The McManigle Company has been successful in the investigation and recovery of fraudulently transferred assets both domestically and internationally (ownership of companies, cash, assets) and has investigated and confirmed leadership (white-collar) malfeasance that resulted in criminal charges.
McManigle, utilizing outside professionals expert in their fields when required, professionally, discreetly and proactively develops and implements strategies and actions to discern factual information that enables appropriate asset recovery scenarios to be viably and rapidly acted upon to preserve value.
In a complex international asset recovery case, The McManigle Company was engaged, qualified and appointed Receiver by Courts in Texas, the British Virgin Islands (the “BVI”) and the Turks and Caicos Islands (“TCI”). Originally, Banco Mexicano, S.A. (“Banco Mexicano”) sued World Manufacturing, Ltd. eight affiliated companies and their principals to recover more than $4 million in fraudulently obtained export loans. In June 1995, the Texas court entered separate $22 million default judgments against World and Manufacturera Del Bravo, Ltd. (“Bravo”). In July 1995, Banco Mexicano sought appointment of a Receiver and we were appointed as of July 31, 1995. Thereafter, Banco Mexicano filed a similar application in the British Virgin Islands. Based, upon the Texas court’s judgments of fraud and conspiracy to commit fraud, an order was registered by the BVI Court appointing us Interim Receiver in that jurisdiction. With entry of these orders, the assets and business interests of World and Bravo were placed under our worldwide authority.
Utilizing this international authority, we conducted a worldwide investigation, which spanned eight countries. The McManigle conducted successful fraudulent transfer litigation in the Cayman Islands and successfully initiated two separate receiverships in the Turks and Caicos Islands, which resulted in two separate $4 million final judgments. We also conducted extensive collection litigation in Switzerland that recognized the Turks judgments and allowed the recovery of cash and assets of approximately $750,000. We were also successful in initiating and mediating a dispute with a major New York brokerage house, which yielded the estate a $650,000 cash settlement.
This multi-national, multi-jurisdictional appointment required us to review and analyze numerous multiparty contracts, offshore trust agreements, international banking transactions, and Mexican export loan policies. As the case progressed, we successfully exerted the Receiver’s international investigatory powers and penetrated confidentiality laws in several offshore corporate havens. Through our direct, cost-effective efforts, a final worldwide settlement was accomplished that recovered an aggregate amount from all sources, which yielded a significant net recovery to the judgment creditor after full payment of all administrative costs.
Articles written:
