As a managing director, Gene Kohut leads fiduciary services focusing clients with a national presence and on fiduciary roles such as receiverships and trustees.
Gene Kohut was appointed in 2003 by the United States Department of Justice as a Chapter 7 trustee for the United States Bankruptcy Court, Eastern District of Michigan. He has since managed business operations, wind downs, liquidations, and sales in over 15,000 Chapter 7 cases. He has also been appointed as a Chapter 11 trustee, liquidating trustee, chief restructuring officer, disbursing agent, and plan administrator. He also serves as an interim business manager and CEO responsible for the direct business operations on an interim basis through corporation/member resolution and provides independent analysis of viability, workout, turnaround, and reorganization.
Gene is a court-appointed receiver providing business operation, asset liquidation, dispute resolution, asset management, and asset preservation and security on behalf of the court, lenders, equity partners, and investors and is currently a panel receiver for the Security and Exchange Commission’s Collection Unit. By combining extensive business and finance experience, and legal acumen gained as a restructuring attorney and Chapter 7 trustee, Gene is able to effectively and expeditiously safeguard assets, and analyze, resolve, and/or prosecute claims and causes of action that arise in connection with a fiduciary engagement.
Given the economic challenges caused by COVID-19, more businesses are likely to experience financial distress. Bankruptcy is not always the best option.
In times of distress, one of the most viable and effective alternatives to bankruptcy for cannabis operators is an assignment for the benefit of creditors (ABC).
Companies should be prepared for a rigorous process when seeking relief funds through the CARES Act.