In October 2023, the Receiver took significant steps towards the recovery and management of PSW’s assets. With the Court’s approval, an investment banking team was engaged to solicit investors and buyers for PSW’s assets, marking a strategic move in the financial realm. Simultaneously, a construction team was enlisted to safeguard projects, addressing issues such as broken windows and door locks. The Receiver continued the meticulous process of gathering data for a forensic analysis of the Estate’s books and records, emphasizing transparency and accountability.
Critical operational aspects were also addressed as the Receiver secured vital insurance coverage and held multiple meetings with secured lenders. Detailed plans were updated for specific collateral, including discussions with prominent entities like Guaranty Bank, FIRST Insurance Funding, and Ovation Capital. Meetings with subcontractors and PSW’s construction and development team further highlighted the collaborative efforts to navigate challenges and move forward. Meanwhile, the identification of title and escrow resources aimed to facilitate real estate sales and resolve title issues, streamlining the overall recovery process.
The Receiver’s proactive measures extended to financial transactions, including the sale of the Goose Run Property and a Joint Venture for Project Charley in Austin. Notably, the sale of the Goose Run Project returned approximately $3.85 million in net proceeds to the Receivership. Project Charley, a 123-unit single-family and townhome community, progressed with a strategic partnership involving Techo Funding, LLC, and Lynd Development Group. The Receiver anticipates substantial net sales and net cash receipts from Project Charley, signaling positive prospects for investors. Lastly, the Receiver, after Court approval, secured a $500,000 loan through engagement with investment banker Onyx, underscoring financial stability and strategic planning. Professional fees totaling $504,001 were paid during October, reflecting the commitment to efficient and effective management.