December 07, 2021
Veteran Fiduciary Offers Hands-On Management
Leveraging over 20 years of extensive bankruptcy expertise, David Goodrich is a recognized fiduciary in the Southern California market. Serving as a Chapter 7 U.S. Panel Trustee as well as federal and state receiver, he assists clients in matters involving bankruptcy law, finance and lender law, real estate law, and business litigation. Goodrich is an active member of the bankruptcy community and has held numerous senior leadership roles in key industry organizations.
When Goodrich was appointed as the Chapter 11 Trustee for El Toro Bravo, a family-owned restaurant, the business was facing several operational challenges including payroll-processing delays, contentious vendor relationships, and various agency code violations. Complicated family dynamics also contributed to ineffective business management. In addition to his role as Trustee, Goodrich provided tactical oversight of the restaurant’s daily operations (under the judge’s orders) to maintain business functionality. Under his deft guidance, and despite the numerous obstacles, El Toro Bravo remained open after a brief closure.
The Plan of Reorganization was confirmed and Goodrich needed a professional-services partner that offered a comprehensive suite of client-support services.
Market Leader Provides Professional-Level Support
Once Goodrich engaged Stretto to take over the next aspects of case management, Stretto’s Client Services Team comprised of Onboarding Specialists, dedicated Regional Directors, and the industry’s only internal Banking Services Team got to work.
Drawing on decades of financial-services experience, Stretto paired Goodrich with one of its bank partners that was best aligned to meet his specific cash-management needs, which included a bank with local branches in Costa Mesa, California. Stretto’s Onboarding Team conducted a seamless, yet critical, data and file transfer without any delays or disruption to Goodrich’s daily operations.
To streamline workflows, Stretto’s Banking Team created a customized data-entry process to record financial transactions within Trustee Suite, the company’s proprietary software for Trustees. Goodrich and his staff had access to real-time, accurate bank-account ledgers. Working together, Goodrich and Stretto managed company payroll distribution as well as vendor payments for the estate’s operating accounts. With substantial subject-matter experience, Stretto’s Regional Director provided day-to-day guidance and support.
Due to Goodrich’s skillful leadership, the restaurant is well-positioned for the future. El Toro Bravo’s creditors will be paid in full and the new owners will take on a restaurant that is now a well-oiled machine in terms of operations in addition to being debt-free. Goodrich and Stretto have established a strong partnership and are also in a good position for continued success.