John Stockdale, Jr. Assists with Liquidation of Korean Grocery Store

April, 2023

There is a right way and wrong way for a company to close its doors when its assets are heavily encumbered by secured debt. Here, the Debtor did not work with the secured creditor or its landlord to effectuate an orderly wind down. Rather, the Korean grocery store closed its doors, surrendered the keys, and walked away from the business on the date that power was to be turned off to the store.  John Stockdale, Jr., representing the senior secured lender, sprung into action. Working for the secured creditor to maximize the value of the collateral, Mr. Stockdale arranged for the continuation of utility services and insurance while working with the landlord and established a liquidation plan under Article 9 of the Uniform Commercial Code for the collateral, including foods and equipment.