BILL HEARD ENTERPRISES, INC.

Case Highlights

• Comprised of 14 Chevrolet dealerships in seven states
• Sold eight dealerships as going concerns
• Liquidated remaining operations

Case Narrative

Bill Heard Enterprises, Inc. was one of the nation’s largest Chevrolet dealerships including 14 locations across the Southern United States from Orlando, Florida, to Las Vegas, Nevada.  The dealerships had gross revenues in excess of $2.5 billion and averaged over 6,000 new and used vehicle sales per month.  Within days after the collapse of Lehman Brothers in September 2008, Heard filed for Chapter 11 bankruptcy and closed its doors.  DSI was retained by Heard to assist in the orderly wind down of operations and as the sale agent for all 14 locations.

Despite the disastrous automotive environment, DSI achieved “blue sky” sale valuations for eight locations while liquidating the remaining six locations via returns of qualifying vehicles and inventory to the manufacturer or conducting a series of auction events.  As part of this process, DSI reconciled thousands of vehicle warranty and ancillary sale transactions from “out of trust” situations and generated sufficient recoveries in excess of Heard’s secured debt in order to fund a confirmed liquidating plan.