Fiduciary Services

Stevenson & Bullock, P.L.C. maintains a comprehensive fiduciary practice for complex financial matters. Our attorneys have extensive experience not only serving as fiduciaries themselves, but also representing bankruptcy trustees and other court-appointed and approved fiduciaries.

Attorneys at Stevenson & Bullock, P.L.C. have served as chapter 7 panel trustees, chapter 11 trustees, receivers, assignees for the benefit of creditors (ABCs), conservators, and special fiduciaries. Naturally, our attorneys have also represented such fiduciaries in their regular practice. Our trusted fiduciary representation ensures proper administration of estates, compliance with state and federal law, and maximization of recoveries for all case constituents. The firm has dealt with businesses of all sizes, in industries that include manufacturing, cannabis, service, healthcare, real estate, retail, automotive, and more.

Notable Representative Cases Serving In Fiduciary Capacity Or As Counsel For Fiduciary

• SHL Liquidation Industries, Inc. f/k/a Shiloh Industries, Inc. – Served as Liquidating Trustee for the Committee Trust of SHL Liquidation Industries, et al. in the United States Bankruptcy Court for the District of Delaware. Prior to the filing of their bankruptcy cases, the debtors had a global network of manufacturing operations and technical centers in Asia, Europe and North America. Following plan confirmation, as Liquidating Trustee, oversaw an expansive claims resolution process in order to ensure distribution of millions of dollars to holders of allowed unsecured claims of twenty substantively consolidated debtors.
• Loves Furniture - Serves as Liquidating Trustee following confirmation of the debtor’s plan of liquidation. Prior to the filing of the bankruptcy case, Loves Furniture had purchased substantially all of the assets of another former retail furniture operation and subsequently driven the company back into insolvency. As liquidating trustee, prosecuted claims against insiders for breaches of their fiduciary duties, addressed a robust claims reconciliation process, and distributed millions of dollars.
• Wrena - Serves as Liquidating Trustee of the Wrena, LLC Liquidating Trust. Actively involved in substantial discovery efforts regarding prepetition financial affairs of the debtor and its insiders.
• Venchurs, Inc. – Served as Assignee for the Benefit of Creditors (ABC) in the liquidation of a multi-generational business (founded in 1973) located in Lenawee County, Michigan, which provided automotive related packaging, warehousing, and distribution services and had over 150 employees and in excess of $100M in annual revenue. In order to ensure an orderly liquidation and claims distribution process, Venchurs executed an assignment for the benefit of creditors, assigning all of its assets to the Assignee. As Assignee, liquidated property, compromised claims, undertook the entire claims process, regularly provided reports to the court, and ensured that all fiduciary duties were discharged appropriately.
• Rivore Metals, LLC d/b/a Rivore, LLC – As lead counsel, successfully represented Rivore, a ferrous and nonferrous metals broker and processor with pre-bankruptcy annual gross receipts in excess of $100M, in its capacity as debtor in possession, eventually confirming a consensual liquidating plan. Post-confirmation, represented the liquidating trustee in order to ensure all fiduciary obligations were met and distributions were made to creditors pursuant to the order confirming plan. This also included the successful prosecution of over 30 adversary proceedings seeking to recover preferential/fraudulent transfers, regular reporting to the bankruptcy court, and undertaking the claims reconciliation process (through report and recommendation to the Liquidating Trustee).
• Holistic Health Wayne, Inc. – Served as court-appointed Receiver over Holistic Health Wayne, Inc., following a shareholder dispute among its shareholders and silent partners. This was one of the first cannabis-related Receiverships in the State of Michigan. Required specific attention to regulatory, tax, and unique industry contractual terms and conditions. Conducted a court-approved auction of the business (stock sale) resulting in a sale price of $7.5M. Additionally, as Receiver, oversaw operations of the business, including gross receipts of approximately $4M during the receivership, and completed a complex claims reconciliation process. All allowed creditors were paid in full with excess proceeds distributed to equity
• Michigan Technical Academy – Served as counsel for the court-appointed Receiver over a charter school operation with multiple locations in Detroit, Michigan. Following a complaint by bondholders to revoke the charter contract, a receiver was appointed. Worked with all parties to effectively discharge all fiduciary duties, including the marshalling of student and financial records, securing all locations, liquidating real and personal property, and pursuing third-party claims. Recovered millions of dollars for bondholders all while providing necessary oversight of the receivership process.
• Eastlake Investments, LLC – Represented the Chapter 7 Trustee in fiduciary capacity following conversion of the debtor’s bankruptcy case from Chapter 11 for gross mismanagement. As counsel for the Trustee, ensured the recovery of over $1.6M from third-parties, successfully prosecuted objections to claims in excess of $700k, and engaged in significant litigation with former alleged members of the debtor (including an extensive fraud investigation of the parties). All allowed claims were paid, in full and with interest, and distributions were made to the Debtor’s equity security holders following approval of a consensual resolution from the Bankruptcy Court.