NGA Role
• NGA was appointed receiver in Brown County court to operate and sell two car washes; one in Fayetteville, Ohio and the other in Mt. Orab, Ohio.
Problem
• Management mismanaged these car washes and stopped making their secured creditor payments.
• Secured creditor foreclosed and asked for the appointment of NGA as receiver.
NGA Solution
• NGA operated the Fayetteville, Ohio location.
• The Mt. Orab location was mothballed and prepared for sale as the equipment was in disrepair to the extent that it could not be operated or repaired given limited funds in the receivership estate.
• NGA sought buyers for both locations.
Outcome
• Both properties were sold.
• Secured creditor obtained a recovery against its secured debt.
