Schafer and Weiner Helps Sell Real Property for Benefit of Pensioners in Federal Equity Receivership

December, 2018

Joseph K. Grekin and Jason L. Weiner, with court authority, closed the sale of the real property of Evans Tempcon, Inc. in Grand Rapids, Michigan. 701 Ann, LLC purchased the company’s real property, and intends to continue housing the company’s operations – operations that were previously sold as a going-concern in August 2017. The company engineered and manufactured HVAC systems for recreational, agricultural, and other off-road vehicles.

In April 2015, the U.S. District Court for the Western District of Michigan entered an order appointing a Federal Equity Receiver over the company and its assets at the request of the Pension Benefit Guaranty Corporation (PBGC). S&W worked with the PBGC to help craft a receiver order granting the Receiver the necessary powers and protections to effectively operate and sell the company’s assets.

With court authority, S&W helped the Receiver engage Colliers International Property Consultants, Inc. as Broker. The Broker helped secure multiple offers to purchase the real property, and S&W worked with the Receiver to identify the offer most favorable to, and in the best interest of, the receivership estate. S&W obtained final court authority to sell the company’s real property with support from all interested parties, and closed a sale that helped the receivership estate realize over $2.2 million for the benefit of the estate and its pensioners.