LIQUIDATION

The Situation

• Served as Plan Administrator during liquidation of national retail chain (jewelry and home goods)
  
  
• Over 200 retail locations (50,000 square feet per location)
  
  
• Three distribution center locations
  
  
• More than $1.5 billion in claims
  
  
• Low recovery expectation

The Results

• Sold designation rights to real estate portfolio
  
  
• Successful going out of business sales at the store level
  
  
• Reconciled claims to less than $150 million
  
  
• Recovery to unsecured creditors far exceeded expectations