we went in, the plaza had very low
occupancy and no anchor tenant.
A supermarket had left several years
ago. The only credit tenant was a
CVS. The plaza was in disrepair. A
receiver had been appointed, and
the property had been listed for a
number of years without success.
We were able to reposition the asset
to reflect what the potential of the
center could be by using renderings,
getting the buzz out there in the
community, and using video and all
sorts of methods. That’s how we got
people to bid on and get excited about
this project, which was languishing.
A developer came along and paid
$8.2 million for it, and it completely
turned the case around. Even the
credit bidder who came to the auction
expecting to credit bid and get the
asset was totally surprised when he
did not get the asset and was paid in
full. All of the professionals were paid.
Using creative marketing strategies to
monetize assets was very successful.
Those are the best moments.
Q Who inspires you professionally or personally?
My partner Josh Olshin is a
TMA member, but he’s also what I call a
recovering attorney. He’s a former
attorney, which I don’t hold against
him because he brings a lot of creativity
and valuable insight into how we
handle our auctions—helping on
structure, organizing the auction to get
maximum value. He doesn’t practice
law now, but having someone on a
liquidation team with a legal
perspective is very helpful
He wasn’t even a bankruptcy lawyer.
He was a corporate lawyer in M&A and
worked for Skadden. He eventually
got into real estate, and we met in that
field. I got into auctions first, and then
he came along. We’d been working
together at different firms and then
eventually broke off on our own.
Another guy who’s been huge for me
through TMA is Steven Mitnick. He’s
the most experienced guy in the world
of ABCs in the state of New Jersey. I
think he’s been involved, he told me,
in 300 or 400 ABCs, not just in New
Jersey but in other states as well. I met
him at a TMA event some years ago.
He’s been a real mentor and gave us our
first opportunity to work on a business
liquidation. He helped guide me
toward being successful with it. We’ve
been doing great deals for other TMA
members and insolvency professionals
since then, so I would credit him as
a success factor and influencer.
Q Do you have any advice for someone who is new to the
industry or is thinking about getting
I think the most important
thing is staying the course. You see a
lot of people coming into the
bankruptcy and insolvency world,
which is very cyclical. It was down for
many years, then it was up. It requires
understanding where the industry is
today and who the players are, and
being open-minded. Things are
changing. You see a lot of people come
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