Turnarounds & Workouts
Turnarounds & Workouts
Black Gold took over and Managed numerous troubled and partially completed and eroding properties. This included 1,200 condominiums and apartments, four (4) Homeowner Associations, and ten (10) office buildings in Tulsa and Oklahoma City, and a $15M completion budget.
FSLIC and Bank Workouts. On a performance contract basis, Kevin and a partner took over a $110 million dollar portfolio of troubled commercial properties and operating companies in nine states from FSLIC and a troubled savings and loan institution located in Oklahoma. These included hotels, Colorado Springs apartments, urban condominiums, a Wyoming racetrack, a Gulf Coast Marina, a Utah ski resort, office buildings, several fabrication and manufacturing operations, and numerous retail projects. As the Principal in charge, Kevin traveled extensively with in-house executives and attorneys, working out “partner problems” for the lender’s service corporation, completing construction, directing legal activities, hiring management and leasing companies, and disposing of properties and businesses.
Black Gold has also provided review, workout consultation, and negotiating assistance to workout departments and larger banks. Nothing against law firms, but many banks have found that our more hands on practical, conciliatory, and respectful approach to working with their creditors works better in terms of achieving win/win outcomes.
Century Healthcare. Noted in the healthcare section, Century was a $110,000,000 per year revenue, twelve facility chain of child and adolescent psychiatric facilities that Kevin took over as President, and subsequently sold to HCA, a public health care company.
REO and Troubled Businesses. Over the years, economic slowdowns, interest increases, or other circumstances (like pandemics!) have caused many banks to take back properties (REO, or Real Estate Owned) as well as operating companies. It has also caused builders, developers, or owners to simply walk away from businesses or projects. Black Gold has assisted with a dozen such projects, including Gulf Shore, Alabama resort real estate, Colorado luxury properties, subdivisions, retirement facilities, manufacturing operations, and distribution and warehousing operations. We believe we provide great value in assisting both lenders and owners in sizing up their options, as well as sometimes being able to forge a mutually acceptable solution to these unsavory situations.
our Human Capital - Corporate Office
Bringing years of legal, financial, and operational experience to your situation.