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The Merrill Group of Companies Distressed Property Unit presentation illustrates
how our receivership works with lenders.
The Merrill Group of Companies, originally formed in 1985, became one of the fastest
growing companies in Los Angeles County in 1998 and 1999 with over 5 million square
feet. TheDistressed Property Unit was formed in 1991 with David Frank acting
as a court appointed receiver for the Superior Court in Los Angeles County. During
that period, Mr. Frank was appointed as court receiver for over 400 properties.
With our nationwide services and affiliation with 160 offices, we work with the
law firm of your choice and forward our court receivership resume of experience
and Declaration to insert into the pleading for the application for the appointment
of receiver. Upon appointment, we file our Oath and obtain a bond in the amount
that the court requires either that day, if available, or the next day.
Our experience level includes working with over 73 private and public institutions.
Our reporting services include providing 24-hour access to our secured data room
by the client. Access to the monthly financials, reports, leases, etc. is available
24 hours a day simply by going on line through our website data room.
Upon appointment, we send in our Strike Takeover Team which consists of
a Property Manager, Assistant Property Manager, Asset Manager, Construction Manager
and Maintenance Director and a survey of the property is performed including determining
the life safety and health conditions and economic issues. This Property Condition
Report is delivered within the first two weeks, and our legal department
notifies all the vendors related to the property as well as the banking institution
that holds the property bank account. Our legal department proceeds with making
demands on the owners, parties and their attorneys for the books, records and the
cash balances related to the collection of rents.
The Company develops an overview and plan of action to maintain operations of the
property internally. We manage the property based upon our plan, which includes
tenant interviews and evaluation. We proceed with abstracting the property legal,
insurance and accounting issues, and maintain the property’s books and records of
the tenants, past collections, etc. Our Property Maintenance Division will focus
on the life, safety, and health issues for purposes of prioritizing their list of
repairs, grounds maintenance and other needs as necessary with available funds or
shall make a request for funds if life issues costs if they cannot be met from income.
Our Asset Management Department prepares budgets for purposes of knowing what the
property can expense based on the cash flow and oversees the operational overview
of the property. The type of properties that we handle we are 1) retail; 2) multi-family;
3) hi-rise finished and unfinished condominiums 4)commercial; 5) recreation including
golf courses; 6) industrial; 7) hospitality; and 8) senior living
What makes us different is our 17 years of courtroom experience, 24-hour accessible
data room, and our commitment to the lender to provide added value to the distressed
asset.
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