Biggs and Co.


		Receivership Services Mr. Biggs has been appointed receiver in over 1000 cases, both in state and federal court jurisdictions. The majority of these receiverships have been multiple family real properties, but many others have been commercial and retail buildings, office buildings, strip centers and shopping malls. Receivership cases have also included operating businesses and asset liquidations, a few of which are highlighted following: MIDA Industries, Inc. MIDA is a janitorial cleaning and service company over which Mr. Biggs was appointed Receiver to operate the business and liquidate its outstanding obligations to Independence Bank, which was in receivership under control of the FDIC. Mr. Biggs operated this business for approximately 2 1/2 years during which time MIDA was restored to profitability and generated cash sufficient to liquidate over $600,000 in obligations owed to the FDIC. and other secured parties. MIDA is now operating profitably out of receivership. WCI Mr. Biggs was appointed Receiver of this large temporary help and employee leasing company to liquidate a $1,000,000 obligation to the FDIC. Terms of the Receiver's Order required Mr. Biggs to liquidate receivables of the business and pay the proceeds directly to the FDIC. The Order did not provide for the Receiver to continue operating the business, however, Mr. Biggs was able to phase down operations of the business and administer the Receivership in such a way that customers paid their receivables and did not withhold balances because of claims for offsetting damages or failure to perform. Consequently, all but approximately $50,000 of the FDIC obligation was liquidated, including accrued interest. Ocean Canyon Resorts Mr. Biggs was appointed Receiver of this multiple location membership RV park operation. This Receivership was not precipitated by financial and creditor problems, but rather was brought about because of disagreements among some of the partners of the partnerships. Mr. Biggs directly managed the operations of the two parks from the date of his appointment as Receiver through their sale, a period of 1 year for one park and sixteen months for the other. The partners requested that Mr. Biggs market and sell the two RV parks as going concern operations and liquidate the partnerships. Mr. Biggs was successful in selling the parks at or above their appraised values. The partnerships were terminated and cash proceeds were distributed to the partners. The partners realized a substantial gain on the sale of one park and a small loss on the sale of the second. Geneva Dental, Inc. Geneva Dental, Inc. (GDI) was a distributor of teeth for dentures and other related dental products throughout the U.S. and Canada. Mr. Biggs managed the operations of this company during the pendency of a shareholder dispute. GDI had never operated profitably, however, under Mr. Biggs management unnecessary operating costs were eliminated, management direction was focused on business operations and the company commenced profitable operations for the first time in its history. Guaranty Bank v. Tri-State Reference Laboratories, Inc. Tri-State Reference Laboratories, Inc. (Tri-State) was a medical laboratory which performed blood and urine tests for physicians and clinics. Mr. Biggs took control of the operations of Tri-State for the benefit of Guaranty Bank (Bank) to liquidate receivables and other assets held as collateral for the Bank's secured loan. Shortly after his appointment, Tri-State filed a Chapter 11 bankruptcy proceeding. Mr. Biggs worked closely with attorneys for the Bank to prepare a cash collateral stipulation which provided current debt service payments, close monitoring of Tri-State's operations in bankruptcy and a provision for relief from the automatic stay in the event of default of the provisions of the stipulation. Tri-State defaulted almost immediately upon approval of the cash collateral stipulation by the bankruptcy court and Mr. Biggs regained control of Tri-State's operations and assets. Through Mr. Biggs' actions the Bank's loan was repaid in full, including interest and costs. A major benefit which Mr. Biggs provided to this estate was his forensic accounting expertise and his ability to operate Tri-State's medical billing system and collect outstanding receivables which had been written off by prior Tri-State management. Mr. Biggs was able to reconstruct and bill receivable accounts and collect these under "anti-kickback" provisions of Federal law.