Services
Case Studies
RECEIVERS
Villas at Jasmine Apartments, Pensacola, Florida
Philip J. von Kahle, managing director at Michael Moecker & Associates (MMA), was appointed the Receiver of three apartment complexes in Pensacola in August of 2009. Comprising more than 500 units in upscale neighborhoods, the semi-luxury complexes are valued at more than $20 million.
Judge Kenneth Williams of the Circuit Court of Escambia County ordered on the motion of the Plaintiff—Ocean Bank—that von Kahle become the Receiver of Villas at Jasmine Park, LLC, Villas at Jasmine Fields, LLC, and Villas at Jasmine Creek, LLC. Von Kahle appointed the leading local legal counsel, John P. Daniel and Jodi Daniel Cooke of Beggs & Lane to represent Villas at Jasmine. The complexes were built in the 1970s and 1980s, and although once luxury properties, they had fallen into neglect and disrepair.
MMA took control of the rents, incomes, and profits with the leading management software, and created a capital projects list. Immediately, within the working budget, large projects were completed while a marketing plan was written up and executed (villasatjasmine.com).
ASSIGNEES
Excalibur Electronics, Miami, Florida
Excalibur, which had annual revenues of more than $70 million, designed and marketed high-margin, niche consumer products including sports, chess and other electronic games, marketed under brands such as Einstein, Fox Sports, NFL, and The Weather Channel, as well as under certain private brands.
After insolvency in 2009, MMA executed a complete liquidation and purchase by Cortec Group, a New York based private equity firm, which has made the company profitable again (excaliburelectronics.com).
CHAPTER 11 TRUSTEES
Lydia L. Cladek, Jacksonville, Florida
As recently as three years ago, LCI was bringing in perhaps $2 million a month by purchasing high-risk auto loans in the "Buy Here Pay Here" market.
By the time the FBI moved in, more than 1,000 investors had lost between $100 million and $200 million, some of which Cladek diverted to her own use.
In April of 2010, Michael Phelan, executive VP and COO of MMA, was appointed Chapter 11 Trustee by the U.S. Bankruptcy Court in Jacksonville, and the same day entered the LCI offices, taking immediate possession, custody and control of all LCI operations.
Phelan created an informative website within days (cladektrustee.com) in order to update all creditors.
MMA, along with Jacksonville Attorney Jacob "Jay" Brown, is investigating and evaluating whether Cladek's continued operations are in the best interest of the creditors of the bankruptcy estate, and the allegations of fraud, dishonesty, incompetence, misconduct and mismanagement of Cladek's affairs as well as her principals, insiders, agents and employees.
MMA is taking all appropriate measures to maximize recovery for Cladek's creditors.
“We apply a practical, hands-on approach to every case that we handle, whether simple or complex”