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. A SOLIC professional served as Chief Restructuring Officer and other SOLIC professionals served as support personnel in connection with the Company’s Chapter 11 bankruptcy filing. SOLIC 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, SOLIC professionals oversaw the disposition of approximately 4,500 foreclosed homes and greater than $500 million of residential mortgages. Post-bankruptcy, SOLIC professionals continued to serve as Liquidating Trustee and Chief Financial Officer.

American Cadastre, LLC (“AMCAD”) develops software that automates and streamlines state and local government document recording and filing processes. The Company had three primary platforms: Justice, Land Records, and Managed Services. Shortly before SOLIC’s engagement, a notable private equity firm made a majority investment to drive growth in AMCAD’s Justice software platform. However, due to unforeseen project delays and cost over-runs, the loss of a major client, and fraudulent billing practices, the Company’s financial profile quickly deteriorated, leaving insufficient liquidity to cover near-term payroll and continue operating on a going-concern basis.

SOLIC was engaged to:

• Perform an Initial Review & Assessment of the Debtor and provide strategic alternatives that would prevent a Chapter 7 liquidation and maximize recovery on behalf of the Lender via a sum-of-the-parts valuation/sale approach
• Develop a list of qualified, potential purchasers of the Debtor’s assets and effectively market such assets until an asset purchase agreement is executed
• Develop a detailed 13-week cash forecast to project and monitor liquidity through the solicitation of the Debtor’s assets
• Serve as financial advisor to the Debtor during Chapter 11 Bankruptcy process, assisting in: (i) the negotiation of bankruptcy related matters with outside constituents, including creditors and their advisors, and (ii) developing and negotiating the use of cash collateral and DIP financing
• Facilitate an auction and sale process of the Debtor’s remaining assets during the Chapter 11 Bankruptcy

SOLIC professionals, in tandem with the equity sponsor, facilitated the shut-down of the Justice platform, allowing for sufficient liquidity to market the remaining businesses/assets. The Debtor filed for Chapter 11 protection to facilitate and consummate an asset purchase agreement to sell substantially all of the Debtor’s assets pursuant to §363 of the Bankruptcy Code. SOLIC professionals completed an expedited sale of the Debtor’s assets for a total of $7.6 million, which resulted in a full recovery to the Senior Lender with excess available for unsecured creditors.

SOLIC professionals were engaged to perform services in connection with reviewing and evaluating the contemplated development of and future prospects relating to 610 Lexington in New York. In addition to evaluating strategic alternatives, SOLIC professionals provided financial and advisory support, including: assessment of alternatives, opportunities and risks to maximize recoveries related to outstanding credit agreement; alternative use and valuation analyses related to the land; development of potential restructuring/recovery plans; and, implementation of restructuring initiatives including direct discussions and negotiation with creditors, investors, and other stakeholder constituents. SOLIC professionals negotiated a sale of certain rights to the property to a large scale commercial real estate owner/developer.