Melville Capital Structured Products Group Beats The Competition By Assisting a Chapter 7 Trustee In Delivering Additional Proceeds to Debtors
New York, NY – September, 2014
Melville Capital Structured Products Group brokered the sale of a structured settlement annuity where, after advisement from Melville, the Trustee determined her initial bid was insufficient and, by hiring Melville, she sought a bid that would deliver much needed proceeds back to the Debtors.
This matter (Givens Case No. 02-11350 – Middle District of Tennessee) was led by Melville’s Senior Vice-President, Brad Naso. Naso explained the Trustee in this case was determined not to accept a low bid that would merely satisfy the Estate’s needs. According to Naso, the structured settlement annuity was the result of a wrongful death settlement involving the Debtors’ son. In this case, the Trustee pressed on to achieve a “highest and best outcome” that benefited the Debtors too. By engaging Melville the Estate’s proceeds increased by over 36%.
About Melville Capital
MCSPG advises owners and estates relating to various types of consistent and inconsistent payment streams, future payment entitlements, and other distressed financial assets typically related to bankruptcies or restructurings and often times providing liquidity solutions for an estate’s last remaining asset(s). The firm will consider these assets even with varied risks such as litigation and contingencies including life, time, and claims made.
The firm’s transactions have included, but are not limited to, traditional structured settlements, annuities, royalties and alternative assets such as Beneficial Interests in Trusts, cash collateral accounts, cell phone tower leases and other niche structured products.
Melville has served in the capacity of broker and/or advisor to a variety of individuals and entities, including the following bankruptcy cases, among others:
(i) In re Princeton Ski Shop, Inc. (Case No. 07-26206) (District of New Jersey) (retained bythe Official Committee of Unsecured Creditors); (ii) In re Ronco Corporation, et al. (Jointly Administered under Case No. 1:07-12000 GM) (Central District of California) (retained by the Chapter 7 Trustee); (iii) In re Thomas K. Helton Inc. d/b/a Home Lumber Company (Case No. 07-12671-JKC-11) (Southern District of Indiana) (retained by Liquidating Agent); (iv) In re Wilder, (Case No. 09-71141 (MPG)) (Central District of Illinois, Eastern Division) (retained by the Chapter 7 Trustee); (v) In re M. Fabrikant & Sons, Inc. and Fabrikant – Leer International, Ltd., (Case No. 06-12737) (Southern District of New York (retained by the Debtors); and (vi) In re Life Fund 5.1, LLC (“A&O”), (Case No. 09-32672) Northern District of Illinois, Eastern Division) (retained by the Chapter 11 Trustee).
For more information, please contact Doug Himmel at 866-511-5990 or