Cordes & Company was appointed as Receiver over the assets of a high-end audio/visual company as well as additional assets of other entities incorporated with the "Company". Upon arrival the receiver discovered books/records with major inaccuracies. Mismanagement, inadequately capitalized and excess overhead costs, recovery would be a continued struggle. After overall review and assessment of the situation it is advised to liquidate all facilities located in 10 to 12 locations over 8 different states.