April 2013

Upcoming Events: Spring 2013

by DWC Team on April 16, 2013

Please join members of the DWC team this spring at the following events:

SAMA Conference — April 17-19

Please join Douglas Wilson and Nicholas Wilson from DWC at the Special Assets Management Association’s (SAMA) 4th Annual Conference at Four Seasons, The Biltmore in Santa Barbara, CA on April 17-19.

CRF Lunch Event — April 23

Please join Nicholas Wilson Cal Receiver’s Forum (CRF) lunch event in San Diego, CA on April 23.

CREFC West Coast Distressed Conference — May 13-14

Please join Douglas Wilson at the CRE Finance Council’s (CREFC) West Coast Distressed Conference at the Fairmont Miramar Hotel & Bungalows in Santa Monica, CA on May 13-14.

ULI Spring Meeting — May 14- 17

Please join Douglas Wilson and Nicholas Wilson from DWC at the Urban Land Institute’s (ULI) 2013 Spring Meeting at the Hilton Bayfront in San Diego, CA on May 14-17.

Douglas Wilson will be participating on two panels at the event — Resilience, on  Wednesday, May 15 from 3:00p.m. – 4:30p.m; and DNA of Place, Thursday May, 16 from 9:00a.m. – 10:15a.m. In addition, DWC will be conducting meetings in its private meeting space at the Hilton Bayfront during the event.

CBF Insolvency Conference — May 17-19

Please join members of the DWC team at the California Bankruptcy Forum’s (CBF) 25th Annual Insolvency Conference at Paradise Point Resort & Spa in San Diego, CA on May 17-19.

PCBC 2013 — June 5-6

Please join Douglas Wilson at the Pacific Coast Homebuilding Conference (PCBC) at the San Diego Convention Center in San Diego, CA on June 5-6.

If you would like to schedule meetings with anyone from the DWC team, please contact John Morrell.

The former J.E. Higgins Lumber facility has sold to Mission Trading Company for $5.1 million. The 71,680-square-foot facility is located at 6951 Southfront Road in Livermore, Calf. The seller – acting as agent for the court-approved Receiver – Douglas Wilson Companies (DWC) was represented by Michael Donnelly, Michael Carrigg and Michael Lloyd of Colliers International. The buyer, Mission Trading Company was represented by Mike Smith of Lee & Associates.

In August 2012, Douglas P. Wilson was selected as the court-appointed Receiver to oversee the interim operations and liquidation of J.E. Higgins Lumber – a large lumber company which is a supplier of various construction related hardwood, flooring, and window framing products. At its peak several years ago, the 125-year-old company had revenues exceeding $300 million, with over a dozen locations and 600 employees.

Immediately after taking control of the operating company, DWC provided an in-depth review of the company’s financial position – which had already begun an orderly consolidation and wind down. Following its initial review, DWC formulated a strategic liquidation plan and obtained court approval to liquidate the company’s assets – while overseeing the company’s interim operations – in order to maximize the recovery of proceeds. DWC’s responsibilities have included: overseeing the collection of accounts receivable, selling various real estate assets, directing the orderly liquidation of inventory, resolving numerous outstanding liens, and defending the company against lawsuits.

“As an operating company with significant assets and multiple moving parts, J.E. Higgins Lumber has been an extremely complex, demanding assignment. DWC has provided fiduciary services for a variety of operating businesses recently – agricultural, high tech, medical, construction, distribution, mining, etc. – and I am proud of our consistent track record of maximizing loan recovery,” stated Douglas Wilson, chairman and CEO of DWC.

The lumber facility is the second, large-scale industrial property in the J.E. Higgins portfolio sold by the Receiver. In addition, the Receiver recently engaged Woodland Hills-based Great American Group to complete the liquidation of the lumber company’s various assets. DWC is currently in the process of completing its fiduciary responsibilities.

Brad Ebright, senior managing director at DWC, handled the day-to-day management of J.E. Higgins throughout receivership.