BLUE RIBBON MEATS, INC.

Case Highlights

• Managed and sold assets in order to maximize value to the secured lender
• Oversaw collections of remaining fixed assets
• Handled tax audit matters in order to reduce exposure and tax claims

Case Narrative

Blue Ribbon Meats, Inc. was a local meat processor which supplied beef, pork and turkey products to restaurants and other food service companies in South Florida and Puerto Rico.

DSI was appointed the Assignee of Blue Ribbon Meats, Inc. in October 2008. At the time of the appointment, the company had already ceased operations. The Assignee and DSI were charged with monetizing the assets of the company including real estate, equipment, inventory and collection of accounts receivable. DSI worked closely with former employees to ensure that the assets were maintained in order to preserve the value. DSI also worked closely with the secured lender to review budgets and pending asset sales and settlements, and also reviewed claims for accuracy and to ensure the maximum return to creditors.

Furthermore, the company was scheduled for an audit by the IRS and through the efforts of DSI, the company received a “no change” letter from the IRS.