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Trigild CEO Hoffman appointed as liquidating trustee for SCI entities
By Caroline Salls
Pittsburgh, July 12 - Trigild Inc.'s chief executive officer has been appointed liquidating trustee in the bankruptcy of Secured California Investments, Inc. and SCI Real Estate Investments, LLC, representing a $1.6 billion investment portfolio, according to a Trigild news release.
Trigild said CEO William J. Hoffman was appointed chief restructuring officer of the SCI entities in October 2011 by the U.S. Bankruptcy Court for the Central District of California and subsequently restructured management and secured exit financing as part of the SCI plan of liquidation.
As liquidating trustee, Hoffman will now seek to maximize recovery and liquidation of various equity interests, deferred fees, notes receivable and other assets on behalf of SCI creditors.
According to Hoffman, the SCI entities acquired and syndicated more than 60 multifamily, office, student housing and retail properties located primarily in California, Texas, Florida, Georgia, Arizona and New Mexico.
The properties were acquired through tenants-in-common (TIC) investment structures, which allow capital gains to be deferred by investors.
"Both SCI entities made large sums of money through acquisitions of premiere real estate assets and related acquisition fees - which were partially deferred - and when the economy stalled, were unable to pay their creditors," Hoffman said in the release.
"Our goal as liquidators is to efficiently maximize recovery."
The entities filed Chapter 11 in the U.S. Bankruptcy Court for the Central District of California on Feb. 2, 2011.
At their peak, Trigild said the SCI entities syndicated interests in roughly 150 properties valued at more than $2 billion.
The SCI entities are related Los Angeles-based companies that acquired multifamily and commercial properties throughout the country via a complex tenants-in-common (TIC) investment structure.
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