Engagement Story

Financial Advisor to Secured Creditor in Chapter 11 Real Estate Development Project

Upon recommendation by counsel, Inglewood was engaged to be the financial advisor to the under-secured lender to a failed residential real estate development.  The developer was in a Chapter 11 bankruptcy.  The client's collateral is largely invested in an incomplete development project.  Inglewood began the case by identifying and quantifying the magnitude of environmental and other issues surrounding the incomplete development, helping to prevent our client from stepping into a difficult situation by taking back their collateral.  Inglewood also monitored the Debtor's operating performance and assisted our client and counsel by identifying and quantifying shortfalls in the Debtor's operations.  These shortfalls resulted in deterioration of the Debtor's cash and lead to our client's objection to an extension of Debtor's exclusivity period.  In phase 2 of this project, Inglewood took over the management of mortgage payment and maintenance fee accounting and collection as Inglewood continues to advise on the collection and sale strategies.