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Receiverships and Fiduciaries

Ice Miller’s Receiverships and Fiduciaries Team regularly represents receivers, trustees, investors, creditors, creditors’ committees, lenders and other financial institutions impacted by fraudulent investment, check-kiting, Ponzi and other schemes to efficiently maximize the recovery for victims, creditors and investors.

We also regularly represent lenders seeking to protect and preserve collateral, secure rental income and maximize the return on a troubled loan through the enforcement of remedies, appointment of a receiver and marketed sale of collateral. We handle matters of any size or complexity and represent financial institutions, secured and unsecured individual creditors, business debtors in financial reorganizations, lenders, owners, claimants and other interested parties in all types of receivership and other fiduciary proceedings. Our fiduciary attorneys have honed their experience to produce targeted and efficient results.

Members of our Receiverships and Fiduciaries Team have served as receivers and attorneys for receivers and trustees in suits filed by various state securities regulators to liquidate companies and pursue claims in cases filed as a result of violations of federal and state securities laws. Our team combines its experience in real estate, finance, creditors’ rights, commercial law, bankruptcy, litigation and workouts to provide sound and seasoned advice in commercial and real property receiverships and other fiduciary appointments.  
Our attorneys are also regularly appointed by securities regulators to oversee the liquidation of entities that were engaged in Ponzi schemes and other frauds. We have overseen several of the largest Ponzi schemes and receiverships in Ohio and New Jersey and related securities fraud cases representing Chapter 11 trustees in Delaware. Our team also presently represents the official committee of unsecured creditors in a massive check-kiting scheme, involving hundreds of millions of dollars of fraud, diverted funds and litigation to recover against potentially responsible parties.
Our team has extensive experience in business insolvency issues and creditor’s rights remedies that often arise in receivership proceedings and works with lenders and struggling companies to advise on the advantages and disadvantages of receivership, bankruptcy and other insolvency proceedings. Our deep bench of insolvency lawyers and litigators, with practical business experience, enables us to effectively and efficiently handle the challenges of receivership and insolvency proceedings, whether related to multi-million-dollar national companies or closely held businesses.
When appointed as receivers, our attorneys take very seriously their fiduciary duties to assume control of struggling businesses, marshal existing assets and either liquidate or operate these entities as salable going concerns to maximize the return to investors. Our accomplished team provides creative solutions to the complex legal, financial and business issues that arise during the operation, winding-up and disposition of a business.
Our Experience
  • Acting as and representing statutory and custodial receivers
  • Representing lenders in complex foreclosure and receivership actions (commercial, agricultural and health care)
  • Securities investment fraud analysis, investigation, litigation and recovery strategies
  • Fraud-related bankruptcy litigation, fraudulent conveyance and other insolvency related litigation
  • Internal corporate investigations
  • Securing and seizing assets and asset recoveries
  • Fiduciary duty litigation
  • Director and officer duties and litigation

Representative Experience

  • Represented a receiver in connection with his efforts to reconstruct the financial affairs of an operating business.
  • Represented numerous lenders to obtain the appointment of receivers in connection with lenders’ efforts to protect their mortgages and security interests, and to sell the secured assets.
  • Represented the receiver in Lehman Brothers v. Prime Properties Ltd, Stark County Court of Common Pleas, Case No. 2007 cv 02056, which resulted in the sale of 20 service stations to a purchaser at public auction, free and clear of all liens and encumbrances.
  • Represented the assignee of a first lien holder’s rights in the foreclosure and acquisition of commercial real estate located in Cleveland, Ohio.
  • Represented the lender in a foreclosure and receivership of a partially completed condominium development to maximize value of the property. First Midwest Bank v. Portrait Homes – Townes at West Albany, LLC (Common Pleas, Franklin County, Ohio, 2008-2011).
  • Represented the lender in a foreclosure and receivership of an office complex resulting in full satisfaction of the debt. Security Life of Denver Insurance Company v. Tulspec Properties, L.L.C. (Common Pleas, Franklin County, Ohio, 2010).

Speaking Engagements

  • "Receivers and Compliance Monitors: What Are the Best Approaches Toward Having an Effective Compliance Program?" presented by Tim Belevetz, ABA National Institute on Securities Fraud, Salt Lake City, UT, January 11, 2018
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