Assignee for the Benefit of Creditors

• Marketed and sold the assets for $21.5 million in the first month of the assignment
• Managed wind down of offices and sale of assets in multiple states
• Administered over $1.0 million in PACA trust assets

Contessa Premium Foods, Inc., initiated a general assignment for the benefit of creditors in favor of Development Specialists, Inc., on April 30, 2014. On the date of assignment Contessa had secured loans outstanding of approximately $32.7 million and over $1.0 million in asserted Perishable Agricultural Commodities Act (“PACA”) trust fund claims.

The Assignee worked diligently to monetize the Assignor’s assets in both California and Pennsylvania. The Assignee’s efforts resulted in a much higher return for the secured lender than ever expected. Furthermore, the Assignee evaluated and paid all allowed PACA Trust claims. The case is currently ongoing with the Assignee pursuing preference claims and collections of outstanding accounts receivable