Fraud Investigation & Assets Recovery

gears-thumbMcManigle was appointed concurrently as a Receiver in Texas, The British Virgin Islands and the Turks & Caicos Islands and undertook a 2-1/2 year international fraud investigation and recovery of assets in the matter styled: BANCO MEXICANO, S.A, v. WORLD MANUFACTURING LIMITED, a British Virgin Island Corporation and MANUFACTURERA DEL BRAVO, LTD. a British Virgin Island Corporation.

As Receiver, he initiated and supervised the prosecution of complex fraudulent conveyance and asset recovery litigation spanning four countries, three Caribbean nations and utilizing the services of thirteen separate law firms. All these efforts yielded over $3.0 million in cash, assets, settlements and judgments, including recovering $700,000 in negotiable bonds secreted in a Swiss bank.  These determined efforts resulted in a worldwide, multi-party settlement of all disputes and litigation, including obtaining a non-dischargeable $1 million promissory note from the principal, leading to a significant recovery to the estate net of all professional fees.

Learn more about McManigle crisis management success stories here

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It’s the operations stupid

Our approach is holistic: To rapidly understand, manage, and fix the operations – work ourselves out of a job as expediently as possible – leave with the business in better condition than when we arrived – and don’t cripple the enterprise with fees.

Financial analysis tells me where the business has been and where it’s going if its operations are not fixed – irrespective of the business product or service. We believe that financial analysis should never be the raison d etre for any engagement. Hours spent preparing reams of financial data and forecasts, no matter how astute, are likely not going to solve what got the core business into trouble in the first place.

In our view, with the exception of radical balance sheet debt restructuring, fixing the financials never fixes the business.

The point is: bad operations, including lackluster teamwork, an unsustainable culture, and poor quality, whether in product or service, have financial ramifications not vice versa. And in our experience, a shocking and profound result occurs when you fix the core business operations - the financial picture improves!

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