- Posted July 11, 2014 by
- Arizona Association for Economic Development’s March Luncheon to Discuss Economic Development Updates for Metropolitan Edge Communities
- AAED and ICSC April Symposium to Discuss “Retail 2015: Renew, Refill and Repurpose”
- Arizona American Indian Tourism Association Hosts Arizona Indian Festival
- Arizona Association for Economic Development’s February Luncheon to Discuss “Phoenix Biomedical Campus: Impact and What’s Next”
- The Arizona Division of Occupational Safety and Health Consultation Department Presents Central Arizona Project with Designation
Resolute Commercial Services Appointed Receiver of Architectural Traditions, LLC Bank and lien-holders repaid; other creditors pending repayment
Architectural Traditions, LLC, previously New Southwest Door Co. Inc., supplied customers with custom windows and doors. The business closed in April 2014 due to continued losses. Alliance Bank of Arizona had a secured loan on the assets of Architectural Traditions and filed for the appointment of a receiver in an attempt to recover the remaining debt owed.
On May 27, 2014, Resolute Commercial Services was appointed by the Pima County Superior Court as Receiver and secured the collateral of the business. As Receiver, Resolute was tasked with identifying a purchaser for the business, initiating a sale, repaying the remaining debt owed to Alliance and other lien holders, and distributing the remaining funds to all other creditors with valid claims on a pro-rata basis.
At the time of the appointment, Resolute was informed Arcadia Inc., a California-based company, was interested in purchasing the assets of Architectural Traditions. With court approval, on June 30, 2014, a sale was closed with Arcadia Inc. as the new owner of the assets of Architectural Traditions. The new company will be called Arcadia Customs, which the Receiver is told will make and sell window, door and hardware supplies. Arcadia Customs will operate out of the same location on Old Vail Road.
Resolute used the proceeds from the sale to pay the senior secured lender – Western Alliance Bank dba Alliance Bank of Arizona, the junior secured lender and landlord – 9280 Old Vail Road Investors, LLC – and with court approval will initiate a claims process for all other creditors of Architectural Traditions. Those eligible creditors may include unsecured vendors and customers that placed deposits for orders that were not completed prior to Architectural Traditions’ closure.
In order to validate all creditor claims, Resolute will be notifying the known creditors of the sale of the business what the court-approved claims process will entail and will request that each creditor submit a claim along with all supporting documentation asserting the total amount owed to them by Architectural Traditions.
The deadline for all creditors’ claims and supporting documentation will be set by the court. If you believe that you are a creditor of Architectural Traditions and would like to submit a claim to be validated by Resolute, please send your documentation to ATreceivership@resolutecommercial.com.
Robert M. Charles, Jr. of the law firm Lewis Roca Rothgerber LLP has been retained to represent the Receiver. Charles is available to respond to any inquiries from creditors’ retained counsel and is reachable at firstname.lastname@example.org.
About Resolute Commercial Services
Resolute Commercial Services was founded in 2008 as a service-driven firm dedicated to working with clients to provide variety of creative solutions to manage and secure their business and financial assets.
Collectively the partners, Jeremiah Foster and John Mitchell, are backed by a team of tenured professionals that offer perspective that is backed by industry-based knowledge and unmatched results.
Headquartered in the Phoenix-Metro area, with a strong focus on the Southwest, Resolute also has an office in Nevada. Resolute Commercial Services can be reached at (480) 947-3321 or on the web.