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CMA engages in retained, modified retained and contingency searches for both professional and executive-level search assignments.A retained search is preferable in cases where a company has a pressing executive level need that requires a candidate who will hold key leadership responsibilities, and whose services are integral to overall organizational success.The Res Cap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al.to liquidate and distribute assets of the debtors in the Res Cap bankruptcy case.
Liquidation is the process of bringing a business to an end and distributing its assets to claimants.
In a statement, Gordmans president and CEO Andy Hall said, “Until further notice, all Gordmans stores are operating as usual without interruption.” Gordmans has posted losses in five of the past six quarters, and its stock price had fallen to around a dime a share.
Private equity firm Sun Capital Partners bought the business in 2008 and took it public two years later. Same-store sales fell more than 9 percent in the most recently reported quarter.
Once the process is complete, the business is dissolved.
This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.The most senior claims belong to secured creditors, who have collateral on loans to the business.These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.On Live is in the process of liquidating its remaining assets, including trademarks, source code and trade secrets, among many other things.