The Securities and Exchange Commission obtained a receiver in the United States District Court for the District of New Jersey over nine assisted living facilities and their management companies. The facilities were financed by approximately $64 million in bonds issued by nine different issuers and administered by three different indenture trustees. The receiver was appointed to administer and operate the assisted living facilities, unwind the co-mingling of the funds of and between the facilities, sell the facilities and pursue third-party claims on behalf of the bondholders.
Waller represented the receiver as its general counsel and assisted the receiver in its administration and operation of the facilities pending their sale. Waller also represented the receiver in conducting nine court-approved stalking horse auctions of the assisted living facilities.
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