Trustee Services

After serving as financial advisor to the Official Committee of Unsecured Creditors, Consensus principal, Michael O'Hara, was named Post-Effective Trustee to the Crescent Jewelers General Unsecured Creditors Trust, and Consensus was named financial advisor to the trustee. In just two months, Consensus reconciled and resolved most open claims in the case, and distributed the maximum funds available to unsecured creditors under the plan (40 percent of the face value of the claim). The speed with which we were able to reconcile and resolve disputed claims maximized recovery for creditors by reducing professional fees and other overhead expenses. We used BMS Software to manage the greater than 750 claims against Crescent. In the end, we were also able to return nearly $1.0 million to the plan sponsor due to this efficiency and claim resolution experience.