We frequently serve as court-appointed receivers to preserve, turnaround and/or sell distressed real estate assets and businesses. We work closely with other professionals to explore forward-thinking strategies related to receivership, to advance a claim in receivership, or to buy assets out of a receivership. At Ferrucci Russo Dorsey, we provide hands-on advice and counsel to our clients in receivership, insolvency, foreclosure, restructuring, turnaround and crisis management.
Our team restructured and operated The Westerly Hospital while negotiating and completing a $69 million sale of that asset – in less than 18 months -- to Lawrence & Memorial Hospital, who committed to maintain the acute-care, community hospital and to preserve jobs. The Westerly Hospital receivership received national recognition as the Turnaround Deal-of-the-Year by the Merger & Acquisition Advisor and was called “a real alternative to federal bankruptcy for organizations in financial distress.” In June of 2015, the Mastership donated the $1 million reserve fund back to the hospital. See Providence Journal article here.
In 2016, we worked with three separate surety companies and a secured creditor in completing several construction projects while winding down a construction company under Court supervision. We continued to re-structure a major waterfront development opportunity under Court supervision, including securing a grant of $240,000 to undertake certain environmental projects during the Special Mastership. Finally, we pioneered and advanced several receivership programs designed to address abandoned housing problems in Rhode Island’s municipalities.
In addition:
- We currently represent an acute-care hospital network in a pension plan receivership being joint administered by the United States District Court for the District of Rhode Island and the Rhode Island Superior Court Business Calendar.
- We have served to replace the Board of Directors in a luxury condominium development.
- We have recently worked with DEM and EPA to restructure a former mill site in Westerly, Rhode Island.
- We worked with three separate surety companies and a secured creditor in completing several construction projects while winding down a construction company under Court supervision.
- We have structured a major waterfront development opportunity under Court supervision, including securing a grant of $240,000 to undertake certain environmental projects during the Special Mastership.
- We pioneered and advanced several receivership programs designed to address abandoned housing problems in Rhode Island’s municipalities.
- We closed the sale of Lippitt Mill in West Warwick, the first historic mill to successfully use the receivership sale process while preserving and transferring historic tax credits awarded under Rhode Island's 2013 Historic Tax Credit program.
- We negotiated the purchase and sale of the Southern New England Regional Cancer Center from the Landmark Hospital Receivership.
- We successfully operated and sold Rhode Island’s only 24-hour truck plaza (located in Coventry) including a 7,500 square-foot restaurant and a 3,120 square-foot convenience store. The plaza is now operated by a large, national developer/operator of highway based, truck plazas.
- We successfully operated and sold a 48-acre, nine-hole public golf course, club house and function facility located in Rehoboth, MA that was reopened under new management.
- We restructured and sold the Anthony Mill building, a significant historic mill project that has been constructed for mixed use including 125 residential units. In addition, we have restructured several historic mill projects, originally financed through historic and new-market tax credits in Rhode Island including Harris Mill and Cotton Shed Mill, Royal Mill and Lippitt Mill.
- Through a receivership proceeding in the US District Court for the District of Rhode Island, we operated and sold a 158-bed nursing home facility in Woonsocket for over $5 million. Today, the former Mount Saint Francis Health Center is now operating under new ownership of Trinity Health and Rehabilitation Center.
- We have been active in the City of Providence’s “Knowledge District,” both in utilizing a court-supervised receivership proceeding in RI Superior Court to secure permits and approvals that will allow land to be sold for over $7 million to create Victory Square and, more recently, in the restructuring of mechanics liens on the South Street Landing project which is slated to house the schools of nursing for the University of Rhode Island and Rhode Island College.
- We worked with a local municipality through a receivership proceeding in the Rhode Island Superior Court to preserve all required permits to allow us to successfully market and sell the 130-acre Douglas Quarry and concrete plant in Tiverton for over $6 million.
