Hamernik Headlines

Hamernik Appointed Sole Manager.

Posted on 23. Aug, 2010 by admin2 in Assessments, Engagements, Hamernik Headlines, Industry Insights

8/13/2010     -   On July 23, 2010, Kevin Hamernik was appointed the sole manager of an Iowa manufacturing company.  Later that day, the officers and all but two employees were terminated with the intentions of limiting unfunded expenses and preserving cash.  Phones were maintained and orders were taken to preserve goodwill.  Immediately, Hamernik began marketing the company for sale, landing multiple offers and executing an LOI four days later which was negotiated through the weekend.  Within the following week, the buyer withdrew but Hamernik had maintained marketing efforts and executed another LOI for higher value the next day.  The sale closed on August 13, 2010, 6 days later.  All employees were paid, customer prepayments were fulfilled, the secured lender was paid in full and unsecured creditors will receive sizable distributions on claims.

Tags: distribution on claims, Hamernik Headlines, Kevin Hamernik, LOI, Sale, Sole Manager