Miles R. Stover
Career Summary
Nationally known, highly experienced senior executive with extensive experience in court supervised case management including Chapter 11 trusteeship's, custodial and general receivership's, crisis and financial restructuring situations, liquidations and asset sales under Section 363 as well as part of an Assignment for the Benefit of Creditors proceeding. Adjudicated qualified to serve as a Trustee and Examiner by the United States Department of Justice as well as having passed the scrutiny of the Office of the United States Trustee and in various state court jurisdictions on numerous occasions. Mr. Stover's background as a senior executive at numerous national firms in a variety of capacities and within a variety of industries allows Mr. Stover to know exactly what is needed by whom to manage a case to a successful conclusion.
Professional Experience
TURNAROUND, INC. & TURNAROUND RECEIVERSHIP SERVICES - President
Seattle, WA
1995 to 1998, 2003 to present
Responsible for management of consulting and court supervised engagements for this premier regional consulting, bankruptcy, receivership and financial advisory firm.
- Assumed the position of Chapter 11 Trustee, Plan Administrator, Responsible Individual, Financial Advisor to the Debtor, Financial Advisor to the Official General Unsecured Creditor's Committee, Custodial Receiver, General Receiver, Claims Administrator and senior executive in various "C" positions.
- Extensive knowledge of and experience with the Bankruptcy Code, Receivership statutes, business law, accounting, Plan development and liquidation.
- Clients included: See below for expanded listing of engagements.
CROSSROADS LLC - Principal
Los Angeles, CA and National
1998 to 2003
Responsible for management of engagements in the Interim Management Practice of this nationally known consulting firm. (One of the top 5 largest firms in the turnaround consulting firm arena at the time.)
- Provided on-site leadership for under-performing organizations, raised more than $1 billion of various types of capital, managed more than 15 cases under the jurisdiction of the US Bankruptcy Court, led contract negotiations with unions, financial institutions and government agencies. Responsible for development and execution of operational and exit strategies, turnaround strategies and the liquidation of assets totaling more than $100 million. 100% of organizations that filed for protection under the Bankruptcy Code emerged successfully or were sold according to a Plan.
- Clients included: Nextel International, Inc., Matthews Studios Group, Inc., GeoLogistics, Inc., Hollywood Rentals, Inc., Sealaska Corporation, CEI Systems, Inc., Four Star Lighting, Inc., AMERCO, Inc., ShowBizMart, Inc., Duke City Video, Inc., HDI Holdings, Inc., TriQuest Precision Plastics, Inc., Synergy Systems, Inc., BOSS de Mexico S.A. de C.V. and numerous others.
- Named Principal in “Top 12 Outstanding Turnaround and Workout Firms” by Turnarounds and Workouts Magazine. (Multiple years)
Professional Credentials
- Certified Turnaround Professional (“CTP”)
- Certified Insolvency and Restructuring Advisor (“CIRA”)
- Certified Fraud Examiner (“CFE”)
- Certified Management Consultant (“CMC”)
- Certified Professional Consultant to Management (“CPCM”)
- Certified Confidentiality Officer (“CCO”)
Bankruptcy Related Experiences and Credentials
- Adjudicated approved to assume the position of Examiner or Trustee under 11 U.S.C. 11 by the United States Department of Justice.
- Served as senior level executive on numerous bankruptcy cases including: Responsible Individual, Estate Representative, Chief Executive Officer, Chief Operating Officer, President, Chief Financial Officer, Trustee, Advisor to Official Unsecured Creditor’s Committee, Liquidating Trustee and Plan Administrator. In non-bankruptcy cases served as Assignee and Receiver.
- Responsible for preparation of financial statements/reports of public and private companies under the jurisdiction and supervision of the Bankruptcy Court. Filed numerous 10K and 10Q documents.
- Author of “How to File a Petition under 11 U.S.C. 11.”
- Co-Author of “Liquidations in Bankruptcy”. Author of more than 25 nationally published articles.
- Managed more than two dozen filings in the last five years in numerous jurisdictions including: Central District of California, Southern District of California, and Western District of Washington.
Other Positions Held
- Vice President and General Manager and Vice President and Chief Financial Officer at Johnson Controls, Inc.
- General Manager and Executive Vice President and Chief Financial Officer of ICU Medical, Inc.
- Vice President and General Manager (International Operations), MG Products, Inc.
- General Manager (International Operations), Brown Jordan, Inc.
- Member of the Board of Directors or Advisors – multiple organizations.
Awards and Recognitions
- While at Johnson Controls, Inc. was awarded the United States Senate Award for Productivity. (Awarded annually to the company that exhibited the most efficient operations and highest levels of quality in a manufacturing environment.)
- Regularly quoted in national magazines i.e., CFO Magazine, Corporate Board Member Magazine, Journal of Corporate Renewal and AIRA News on the subject of turnarounds.
- Section Editor, “Turnaround Business Issues”, AIRA News.
- Selected by the National Republican Congressional Committee as “Businessman of the Year” State of Washington 2006. Awarded Congressional Medal of Distinction by NRCC – 2006 and 2007
- Author of “A Multivariate Analysis of Middle Management Mobility in the Construction and Manufacturing Industries” Doctoral dissertation. (Dissertation Chair: Dr. Alan Blair, DBA – Harvard)
- Decorated veteran, United States Navy, 1969 – 1974. Honorable discharge.
Significant Industry Experience: (Partial listing)
- Manufacturing
- Furniture manufacturing – wood, aluminum, cast iron
- Sheet metal fabrication including electro-mechanical device assembly
- Fast food service/full service – restaurants
- Medical device manufacturing
- Distribution
- Injection molding – low tonnage to large tonnage presses
- High labor intensive operations – domestic and Mexico
- Entertainment
- Construction – various specialties e.g. electrical, power plants, general contractor
- Financial services – investment banking – capital formation
- Lighting – commercial and residential
- Pipe fabrication – various metals and exotic materials – thin wall tube to large OD
- Liquidations – assets - total facilities - divisions
- Equipment rental
- Paper products manufacturing
- Consulted in more than 10 foreign countries.
- Motel, apartment management
Additional Experience: (Partial listing)
- Large project management
- Operational reviews and assessments
- Cost reduction programs and cost reporting programs
- Budgeting and forecasting
- Public and investor reporting e.g. 8K, 10Q, 10K
- Any area of accounting management – corporate governance
- Extensive cash control experience – collection programs
- Capital formation experience, restructuring debt, credit facility increases
- Extensive M & A due diligence
- Contract negotiations and contract reviews – union operations
- Mexico operations – Maquiladora and PITEX programs – contract and shelter operations
- Business plan development, exit strategy development
- Competitive intelligence gathering, fraud detection or counter espionage programs
- Extensive bankruptcy experience as trustee/ DIP, plan administrator, senior executive
- Extensive sales out of bankruptcy e.g. Section 363 experience
- Plant shutdowns and liquidations
Education
University of Southern California - School of Business
Bachelor of Science - Major: Accounting
Pepperdine University - Graduate School of Business and Management
Masters of Business Administration - Major: Business
Listing of Positions Held (Partial listing)
- President – Turnaround, Inc. (Consulting and Financial Advisory Practice)
- Principal – Crossroads, LLC (Interim Management Practice)
- Vice President/General Manager/Chief Financial Officer – EPS Division - Johnson Controls, Inc.*
- General Manager and Executive Vice President and Chief Financial Officer – ICU Medical, Inc. *!
- Vice President and General Manager – MG Products, Inc. (International operations)
- General Manager – Brown Jordan, Inc. (International operations)
- Chief Financial Officer – GeoLogistics, Inc. (Including Bekins Moving & Storage) *
- Chief Executive Officer and General Manager – Sealaska Corporation (TriQuest Precision Plastics, Inc. and Synergy Systems, Inc. divisions)
- Chief Operating Officer and Chief Financial Officer – Matthews Studio Group, Inc. *!
- Chief Executive Officer and Chief Financial Officer – Condor Systems, Inc. *!
- Chief Operating Officer and Chief Financial Officer – Hollywood Rentals, Inc. *!
- President and Chief Financial Officer – Four Star Lighting, Inc. *!
- General Manager – Wildfire Pacific, Inc.
- Chief Operating Officer and Chief Financial Officer – Duke City Video, Inc. *!
- Chief Financial Officer – All American Homes, Inc. (Coldwell Banker franchise) !
- Chief Executive Officer and Chief Financial Officer – CEI Systems, Inc. *!
- Vice President of Manufacturing and Chief Financial Officer – B.P. John Furniture Co. !
- Financial Advisor – Nextel International, Inc. *!
- Financial Advisor – Burger King, Inc. *
- Chief Operating Officer and Chief Financial Officer – ShowBizMart, Inc. *!
- Financial Advisor – AMERCO, Inc. (Parent of U-Haul, Inc.) *
- Chief Operating Officer – Restaurants Northwest, Inc. !
- Chief Operating Officer and Chief Financial Officer – Olsen’s, Inc. *!
- Financial Advisor – Admiralty Marine, Inc.
- Financial Advisor to Trustee – MILA, Inc. !
- Financial Advisor to Debtor – SMART Papers, Inc. !
- President and Chief Financial Officer – Matthews Electronics Corporation *!
- Financial Advisor – Midstream Technology LLC
- Plan Administrator and Chief Executive Officer and President – ENTRANCO, Inc. !
- Financial Advisor – HartCrowser, Inc.
- Chief Executive and Chief Financial Officer - Nichols Bros. Boat Builders, Inc. !
- Financial Advisor – Sequoyah Electric, Inc.
- Financial Advisor to Debtor – Pacific Rim Log Scaling Bureau, LLC
- Financial Advisor – National RV, Inc. *
- Financial Advisor to General Unsecured Creditor's Committee – Port Townsend Paper Corp. * !
- Plan Administrator – CEO and CFO - MCE Television Network, Inc. !
- Financial Advisor to Debtor – GEN CON, Inc. !
- Court Appointed Chapter 11 Trustee – Lettuce Fields, LLC!
- Financial Advisor to Debtor and Plan Administrator – W.A. Botting, Co.!
- Custodial Receiver – St. Michael Ethiopian Orthodox Church
- Financial Advisor to Debtor – Symons Frozen Foods, Inc. !
- Court Approved Trust Trustee - Columbian Publishing Co. !
- General Receiver - New Concepts, Inc. !
- General Receiver - Lanco, LLC !
- General Receiver - Division Street Condos LLC !
- General Receiver - Mercer & Co.!
- General Receiver - Calidora Skin Clinics, Inc.
- Custodial Receiver - Wellington Hills Park LLC!
- General Receiver - Weathervane Windows LLC!
- General Receiver - Hydra Pro, Inc. !
- General Receiver - Elks 1 Development, LLC !
- General Receiver - Ardent Enterprises, LLC. !
- Custodial Receiver - Michael Dawson !
- Custodial Receiver - One Lake Place !
! Bankruptcy or Receivership
