Nature of Engagement

msi Spergel Inc. acted jointly as the Proposal Trustee and Interim Receiver to market and sell a fully integrated manufacturer of coin-operated touch screen machines for the amusement and gaming industries.

Summary of Strategy Employed & Outcome

A Notice of Intention to Make a Proposal was initially filed by JVL in order to stay the proceedings of judgment creditors and allow JVL time to restructure. JVL subsequently sought the appointment of msi Spergel Inc. as Interim Receiver to conduct a Court approved sales process and to obtain Court approval for interim financing during the proposal process. The assets were sold for $22million by way of a credit bid enabling the continuation of the business as a going concern and allowing for JVL to successfully make a proposal to its unsecured creditors and utilize its tax losses from prior years.