Stapleton Group, serving as the court-appointed Receiver for PSW Real Estate, has issued its Second Status Report, detailing recent actions and strategies in the ongoing receivership process. Following a court-ordered status conference on September 13, 2023, the Receiver promptly filed the Storybuilt Org Chart on September 14, 2023, offering an essential organizational overview discussed during the conference.
The report underscores the Receiver’s active pursuit of financing for the Receivership Estate through loans and Receiver Certificates, with detailed provisions outlined in accordance with the Receivership Order. This includes the issuance of certificates, emphasizing their priority lien on Receivership Property.
The Receiver provided a comprehensive update during the Status Conference, covering various aspects such as background, financial advisor’s findings, and strategies moving forward. Key points included investment banking strategies and a focus on employee efforts in financial accounting, stabilizing projects, and completing homes.
Additionally, the report sheds light on how Stapleton Group and Mike Bergthold came to light as the best-suited partners for StoryBuilt in their time of financial distress. Mike Bergthold had previously collaborated as adversaries with Steven Prevost, a former CFO of StoryBuilt, during a residential real estate restructuring in 2009-2010. Over the years, Prevost attempted to introduce Bergthold to PSW Real Estate, referring Storybuilt’s executive team to him multiple times, eventually leading to Stapleton Group’s retention as Financial Advisor in June 2023 and their subsequent transition to Receiver in Late July 2023.
Finally, the Court has scheduled omnibus hearings for October 16, November 15, and December 18, 2023, providing a structured timeline for the ongoing legal proceedings. The full Second Status Report is available in the Court Documents section of this website, offering insights into the Receiver’s continued efforts to navigate the complexities of PSW Real Estate’s financial restructuring.