Receivership/Insolvency

Mark Russo and Vincent Indeglia serve as court-appointed receivers to preserve, turnaround and/or sell distressed real estate assets and businesses. We often work closely with other professionals to explore strategies related to receivership including whether to utilize a court supervised receivership proceeding as a business/legal strategy, to advance a claim in receivership, or to buy assets out of a receivership.

We provide advice and counsel to our clients in insolvency, receivership, foreclosure, restructuring, turnaround and crisis management. We have successfully represented buyers in receivership proceedings. In addition, our complementary litigation skills allow us to successfully litigate related issues and claims in receivership and bankruptcy proceedings.

Recent examples:

• We recently sold a 158-bed nursing home facility through a receivership proceeding in the United States District Court for the District of Rhode Island for over $5 million.
  
  
• We utilized a court-supervised receivership proceeding in Rhode Island Superior Court to secure permits and approvals that will allow land within the City of Providence’s “Knowledge District” to be sold for over $7 million.
  
  
• 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 a large quarry and concrete plant for over $6 million.