The most challenging receivership we’ve ever handled was for the Office of the Arizona Attorney General. It required us to simultaneously seize - and subsequently operate - 14 downtown Phoenix transient motels.  Half of the properties had monthly residents, many of them drug addicts, who had to be relocated. It was the day before Thanksgiving and, in addition to the logistical problems we faced that day, we had to cope with TV cameramen’s lights.

Most receiverships are less sensational and involve more traditional management tasks, though almost all properties we encounter are in some state of disrepair or neglect. Every property poses it’s own unique set of challenges.  Mesa Regal RV Resort, a 1,792-space RV park, suffered massive power outages due to repeated breaks in the underground cable. We dealt with the problem, and increased the annual net operating income from $1.2 million to $2.2 million in the 17 months we served as Receiver. When it sold, the lender recovered his entire unpaid principal balance, all past due interest, all expenses and some of his penalty interest on an $11.2 million loan.

Loath as they were to hand out "attaboys" the Resolution Trust Corporation one time broke with tradition and thanked Richard K. Olsen for a job well done on Trails West Mobile Home Park in Tucson, the largest single loan in the portfolio of First Jersey Savings & Loan.  Managing Agent Michael Allison wrote, "The improvement in the cash flow during the time you were Receiver was dramatic. There is no doubt in my mind that your efforts enabled First Jersey to ultimately sell this property for an amount in excess of its appraised value."

Though Receivers must be skilled property managers, not all property managers are qualified to serve as Receivers. Receivers need to be intimately familiar with the law, quick on their feet, cunning, resourceful and good business managers to boot.  In short, Receivers need to be good at "crisis management" because there’s no "play book" to tell them what to do. In the end the results will speak for themselves. Richard K. Olsen is fortunate in having attorney and lender clients who will speak for us. We’ll be happy to provide letters of reference.

Last Updated 01/22/10
© 2005 -2010 Richard K. Olsen
702 East Orangewood Ave , Phoenix, Arizona  USA  85020
(602) 216-6600,  Fax : 1-888-252-3832,   rko@cox.net 
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