NGA Role
• NGA was initially approached by the senior secured creditor in this matter to act as court-appointed receiver to operate the business and liquidate its assets.
• NGA was appointed by the Hamilton County Common Pleas Court to maximize the recovery of Phoenix Formations assets for all creditors.

• Owner bought out two co-owners over a number of years and increased the debt being carried by Phoenix Formations substantially and to a then unsustainable point.
• Ownership infused substantial capital to keep the business operating and to fund operating losses until exhausting funds to invest for this purpose.
• Senior secured creditor refused to fund continued operating losses and sought a liquidation of the assets of this non-performing borrower.

NGA Solution
• NGA quickly assessed this changing situation and determined that Phoenix Formations stored significant trade show assets for its Blue Chip customer base.
• NGA sought to recover all outstanding accounts receivable by working with each customer to fully pay balances owed, pay for interim storage and ultimate removal of each customer’s trade show booths and ancillary items.
• NGA worked with auctioneers to plan and execute an auction strategy that resulted in a very timely auction with accelerated removal of purchased assets.
• NGA negotiated with landlord to maintain tenancy during the auction and removal of auction items.
• NGA coordinated the removal of all customer trade assets prior to the auction.

• NGA lend a very rapid recovery of asset value with collection of over 95% of outstanding AR, removal of all customer owned trade show assets and ancillary items.
• NGA provided rapid recovery for secured creditor.


Contact Info

4675 Cornell Rd #195
Blue Ash, OH 45241


Daily: 9:00 am - 6:00 pm
Weekends: Closed

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