon, CA which was in default on its lender loan. The property is currently being marketed for potential disposition through the receivership to satisfy the lender liability.
Markham Street | Perris, CA
An E3 principal was appointed as receiver to take possession, custody and control over this apartment complex located in Perris, California. During her tenure, the Receiver dealt with several matters, including deferred maintenance issues and Defendant’s bankruptcy filings. The asset ultimately sold at foreclosure auction.
McCar Homes | Atlanta, GA
A regional home builder with approximately 30 subdivisions, 100 completed or partially constructed homes and over 800 lots located in Georgia, North Carolina, South Carolina and Florida. A member of our team worked to settle over $7 million of mechanic’s liens and managed the budget and funding processes for the settlement, construction completion and sale of the inventory prior to foreclosure.
REO Ops Fund vs. Samuel Thomas | Los Angeles, CA
An E3 principal was appointed as Receiver by the US Superior Court of Los Angeles, Western District, over a multifamily apartment complex and single-family home rental to effectuate a stalled sale transaction. In just over four (4) weeks, Ms. Freitag was able to address a health department violation, amend the purchase agreement and obtain Court Approval for the sale, satisfy title requirements and complete a sale which paid all secured lenders and returned funds to Defendant.
SunCal – Southwind Apartments | Orange County, CA
A portfolio of five (5) apartment complexes with a total of 362 units and various amenities. As project manager for the receiver, a member of our team addressed several life-safety/deferred maintenance issues, performed a sample audit on the lease files, analyzed and recommended market rent adjustments and generally oversaw the management of the properties through to foreclosure while maintaining the properties’ 90%+ occupancy levels.
Sunset Ridge Apartments | Colorado Springs, CO
A 240-unit apartment complex. As project manager for the receiver, an E3 principal oversaw management, coordinated a lease file audit, implemented a repair and maintenance program to return various down units back into service and completed an ongoing exterior painting project, which was underway when the receiver was appointed.
Samii vs. Coddington Enterprises | San Bruno, CA
An E3 principal was appointed as Receiver by the Superior Court of California, County of Sonoma in a judgment collection matter. Despite (1) an attempt by the tenant of the Property to halt the receivership and thwart the Receiver’s attempts to market and sell the asset, (2) COVID-19’s impact on marketing and selling properties, and (3) a judgment debtor bankruptcy, the Receiver was able to successfully sell the asset at market value in May 2021.
Receivership – Operating Businesses
A Green Alternative | San Diego, CA
An E3 principal was appointed receiver over this retail cannabis dispensary to oversee operations during an ownership dispute. Responsibilities included replacing management and improving operational efficiencies, taking over the state and local licenses, implementing a new state tracking system, completing rent and license renewals, and overseeing litigation matters.
Bellafonte Resort | San Diego, CA
This financially strapped resort and spa was the subject of a prolonged ownership dispute which left the property severely distressed, including illicit activity on the property as well as the presence of squatters. An E3 principal was appointed receiver to stabilize the property as well as sell it. The Receiver was able to navigate the ownership dispute and interference, and accomplish a successful sale of the resort property.
Buechel Chiropractic | San Diego, CA
A practice offering chiropractic and other medical services, including massage, acupuncture, marriage and family therapy, and physical therapy. An E3 principal was appointed Receiver primarily to collect on a bank judgment through the operating profits of the business and to collect accounts receivable.
Burger King | Los Angeles, CA
An E3 principal was appointed receiver over four (4) Burger King restaurants located in South Los Angeles, in a complicated judgment collection matter. The Receiver protected the assets through the pendency of the underlying case, during which time performance of the restaurants markedly improved in the face of numerous litigation and bankruptcy hurdles. The improved performance and cash flow associated there with and the ultimate sale of the assets resulted in significant resolution for creditors of the estate.
Butera Furniture | Encinitas, CA
A high-end furniture retailer placed into receivership due to a partnership dispute and a liquidity crisis. As project manager for the receiver, an E3 member operated the business and ultimately oversaw the sale of the business to one of its former partners.
Gordon Rush | San Diego, CA
A men’s footwear design and wholesale company. As project manager for the receiver, an E3 team member managed the business, and with a funding commitment from the lender, negotiated and secured product held in customs, worked with manufacturers in Italy and China to secure additional product, sold product to various well-known retailers and ultimately oversaw the sale of the company.
Gregory Canyon Landfill | North County San Diego, CA
An E3 principal was appointed receiver over this 308 acre proposed landfill area in order to stabilize operations, and ensure the timely payment of amounts due creditors pending the foreclosure and sale of the property.
Modern Times Drinks | San Diego, CA
An E3 principal was appointed receiver over this brewery to accomplish a sale of this financial stressed business. After taking over operations, a broker was hired to market the property and a stalking horse bid was obtained. The Receiver then conducted an auction which obtained a significantly higher sales price. Due to regulatory issues regarding liquor licenses, a Transition Services Agreement was entered into with the buyer, to accomplish an orderly sale and the transition of the business licenses.
Mountain View Manor | Desert Hot Springs, CA
An E3 principal was appointed receiver for this latter stage assisted living facility. As Receiver, took over operations, and sold the property to another local assisted living facility operator through the receivership.
Oceanside Ale Works | Oceanside, CA
An E3 principal was appointed Receiver over this closed microbrewery and taste room as the result of a partnership dispute. The Receiver was tasked with selling the property and conducting a forensic accounting review of past partner financial actions and determining a proper distribution of proceeds.
Rambling Oaks Assisted Living | Oklahoma City & Norman, OK
An E3 principal was appointed receiver for these two financially distressed assisted living facilities. As Receiver, took over and stabilized operations, brought in a new operator, returned the facilities to positive cash flow, and oversaw mitigation of deferred maintenance and other operational issues.
Sandstone Financial | San Diego, CA
The company invested in life insurance policies for elderly individuals and then ultimately sold them to investors. An E3 principal oversaw the project on behalf of the Receiver, which involved analyzing the company’s financial operations, and seeking the recovery of assets for investors.
Sunshine Assisted Living Communities | Northridge & Ventura, CA
Two assisted living facilities burdened with substantial deferred maintenance and environmental issues. As receiver, an E3 principal took over operations and engaged licensed operators for the facilities; the project eventually entailed closing down the facilities and relocating the residents.
Tantra Sutra | San Diego, CA
A nightclub located in the downtown Gaslamp District. As project manager for the Receiver, who was appointed during the 2003 Super Bowl hosted in San Diego, an E3 team member oversaw club operations, deliveries and purchases, cash management and ultimately the shutting down or club operations.
Tradelink International Corp. d/b/a Affordable Grease Pumping | San Diego, CA
An E3 principal was appointed as Receiver in Family Court to oversee this grease trap pumping business during a family dispute over ownership and control. The Receiver worked to address numerous deficiencies in the company including cash flow problems, licensing and regulatory issues, payroll and tax issues, as well as theft and fund diversions.
US Logistics | San Diego, CA & Tijuana, Mexico
A logistics company which primarily shipped TVs from Mexico into the United States. As project manager for the receiver, an E3 principal performed forensic review on the entity’s financials, assisted with family law litigation support and wound up physical operations of the company.
Receivership – Other
Judgment Collection | San Bruno, CA
In the middle of the COVID-19 pandemic crisis, the Receiver was able to navigate a 1031 exchange sale of single-family property, overcoming a judgment debtor motion to prevent a receivership sale and bankruptcy filing.
SEC & Other Regulatory Agencies
SEC vs. Copeland Wealth Management | Redlands, CA
Appointed as Permanent Receiver by the US District Court of Los Angeles over an alleged Ponzi-like scheme involving a company which operated 1) a $150 million financial advisory business, 2) two private equity and three fixed income investment funds, and 3) 18 real estate limited partnerships. The project involved the sale of the financial advisory business, recovering assets from the private equity and fixed income investment funds, performing a full forensic review of the complete operations of the enterprise, and managing and ultimately selling or otherwise liquidating the real estate investment properties, which are located throughout the United States.
SEC vs. Shidaal Express, Inc. | San Diego, CA
An alleged affinity fraud scheme within the San Diego Somali community. The owner of two check cashing locations solicited investments in $10K increments with the promise of a $500 monthly return on investment. The alleged Ponzi scheme netted $3M in investments. Appointed as Receiver, an E3 principal took possession of and eventually closed the two check cashing stores, investigated the diversion of funds, and attempted recovery of the amounts invested.
SEC vs. Pacific West Capital Group | Los Angeles, CA
Appointed as a federal equity receiver for the PWCG Trust portfolio of 114 life settlement policies with a total maturity value of $234 million. The SEC alleged that Defendant raised over $100 million from investors, and that numerous policies were on the verge of defaulting because insufficient funds were left in reserves to pay premiums in order to prevent the policies from lapsing. The Receiver prepared cash flow forecasts and analyzed the policies in order to determine which policies should be maintained, and which should be sold or surrendered. The Receiver hired a new management company, pooled available funds to maintain the policies in good standing, and arranged interim credit financing.
SEC vs. Western Financial Planning | San Diego, CA
An E3 principal was appointed as Receiver by the US District Court over an alleged investment fraud which raised over $150 million from investors to purchase undeveloped land in Arizona, California, New Mexico and Nevada. The project involves over 3,400 investors in 86 active general partnerships which hold 23 investment properties. The Receiver also had to undertake forensic accounting review to quantify and identify amounts obtained from investors as well as how proceeds were spent by the Defendant. The Receiver has been authorized by the Court to conduct an orderly sale of the investment properties for subsequent distribution of the investors.
SEC vs. Alvin R. Brown, First Choice Investment, Inc., Advanced Corporate Enterprises, Inc. | Redondo Beach, CA
An E3 principal was appointed as Receiver by the US District Court, Central District of California over entities which allegedly, in violation of federal securities laws, (a) committed fraud in the offer and sale of securities, (b) offered and sold securities without being registered with the Commission, and (c) misappropriated and misused offering proceeds. The project involved performing an accounting of the assets and financial condition of the receivership entities, and investigating, locating, and accounting for receivership assets.
SEC vs. World Capital Market | Pasadena, CA
An E3 principal was appointed as Receiver over numerous entities involved in an alleged $68 million Ponzi scheme involving over 350,000 investors worldwide. The Receiver was charged with identifying and recovering assets; which included but was not limited to cash, two operating golf courses, three single-family homes, vacant land, a warehouse, antique furniture and artwork, and various other investments and litigation claims. The Receiver also performed a forensic accounting of the financial affairs of the numerous entities in receivership, which involved analyzing and accounting for more than $200 million of transactions. The Receiver’s swift work in this case identifying and pursuing a sham loan transaction and subsequent thorough forensic accounting aided the SEC’s efforts in prevailing in an appeal to the Ninth Circuit, which issued and published an opinion affirming disgorgement of what was determined to be sham loan funds. The Receiver completed a worldwide claims and distribution process for this project and the Court, in its conditional discharge of the receiver, noted the recovery results achieved in this case as “extraordinary.”
SEC vs. McKinley Mortgage Co. LLC, et. al.
An E3 principal (through E3) was engaged as Independent Monitor and Independent Manager through a Final Judgment entered by the US District Court for the Eastern District of California, Sacramento Division. The Independent Monitor/Independent Manager worked to initially identify monitorship assets and liabilities and to assess business operations and continues to work diligently to monetize monitorship estate assets to communicate with investors, and to maximize the value of the asset portfolio, which involves hundreds of assets located throughout the United States (including Alaska and Hawaii) and Mexico. At present, over $19.6 million of distributions have been made to investors.
SEC vs. Blackhawk Manager, LLC, ISR Capital, LLC, et. al.
An E3 principal (through E3) was engaged as Independent Monitor through a Final Judgment entered by the US District Court for the District of Idaho. The Monitor is currently overseeing the work of an unrelated Independent Manager (also engaged under the Final Judgment), including assisting with the sale of several real and personal property assets located in Idaho and Montana.
SEC vs. American National Investments, Inc. et. al.
An E3 principal is appointed as Receiver over numerous entities involved in a $386 million Ponzi scheme. This receivership estate enterprise, which at the Receiver’s appointment had over 350 employees (approximately 70 of them corporate staff), 33 commercial and residential properties, 27 restaurant and retail operations, voluminous personal property and potential causes of action, is ongoing. To date, among other collections and recovery efforts, while navigating the COVID-19 pandemic, the Receiver and her team have resolved and/or monetized the entire real estate portfolio, completed a forensic accounting involving over $1 billion of transactions and filed a Motion for Approval of a Claims Process.
Consumer Financial Protection Bureau (CFPB) vs. Pension Funding, Pension Income, et. al. | Huntington Beach, CA
An E3 principal was appointed as Receiver over several entities which are alleged to have offered consumers “pension advances” – lump-sum payments that Pensioners could receive in return for agreeing to direct all or part of their pension payments back to the defendant entities; such lump-sum payments are alleged to have been funded by investors who provided provide the capital for the transactions with Pensioners. The Receiver was charged with servicing operations and ongoing Pensioner payment collections, completed a forensic accounting to determine the balance of Pensioner and Investor accounts, and completed a claims and distribution process.
FTC vs. American Home Servicing Center, LLC, Capital Home Advocacy Center, LLC, National Advocacy Center, LLC, et al. | Santa Ana/Tustin, CA
An E3 principal was appointed as Receiver by the US District Court for the Central District of California, Southern Division, over entities that allegedly violated federal law in performing mortgage modification services. With very limited resources available, the project involved promptly securing and assessing the business enterprise, multiple communications with consumers and lenders, and swift pursuit of closure of the enterprise, operating premises and receivership.
FTC vs. Impetus Enterprises, Inc., et al. | Santa Ana, CA
An E3 principal was appointed as Receiver by the US District Court for the Central District of California, Southern Division, over entities that allegedly violated federal law in performing student debt modification services. The project involved promptly securing and assessing the business enterprises, researching dozens of potential operating locations, securing and recovering assets located through assessment of initial documentation obtained, and taking action for prompt closure of the enterprises.
Akhtarzad | Los Angeles, CA
An E3 principal was appointed as Chapter 11 Trustee for this individual bankruptcy case that primarily involved ownership interests in 35 commercial properties valued at $236 million. The Trustee was able to negotiate a consensual plan with the primary secured creditors, and have the plan confirmed within 6 months of his appointment. The case had previously languished as a debtor in possession case for the prior 18 months.
EquiPoint Financial | San Diego, CA
A mortgage and financial firm which filed for Chapter 11 bankruptcy protection during the recent real estate downturn. Initially appointed as Accountants for the Outsider Creditors Committee to analyze insider and avoidance claims, to perform a valuation and liquidation plan analysis, and to review litigation claims, an E3 principal was ultimately named as the Plan Trustee to conduct the final liquidation, analysis of claims, and distribution of recovered assets to creditors.
Linett Liquidating Trust | San Diego, CA
An E3 principal was appointed liquidating trustee in this marriage dissolution matter involving significant litigation, the sale of a residence, and the liquidation of a 5,000+ collection of early Americana coinage, currency and other documents and collectibles.
Mark Prebe | Long Beach, CA
An E3 principal was appointed Chapter 11 Trustee for this individual bankruptcy involving a large personal residence, and 8 rental properties, including several transitional homeless properties. In addition to taking over the properties, bringing in a property management company, and being involved in the sale of properties, the Trustee had to conduct a forensic accounting review of the prior reporting of income by the Debtor.
National Debt Defense | San Diego, CA
An E3 principal was appointed Accountants for the Debtor in order to analyze and review financial operating results, prepare forecasts and projections, prepare US Trustee Monthly Operating Reports, and assist in preparing a final Chapter 11 liquidating plan.
Pacers | San Diego, CA
An adult entertainment establishment, whose owners filed for voluntary bankruptcy protection due to litigation. An E3 principal was appointed as Chapter 11 Examiner to investigate related party contracts, and to investigate and opine on whether a related party sale, third party sale, or reorganization was in the best interest of creditors. The recommendation made ultimately resulted in the replacement of the debtor in possession by an independent trustee.
Protron Digital Corporation | Ontario, CA
A company which imported and sold electronic products, including televisions, DVD players and home theatre systems, to retailers. An E3 principal initially managed the project on behalf of the receiver; and then ultimately, placed the company in Chapter 11 bankruptcy protection primarily to preserve preference payment and other insider claims. The project involved the recovery of cash, the liquidation of assets, the closing down of the company’s operations, and a forensic review of how and where funds were diverted from the business.
Richard Cheroske | Lakeside, CA
An E3 principal was appointed as Chapter 11 Trustee in this individual bankruptcy case in order to investigate related party transactions, attempt to settle partnership disputes involving numerous real estate properties and legal entities, and investigate transfers of assets from the bankruptcy estate.
TRI National Development | San Diego, CA & Mexico
An investment scheme which defrauded investors in order to enrich the owners and invest in land and other ventures. As project manager for the Chapter 11 Trustee, an E3 principal administered the bankruptcy estate, filed all necessary reports with the US Trustee and assisted in the liquidation of the real properties located in Mexico.
Ultra-Flex Moulding | Escondido, CA
A flexible residential moulding product manufacturer for building contractors and construction firms. An E3 principal was appointed as Chapter11 Trustee to operate, and ultimately market and sell the company through a Court conducted auction process. The project included analyzing insider and preference payments, and preparing and executing a finalized distribution plan to creditors. The Trustee was able to sell the business for $60,000 more than the original sale previously arranged by the Debtor.
Vail Lake Resort | Temecula, CA
An E3 principal was appointed as Chief Restructuring Officer (“CRO”) for this 10,000 acre resort, RV park and entertainment venue and filed for Chapter 11 protection in order to avoid a taxing authority foreclosure. The CRO managed the property as a debtor in possession during the reorganization. The CRO negotiated a settlement with the principal secured creditors, and sold the property in a $50 Million transaction to the Rancho California Water District. Despite numerous legal and creditor claims, the CRO achieved a plan confirmation paying creditors, including payments to unsecured creditors. The CRO was then appointed as Liquidating Trustee to resolve outstanding issues in the case and make final distributions.
Xelan | San Diego, CA
A Bankruptcy and Accounting project involving companies which provided various investment and insurance services to a network of doctors, until they ran afoul of the IRS and various other federal agencies. As project manager for the receiver, an E3 principal was responsible for depositing of funds, preparing of sources and applications of funds schedule, performing various financial analyses and cash flow projections, performing a true-up of commingled entity operations, and reporting to the US Trustee.
Forensic Accounting & Litigation Support
1555 Wabash | Chicago, IL
A multi-family housing tower. E3 was engaged to provide forensic accounting and litigation support involving alleged diversions of funds, unreported revenues and preference payments.
Berry-Hinckley Industries | Reno, NV
A dispute between the buyer and seller of the business. As project manager for the Independent Accountants, an E3 principal managed the determination of the appropriate value of working capital at the time of the sale. The project included the review of thousands of invoices and other supporting documentation, as well as the determination and proper interpretation of the terms of the Purchase and Sale Agreement.
Central Valley Trucking Company
A dispute in which a former partner filed suit against the Company and the Company’s corporate attorney and accountant. The dispute required an E3 advisor to analyze thousands of business transactions over a six (6) year period. The E3 advisor aided one of the partners in quantifying the disputed amounts which ultimately lead to a pre-trial settlement for all parties.
A partnership dispute involving various real estate assets located throughout California, Oregon, Nevada and Hawaii, and one operating business. E3 principals, on behalf of the receiver, performed an in-depth Forensic Accounting review of 13 joint ventures, which involved sorting through over 100,000 pages of source documents and analyzing over 20,000 transactions over a several-year period. The assignment included preparation of an extensive report presenting the review’s findings.
Davenport vs. Davenport
A marital dissolution between a couple involving approximately $40 million dollars in assets to be traced from 1990 to 2008. An E3 advisor was responsible for tracing the sources and uses of funds, including the purchase and sale of various assets, for the disputed period. In addition, an E3 advisor testified for approximately eight (8) days on the sources and uses of funds for this 18-year period.
Emerald Bay | Imperial, CA
An incomplete senior housing development project where investor funds were allegedly diverted by the owners of the project. Hired as Forensic Accountant and Expert Witness to support the litigation, an E3 principal reviewed and analyzed construction draws, numerous real estate transactions, investor contributions, and ultimately testified in Court as an expert witness.
Friedman Trust | San Diego, CA
A dispute between beneficiaries over the financial operations in various family trusts. As project manager, two E3 principals performed this forensic review involving 25 legal entities, some containing large real estate assets, to determine that there was sufficient documentation, authorization and proper reporting for all transactions.
Gulf Coast Claims Facility (BP Oil Spill)
An E3 advisor was engaged to review and approve in excess of 1,000 business litigation claims related to the BP Oil Spill which occurred in the Gulf of Mexico in 2010. This engagement resulted in the payment and/or settlement of claims in excess of $100 million.
Kamen vs. Schwartz | Los Angeles, County, CA
A partnership dispute. An E3 principal was appointed Referee to monitor various properties in the midst of a partnership dispute to ensure that distributions, transfers or withdrawals of money from such properties, are in accordance with a preexisting Settlement Agreement and prior Court orders granting motions to enforce the Settlement Agreement.
Laurus Corp/Ethika Investments | Los Angeles, CA
E3 was engaged to perform a forensic accounting of this investment firm specializing in hospitality investments, focusing on transfers amongst entities and funds as well as owner compensation. In addition, the firm was engaged to assist with entity post-closing tasks including administrative functions, accounts payable, and serving as authorized signatory for committee approved legal agreements and tax returns.
MBLG, LLC | San Jose, CA
An E3 advisor aided a family who contributed its land to a joint venture with a large San Jose-based developer to build out a subdivision. A significant amount of costs claimed by the developer were ultimately challenged by the family as not being related to the project or in excess of the agreed upon contract terms. The E3 advisor helped the family obtain a reasonable resolution to the dispute prior to litigation.
Norman vs. Norman | Reno, NV
A father/son financial dispute. A Special Master assignment involving a Forensic Accounting review of all cash, real estate and partnership transactions involving 10 separate legal entities over an 11-year timeframe. The review consisted of over 2,000 financial and 200 real estate transactions, and culminated in a ruling settling the financial claims of the two parties.
Protron Digital Corp | Ontario, CA
An E3 principal was engaged to provide an expert insolvency report relating to insider preference payments and the diversion of funds for the electronics reseller prior to the company’s receivership and subsequent bankruptcy filing.
Southpeak Interactive, LLC | Dallas, TX
E3 was engaged to provide expert witness services and litigation support relating to lost revenues and other issues relating to the video game maker’s dispute with the distributor.
Referee, Provisional Director, ABCs, Liquidating Agent
750 Fifth Ave | San Diego, CA
An E3 principal was appointed Referee for this restaurant/office building in the Gaslamp District in a family dispute matter. The Referee was charged with locating a tenant for the office space, conducting repairs and inspections, and then sell the property.
AMG Property Management | San Diego, CA
An E3 principal was appointed referee for this entity which owned several properties and conducted property management through numerous entities, as a result of family disputes. The Referee was tasked with performing an analysis of property management fees, review of disputed accounting entries, transactions involving the parties, cash reserves, and the compliance with written agreements. The Referee completed his analysis and report, and was brought in to testify as an expert on the findings.
Elite Athletic Center | Chula Vista, CA
An E3 principal was hired as a professional consultant to assist management with a financial analysis of the Olympic training venue that was severely impacted by the covid shutdown restrictions.
Ethika Funds | Los Angeles, CA
An E3 principal was named Independent Director, and then Authorized Signatory for the Ethika Fund Investment Committee and Laurus Corporation, which owned a distressed portfolio of numerous hotel, office and other commercial properties.
FanPics | San Diego, CA
An E3 principal was named Assignee in an Assignment for Benefit of Creditors (“ABC”) to liquidate a state-of-the-art technology company which captured images of sports fans at professional sporting events, including the Staples Center in Los Angeles, CA. The Assignee sold the equipment and all of the rights and patents for the business for $565,000.
Marina Cortez | San Diego, CA
An E3 principal was appointed as a Provision Director to assist this Harbor Island marina resolve pending issues relating to a family ownership dispute. Issues include potential new management, hiring new corporate attorney and accountant, locating a tenant for vacant restaurant space, ongoing litigation, and resolving other family dispute items.
Matthews Signs | San Diego, CA
An E3 principal was appointed as Liquidating Agent to assist in the sale and liquidation of the sign installation company as a result of a family ownership dispute. The Liquidating Agent developed a list of rights and duties, as well as a Plan of Dissolution which resulted in the auction of the company’s assets, after being unable to arrange a sale to one of the competing family members.
Nationwide Home Medical d/b/a Trusted Mobility | San Diego, CA
An E3 principal was named Assignee in an ABC for this medical supply company which primarily sold medical mobility scooters The company had already ceased operations, but the Assignee was engaged to attempt to collect Medicare accounts receivable.
Rancho Soledad Nursery | Rancho Santa Fe, CA + Hilo, HI
An E3 principal was appointed as a Provision Director to assist this large nursery company resolve management issues and claims resulting from a family dispute. After the Court resolved the current board of director composition, the Provisional Director was appointed to resolve outstanding claims made by competing family interests, including a forensic review of financial claims.
Seating Concepts | San Diego, CA & Tijuana, MX
An E3 principal was named Assignee in an ABC for this theater seating manufacturer. The company ceased operations immediately prior to the ABC. The Assignee closed the company’s office and sold the assets. Significant effort went into accounts receivable collections as the largest asset for creditors.
Shield Aviation | San Diego, CA
An E3 principal was engaged as Liquidating Trustee for this technology firm which specialized in unmanned autonomous aircraft after the sale of its assets to Cubic Corp. This seven (7) year engagement is to provide final services involving tax, vendor and investor issues.
X Stream Design | San Diego, CA
An E3 principal was named by the Court as Provisional Director to resolve a deadlocked family dispute involving investments and operational control for this technology firm specializing in point vision video cameras used by security firms and law enforcement agencies. The E3 principal was able to mediate the dispute and was instrumental in arranging a family buyout of the firm.
Other – Homeowner's Association
Spinnaker Cove | Contra Costa County, CA
49 residential lots with homes in various stages of completion, with a 32 slip marina involving environmental mitigation and monitoring.
Terra Vista | Chula Vista, CA
A 168-unit condo conversion. An E3 principal also created financials for the HOA retroactive to the commencement of the phasing of the condo conversion.
The Mark | San Diego, CA
A 33-story development with 233 condominiums, 11 town homes, street level retail space and various other amenities.