SCO Liquidating Trust
Barry E. Mukamal was appointed Chapter 11 Bankruptcy. The Trust placed the senior secured lender, BB&T, as sole beneficiary and was formed for the purpose of securing and directing the management and sale of a 50-room Caribbean resort located on the U.S. Virgin Island of St. Croix. The Trustee transitioned the entire operation from the debtor/manager to a new and more efficient management element while avoiding operational interruptions. Additional duties included the development of cash management controls; inventory controls for the hospitality and food and beverage divisions; physical needs assessment and capital expenditure budgeting tailored to preserve the assets while avoiding cash flow shortages; ensuring compliance with requirements set forth by municipal authorities; insurance; oversight of sales and marketing; and the engagement of a broker to expose the project to the widest possible market to expedite disposition.
