NGA Role
• NGA appointed receiver by Mercer County Common Pleas court over the operating grocery store in Fort Recovery, Ohio and the shuttered former grocery store property in Celina, Ohio.
• Subsequently the owner’s residential property was added to the receivership at the request of the secured creditor to obtain a receiver’s sale of this property.
Problem
• Secured creditor had initiated foreclosure procedures on this operating grocery store and the shuttered store. Secured creditor requested a receiver be appointed to determine the viability of the operating store and either attempt to sell it as a going-concern in a receiver’s sale or liquidate the assets for highest value.
• Shuttered store needed to be secured and sold in a receiver’s sale.
• Later in this matter, secured creditor saw fit to add the owner’s principal residence to the receivership to be liquidated in a receiver’s sale.
NGA Solution
• NGA undertook to operate the Ft. Recovery store.
• NGA stabilized the management and employees of the store. Clear communication on the intent of the receivership occurred and the employees pulled together to operate.
• NGA worked with vendors on the transition to operation in receivership.
• NGA listed Celina store for sale, worked with prospective buyers and signed a contract for sale. Court approval was obtained for this sale.
• NGA worked directly with potential buyers of the Ft. Recovery store, found a buyer, entered into a contract and obtained Court approval and closed this sale.
• NGA listed the residential property for sale and closed this sale.
Outcome
• Substantial recovery for the secured creditor that was enhanced by retaining the going-concern value of the Ft. Recovery location which was operated continuously throughout the receivership and up until new ownership took over.
