Assignments
Success StoriesWe’ve been appointed to over 200 receiverships/fiduciary assignments throughout Southern California encompassing rents & profits, equity/business takeovers, cannabis businesses and other related operations.
Case Story
Receiver over a legal cannabis enterprise
A retail dispensary and manufacturing facility is embroiled in a highly contentious civil dispute among the business partners and their entities in San Diego County Superior Court, Dept. 67. The case is just over a year old, but in that relatively short period it has involved three different state court judges, two Chapter 11 bankruptcy petitions filed by defendant entities, multiple appeals and a pending criminal case against plaintiff.
Details
Many of the advantages of bankruptcy can be obtained by seeking appropriate relief from the court in connection with the appointment of a receiver.
Challenge
Some lenders/partners may be concerned that a receivership action will not provide the same results and protections that a bankruptcy proceeding may provide – but in actuality the State court can grant/remove many powers to a receiver and on a much more flexible/adaptive basis than bankruptcy code allows.
Solution
The power of a State court can be used to obtain injunctive and other similar relief, making a receivership operate in similar fashion to a bankruptcy (while still preserving the costs savings).
OPTION
A receivership has oftentimes led to positive results in scenarios where the bankruptcy or foreclosure path would have resulted in substantially diminished recoveries.
8304 Clairemont Mesa Blvd.
San Diego, California CA 92111-1315
(877) 581-1158
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