John Lane Appointed Receiver in Wills Trucking Sale

When Wills Trucking, Inc. could not recover from the loss of a major contract, John Lane of Inglewood was appointed receiver and led the company through court-supervised receivership services to a sale that served all stakeholders.

Founded in 1951, Wills Trucking hauled bulk commodities and waste materials, with sales that had peaked at $40 million. In late 2006, the company learned it had lost a contract accounting for 25% of its revenues and was unable to replace that business. It ultimately agreed to be placed in receivership, and the operating assets were sold on April 23, 2008.

How Inglewood Handled the Receivership

Over the course of the case, Inglewood carried both the operating and the transactional load:

• Oversaw the day-to-day operation of the business;
• Coordinated the due diligence process with the ultimate buyer;
• Dealt with numerous secured and unsecured creditors;
• Prepared an analysis for the Court demonstrating how the transaction was in the best interest of all stakeholders; and
• Assisted with the sale of the operating assets of the business.

Separate from the receivership, Inglewood was asked to help sell a related real estate entity whose transaction had languished for several months. Inglewood closed that asset sale within four days of its initial involvement.