Cordes & Company

Liquidation of South Dakota auto parts remanufacturer

A regional lender secured a judgment against a small auto parts remanufacturer in South Dakota in conjunction with defaulted loans by the company.  The lender retained Cordes to assist it with the financial forensic analysis of the books and the assets subject to the judgment to determine potential collectability and recovery.  Additionally, Cordes was primarily responsible for the negotiation and collection of the accounts receivable, dealing with various set-offs, sale of consigned inventory to existing customers in multiple locations throughout the surrounding states and working with a former manager of the company to liquidate the inventory to various customers in order to maximize the recovery on the defaulted loans.  These actions resulted in a favorable recovery of funds for the lender despite challenging issues resulting from an uncooperative debtor.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
© CORDES & COMPANY