Assignment for Benefit of Creditors

• Sabin Robbins Paper Company – This assignment included termination of an ESOP, two underfunded pension plans, SERPs, a Rabbi trust, real estate sited outside of Ohio, other litigation, and approximately $6 million in liabilities.
• Cincinnati Gear Company – Re-appointed as Assignor for the Estate when additional funds of $500k were found in a Rabbi Trust that was not disclosed in the initial Assignment.
• Craftco Hardwood Flooring, Inc. and Appalachian Dry Kilns, Inc. – This assignment was an operating business consisting of a 40,000 sq ft flooring plant and kiln. The assets and business were sold in exchange for the assumption of the secured debt of $2.9MM. The unsecured debt along with numerous judgments was discharged. A messy and unprofitable, exclusive, long-term supply contract and its related delinquent receivable was settled in the process.
• Cincinnati Gear Company – This assignment included a 85,000 sq ft manufacturing facility and significant pieces of machinery and equipment, Receivables, Insurance policies and other assets. The debt owed the secured creditor was in excess of $4MM and there were over 250+ unsecured creditors with claims in excess of $5.5MM.
• The Sullivan Electric Company – This assignment included a 13,000 sq ft multipurpose building located in the downtown business district. All Receivables were collected and the machinery and equipment sold off at a public auction. There was no secured creditor involved but there were over 100+ unsecured creditors including various governmental entities with tax trust fund claims.