A Bird in the Hand is Worth Two in the Bush: Collecting Non-Performing Loans
A publicly traded bank holding company, operating under agreement with the Federal Deposit Insurance Corporation (FDIC), needed help collecting problem loans. After being approved by the FDIC, a PMCG Principal was retained to reorganize and manage the bank's special assets function until a replacement department head was hired. The deliverables were to reorganize and re-staff the special assets function while collecting or selling a portfolio of classified assets totaling $350.0 million. PMCG was also tasked to prepare written policies and procedures for the special assets function and develop the recovery plan required by the FDIC. In 4 months $30.0 million was collected and all other deliverables were completed on time and accepted by the FDIC.
When the Opportunity Costs Too Much: Sale-Leasing Subsidiary
A PMCG Principal recommended the sale of the leasing and asset based lending subsidiary of major bank holding company and then helped execute a transaction that resulted in a net gain of $50 million. The sale also freed $500 million in capital, reduced annual funding requirements by $300 million and cut annual cash operating expense by $15 million.
They Can Run But They Cannot Hide: Receivership-in-Aid of Attachment
In order to execute and collect a judgment against a commodities
trading company operated by two resident foreign nationals,
a PMCG Principal was appointed Receiver. Until that time, these
individuals had successfully avoided the attachment efforts
needed to satisfy the judgment. As the Receiver, PMCG 's responsibilities
were to locate assets in both California and New York banks
and effect an immediate attachment, find and take control of
company records, and examine those records to determine where
other assets were located. PMCG successfully located all bank
accounts as well as company records.
