COMMERCIAL FINANCIAL SERVICES, INC.

Case Highlights

• Orchestrated prosecution of numerous lawsuits against third parties
• Disbursed in excess of $100 million to creditors

Case Narrative

A DSI professional was initially named as CEO of Commercial Financial Services, Inc. (CFS) of Tulsa, Oklahoma.  CFS was the largest purchaser and collector of charged-off credit card accounts in the United States.

At the initiation of proceedings, CFS had securitized accounts totaling $12.7 billion owing $1.62 billion to seven separate trusts.  DSI was brought into the case shortly after the disclosure of allegations of improprieties in the sales of assets and the improper maintenance and reporting of financial information by CFS.  Following the filing of Chapter 11 proceedings, and under DSI management, the company proceeded to restructure its affairs, get control of its collection efforts and devise models to deal with each of the separate trusts in the various securitization sales to evaluate CFS’s residual interests.  DSI was asked to continue as Liquidating Trustee, post-confirmation, of the CFS Liquidating Trust and has pursued more than 30 lawsuits against various parties, including the former professionals of CFS.