Manufacturer of Non-Water Filtration Components
(Assignment fbo Creditors)

The company manufactured non water filtration components out of a 250,000 s.f. plant near O’Hare airport. David Abrams was named Assignee of the estate by the Company. Abrams And Jossel Consulting operated the business for six weeks to maintain enterprise value while a buyer of the company’s assets was located. The day to day operations included continuing to procure raw materials from unsecured creditors of the company. Many of these unsecured vendors were owed significant amounts of money by the Assignor. Through constant communication with A&JC and detailed reporting, the vendors agreed to continue to supply the company with materials. In addition, Abrams And Jossel Consulting assisted a number of interested parties with their due diligence procedures. A “stalking horse” bidder was identified and the assets of the business were sold at auction. The amount recovered at auction was significantly higher than the secured lender expected to recover. This outcome was a direct result of A&JC’s ability to maintain enterprise value during the management of the Company’s day to day operations.