Examples of Distressed Assets Under Management
Members of the SOLIC team, in various capacities, currently oversee in excess of $300 million of assets, providing turn-key services in the orderly wind-down of a diverse group of operating and non-operating asset portfolios. Examples of assets currently under SOLIC’s oversight include:
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A member of the SOLIC team currently serves as Liquidating Trustee and Chief Restructuring Officer of Taylor, Bean & Whitaker Mortgage Corp. (TBW). TBW was raided by the FBI in connection with a federal investigation of TBW’s proposed acquisition of Colonial Bank which was to be financed, in part, with TARP related funds. The Company had over $1 billion of funds frozen by the FDIC, resulting in a shutdown of TBW’s origination and servicing operations and termination of over 2,500 employees.
The SOLIC team was responsible for:
- Restarting and stabilizing TBW’s operations, managing liquidity and identifying ownership of TBW related assets
- Negotiating a global settlement with the FDIC culminating in the confirmation and subsequent effectiveness of TBW’s Plan of Liquidation
- Leading sum-of-the-parts assets disposition efforts, resulting in gross proceeds in excess of $500 million
- Oversight of wind-down of a portfolio of over $1 billion of assets including residential mortgage loans, foreclosed homes and various other assets
The SOLIC Team member’s interventions have resulted in over $430 million of gross proceeds to-date from disposition efforts.
Largest independent (i.e., non-bank owned) mortgage originator in the U.S. employing in excess of 3,000 employees across 50 domestic offices, originating in excess of $30 billion per year of residential mortgage loans and servicing approximately 512,000 mortgages representing an aggregate unpaid principal balance of approximately $80 billion of residential mortgage loans.
A member of the SOLIC team currently serves as Liquidating Trustee for SageCrest II, LLC (SageCrest). SageCrest was a $750 million hedge fund that filed Chapter 11 protection in 2008 and held distressed corporate loans, real estate and other illiquid, private investment assets.
The SOLIC professionals were responsible for:
- Management and oversight of day-to-day operations including the responsibility for performance improvement of operating assets (including three hotels, a condominium development, and a golf course, among others) in addition to a $750 million life settlement portfolio, various real estate holdings, asset-backed loan holdings, a corporate loan portfolio and a bond portfolio
- Realizing significant recoveries to creditors and investors from the disposition of assets which exceed $70 million to-date
- Overseeing multiple in-court and out-of-court settlements relating to various fund assets to recover estate assets
The SOLIC professional’s interventions have resulted in excess of $80 million in asset sales and $54 million of shareholder distributions as of June 30, 2013.
A $750 million hedge fund formerly headquartered in Greenwich, CT. SageCrest was created in 2003 primarily focused on investing in mezzanine and other debt positions principally in the areas of specialty finance, hotels, real estate development, and structured product.