Fired Trustee/Evaluation Multi-Phase Development

Our Client: The estate of an oil refinery owner.

Property: 100+ acre site previously used as oil field and refinery. Remediation plan partially approved.

Developer: Publicly held national builder.

Project: Multi phase and multi product development.

The family members had recently fired the individual managing the assets of the estate when the buyer of the 100+ acres requested modifications to the phased purchase contract based on specific changes in site conditions.

The scope of our contract with the estate was to review the project including model complexes, sales program, and infrastructure phasing plan, construction program, and remediation plan. Our services included a summary overview of the project in layman terms and estimated land payoff schedule based on observed market conditions in relation to the products offered for sale. We also prepared an opinion of the contract modification requested by the purchaser. The estate used our information as a basis for renegotiation of specific clauses in the purchase contract.

The estate's goal for hiring the Tuxhorn Company was to receive an independent evaluation of the status of the project. The report also included an opinion on the assumptions made by outside consultants hired by the developer/buyer. We were also requested to comment on the strategy, timing and capital demand that could be expected of the buyer. The report was prepared in written form and was verbally presented to the executor and legal counsel.