A large commercial printer in Minnesota faced a liquidity crisis. When the company requested funding to meet payroll (not for the first time), the secured lender determined that immediate liquidation of the company’s assets was the best option. Cordes & Company was named receiver of this company’s assets. Over three months, we collected nearly $1.3 million in outstanding accounts receivable, sold the printing equipment via direct sales and auctions for more than $600 thousand, and settled many subordinate creditor issues. At the end of our engagement, a substantial portion of the principal was returned to the secured lender.