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:
Taylor Bean & Whitaker
Taylor Bean & Whitaker Mortgage Corporation was the nation’s largest independent residential mortgage originator, headquartered in Ocala, Florida. The Company serviced $80 billion of mortgage loans and originated approximately $40 billion of mortgage loans. An SCA professional served as Chief Restructuring Officer and other SCA professionals served as support personnel in connection with the Company’s Chapter 11 bankruptcy filing. SCA professionals coordinated and directed the administration of the Company’s Chapter 11 case, including assistance with respect to the preparation of bankruptcy schedules, statements of financial affairs and any plan of reorganization or liquidation relating to the Company. In addition, SCA professionals oversaw the disposition of approximately 4,500 foreclosed loans and greater than $500 million of residential mortgages. Post-bankruptcy, SCA professionals continued to serve as Liquidating Trustee and Chief Financial Officer.
SageCrest II, LLC
SCA professionals were retained by investors and appointed by the bankruptcy court to manage SageCrest II, LLC, a $750 million hedge fund operating in Chapter 11. SCA professionals were responsible for management of the fund including overall responsibility for performance improvement of operating assets (three hotels, a condo development, a golf course among others) in addition to raw land assets, a life settlement portfolio, asset-backed loans and corporate loans. Post-bankruptcy, SCA professionals were retained as Liquidating Trustee and asset manager to run-off remaining portfolio.