Sophisticated Accounting Leads to Successful Resolution
Aerwav Holdings, LLC (Aerwav), a privately-held investment company specializing in developing and building businesses in the global integrated security, communications and technology industries, filed for Chapter 11 protection in the United States Bankruptcy Court for The District of New Jersey. When the Court-approved sale of the debtors’ assets did not proceed as expected, the cases were converted to Chapter 7.
The Court granted a motion filed by the appointed Trustee, a Stretto client, to allocate the liquidated assets among the different estates. The Trustee engaged Stretto to assist with the necessary documentation on this complex reallocation structure as the case involved different creditors with competing claims and a trail of the estates paying each other which brought additional scrutiny and examination.
Working side-by-side with the Trustee, UST Regional Analyst and the Trustee’s accountants, Stretto deployed a team of client service and data management experts to begin analysis of the accounts. Meticulously reviewing every debit/credit to verify these complicated reallocation transfers required manually logging in hundreds of transactions over a one-year period. Leveraging decades of cumulative trustee administrator and financial institution insight, Stretto banking experts were able to verify the data was correctly inputted. The service team also modified the Court-approved forms and prepared sophisticated accounting logs of the reallocations to achieve full compliance with the UST’s strict reporting requirements.
Throughout the process, the designated Regional Director provided vital case management oversight. Directing internal project teams and maintaining the external communication schedule of all parties led to the level of collaboration essential to guaranteeing timely deadlines were met. Stretto went above-and-beyond the conventional role of a technology vendor by serving as a professional service partner. Leveraging substantive procedural and administrative expertise, the Stretto team brought additional value to facilitate successful resolution of the case.
For more information about Stretto’s Consumer Bankruptcy solution, please contact Dave Beltran.