Seth E. Dizard of O’Neil, Cannon, Hollman, DeJong and Laing S.C. has joined the National Association of Federal Equity Receivers as an Associate Member. NAFER’s mission is to provide a forum for federal equity receivers to consult with one another regarding the legal and practical issues they face in order to develop best practices and common solutions.  The goal of NAFER is to improve the quality, standardization, and expertise in the receivership field, to make it possible for those choosing receivers to do so with confidence.

As the head of the firm’s Banking and Creditors’ Rights Practice Group, Seth E. Dizard regularly serves as a court-appointed receiver throughout the State of Wisconsin for businesses, construction projects, real estate developments, marital and family estates, rental income properties, and high net worth individuals. He also represents financial institutions, secured and unsecured corporate or individual creditors, and financially troubled corporations in both state and federal courts. He also assists business owners by guiding them through the process of informal financial work-outs and refinancing. Seth has extensive experience serving as court-appointed receiver, and representing court-appointed receivers, throughout the state in assignments for the benefit of creditors (Chapter 128 Receiverships), in addition to real estate foreclosures, the winding-up of closely held corporations, and complex post-judgment collection matters. Since joining the firm in 2007, he has managed and transitioned over $100,000,000 in assets. Seth also assists clients with the acquisition or disposition of businesses and/or business assets in insolvency proceedings, as well as representation of both secured and unsecured creditors in bankruptcy proceedings across the country.

By becoming NAFER’s first Wisconsin-based member, Seth is expanding upon his experience as court-appointed receiver to better serve those seeking his service and expertise.

Our firm is proud of Seth’s admission to NAFER, and of the recognition by this highly respected national organization of Seth’s reputation and substantial experience acting as court-appointed receiver.

You can contact Seth by phone at 414-276-5000 or by email at seth.dizard@wilaw.com

Through a court-ordered auction, a downtown Milwaukee office building that houses the Internal Revenue Service was sold to a lender this month. The previous owners were the target of a lawsuit filed in 2013 that resulted in an auction where the building was purchased for $14 million. The IRS leases approximately 80 percent of the building, and it is located near The Shops of Grand Avenue. An article about the transaction recently ran in the Milwaukee Business Journal.

Attorney Seth Dizard was the receiver of this building leading up to the auction that attracted interest from national investors.

Read full article here.

In a recent article published by The Journal Sentinel, Dizard was mentioned for his court-appointed receivership of a local Milwaukee apartment building that has been declared a public nuisance.

Attorney Seth E. Dizard is the head of the firm’s Banking and Creditors’ Rights Practice Group. He has extensive experience serving as a court-appointed receiver throughout the State of Wisconsin for businesses, construction projects, real estate developments, marital and family estates, rental income properties, and high net worth individuals.

Read full article here.

An investors group that includes the owner of three area golf courses has purchased the former Lac La Bell Country Club near Oconomowoc for $1.3 million.

The golf course was sold to the group by receiver Seth Dizard on behalf of First Bank Financial Centre, which took it back from the previous owner in a foreclosure action.The 18-hole, 140-acre golf course is located at W389 N6996 Pennsylvania St. in the Village of Lac La Belle.

(Excerpted from BizTimes.com)  Read full article here.

Downtown Milwaukee office building put in receivership

Milwaukee Journal Sentinel – February 24, 2014

A court-appointed receiver has been named to oversee the operations of a financially troubled downtown Milwaukee office building.

The eight-story building, at 211-219 W. Wisconsin Ave., adjacent to the Shops of Grand Avenue, is owned by 30 separate investment groups, all based outside Wisconsin, according to court records.

Those groups are insolvent. Their debtor is a Bank of America commercial mortgage fund, with U.S. Bank serving as its trustee.

Milwaukee Attorney Seth Dizard was appointed as receiver for the 105,000-square-foot building, which is leased mainly to the Internal Revenue Service.

The IRS moved its regional office there in 2006, the same year the property was sold by Wispark LLC to Chicago-based TSG Real Estate LLC for $20 million. Wispark bought the building in 2004 for $3 million, and remodeled it to accommodate the IRS.

Later in 2006, the building was sold to its current owners. It is now valued at $13 million, according to city assessment records.

As reported in the Milwaukee Journal Sentinel, State Rep. Evan Goyke (D-Milwaukee) introduced five bills designed to alleviate what Rep. Goyke  considers ongoing problems arising from the housing crisis that began in 2008.  Lenders and their counsel would be wise to pay careful attention to a number of the bills in the package, as they could, if passed in to law, significantly affect future foreclosure actions.

Of particular concern to lenders is the proposal to require a plaintiff filing a foreclosure action to post a $15,000 demolition bond with the clerk of courts of the county in which the property is located.  If the property in question must be demolished, the $15,000 would be applied to the cost of the demolition.  Additionally, the $75 filing fee currently associated with a foreclosure action would be increased by $50.  This fee increase would be used to install lighting at existing abandoned homes.  Another bill in the package would give municipalities and lenders the right to enter foreclosed properties to address any potential problems.  It is uncertain whether the bill is intended to create a requirement to do so.

Copies of the legislation can be read here.  Further information about these bills, and the other bills included in the package, as well as the impact they may have on the decision to bring a foreclosure action, can be obtained by contacting any member of our firm’s Creditors’ Rights Practice Group.

Judge clears way for Falls Radisson sale

Milwaukee Journal Sentinel – August 26, 2013

The eventual sale of the publicly financed Menomonee Falls Radisson Hotel took an initial step forward Monday. Waukesha County Circuit Judge James Kieffer granted a request by the Village of Menomonee Falls to expand the powers of a court-appointed …

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For Sale: The Menomonee Falls Radisson Hotel

Menomonee Falls Patch – August 26, 2013

A Waukesha County Circuit court judge on Monday granted a receivership attorney expanded powers to market and sell the Radisson Hotel property, which has been in foreclosure. Receivership attorney Seth Dizard has overseen operations at the hotel …

Money woes not snowing in Highlands of Olympia ski hill plans

The two tenants at Highlands of Olympia aren’t letting problems with ownership of the property slow them down. Casey Bingham and Brent Milkey who manage the ski hill, have been working diligently to reopen this season with improvements.

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Radisson Subcontractors Move Closer to Getting Paid

Four contractors petitioned to appoint a receiver for the contractor, Gil-Her Limited, that hired them for work at the Radisson Hotel. The move could help all parties reach a settlement in the hotel’s ongoing foreclosure suit.
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Posted on November 19, 2012

Attorney Seeks Expanded Authority to Market, Sell Radisson Hotel

The receivership attorney appointed by the village to monitor day-to-day business at the Radisson Hotel wants the power to market and sell the hotel, as well as address issues with the members of the ownership group.
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“Cook and Franke law firm dissolved”

Cook and Franke SC, one of Wisconsin’s oldest and at one time one of the largest law firms, has been dissolved as a corporation.

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