RSI acts as a court-appointed Receiver for business disputes and foreclosures of real estate and/or other assets securing loans. We take possession of the property (i.e., the receivership estate) and manage the assets, making all appropriate managerial decisions and implementing
actions to preserve and maximize the value of the estate. We will provide an initial evaluation of the assets being considered for receivership, including a written proposal and service bid. We can act as Receiver recommended by the lender as plaintiff, or in a “neutral fiduciary or custodian” role. In appropriate cases, Mr. Kasoff will act as personal Receiver.

In our role as Receiver, we perform the following:

  • Possession Services – RSI will appear on-site and take possession of the relevant assets (real estate, cash, accounts, inventory, receivables, equipment, rolling stock and/or other items) under an order of the court. We will prepare and provide to the court and the
    parties a detailed inventory. We will also ensure the continuity of any necessary employees involved, and notify all interested parties (such as suppliers, tenants and others) of the commencement of the receivership.
     
  • Operational Services – We perform all responsibilities ordinarily performed by an owner or asset manager, including managing and safeguarding the property and assets, and continuing necessary relationships with lenders, lessees and others. We also prepare
    operating and capital budgets and projections; implement control systems and monitor cash collections and disbursements; ensure the continuity of supplies and services; deal with outstanding tax and regulatory issues; negotiate disputes and litigation; pursue and
    resolve insurance claims and issues; and recover amounts (such as deposits) from utilities and others. We also work to preserve the value of any brand that may be involved.
     
  • Reporting – We provide all required progress and monthly reports to the court and the parties. Upon conclusion of the receivership, we submit a final report/accounting for approval.
     
  • Court Appearances – RSI will appear in court and furnish all required testimony. Issues we address include a borrower’s contesting of the receivership; a borrower’s filing of a petition
    for bankruptcy; a party’s failure to comply with court orders; illegal actions by a party; etc.
     
  • Other Services – RSI can provide additional services as needed in individual cases. For example, we can prepare business turnaround and restructuring plans, and support determinations of whether assets should be stabilized or positioned for sale. We can also
    perform forensic accounting work to discover hidden assets and claims, and valuation assessments to provide estimates of potential future value.