SPECIALIZED
DWC EMBARKS ON MAJOR APARTMENT RECEIVERSHIP IN SAN FRANCISCO
Parkmerced Receivership involves the second-largest apartment complex in the Western United States.
Court Appointed Fiduciary
Land Entitlements
Asset/Property Management
Assignment for Benefit of Creditors
Turnaround Management
Receiverships
Chapter 11 Trustee
Brokerage & Disposition
Partition Referee
Forensic Accounting
Due Diligence
Chief Restructuring Officer
Special Master
Liquidating Trustee
Expert Testimony
Highest and Best Use Analysis
Douglas Wilson Companies has made significant progress on a major receivership assignment that began in March 2025, involving San Francisco’s Parkmerced: a 3,221-unit apartment complex community.
The assignment originated following the property’s owner defaulting on a $1.8 billion loan in December, 2024, after which DWC Chairman and CEO Douglas Wilson was named Receiver in March, 2025. It is a significant receivership based on the sheer size of the community: With more than 3,000 apartment units and spanning 152 acres in San Francisco’s southwest corner, it is the second-largest apartment complex in the western U.S., second only to Park La Brea in Los Angeles. Across 11 twelve-story buildings and 1,493 gardenstyle townhomes, the post-World War II era neighborhood designed by architects Leonard Schultze and Thomas Dolliver Church has been a landmark in the city for decades. It was envisioned as a selfcontained “city within a city,” located amidst
more than 70 acres of open space, parks, greenbelts, and featuring some of the best views of San Francisco, the Pacific Ocean, Lake Merced, TPC Harding Park and The Olympic Club.
At the time when the owner defaulted on its loan, Parkmerced had experienced deferred maintenance, falling occupancy, delayed repairs and other problems.
“Receivership was the path forward for Parkmerced,” says DWC President Michele Vives, who is leading DWC’s receivership team on the assignment, alongside Wilson. “When a borrower has defaulted at this level, it is not just a rents and profits assignment. In this case, we encountered deferred maintenance and accounts receivable needs, among other issues, all of which are being addressed by the receivership team. As a neutral third party, we were able to approach the property with a completely fresh look and establish a stabilization plan accordingly.”
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RECEIVERSHIP UPDATE: A WASHINGTON, D.C. PROPERTY IN NEED OF RESOLUTION
Douglas Wilson Companies
DWC is currently serving as Receiver on a Washington, D.C. multifamily property that landed in receivership in March 2025 after its owner defaulted on a $17 million mezzanine loan. DWC Executive Vice President Joe Corcoran is serving as Agent for Receiver on the property, Highland Park, which is located in a vibrant Washington, D.C. neighborhood. The two-building complex spans a combined 373 units of residential and
mixed-use spaces, restaurants and a convenience store.
As Receiver, DWC was tasked with hiring a new property management company to manage the day-to-day operations of Highland Park, including collection of past due rents, collection of retail rents, stabilizing the assets, addressing deferred maintenance issues and placing financial controls.
CURRENT ASSIGNMENTS AND ROLES
Douglas Wilson Companies
“We took leadership on a property that was disjointed and was starved of capital to make improvements,” Corcoran says. “We are in a position now of stability to focus on what matters — leasing up the asset to the best of our ability and providing strategic capex for existing and new tenants. We look forward to the resolution in this case, and extending the loan so that the property can continue to operate.”
DWC serves many roles across bankruptcy cases, turnaround management and other forms of workouts. Here are some recent and current assignments:
Bankruptcy, Chief Restructuring Officer
DWC is serving as CRO for a 525-acre resort property in La Quinta, Calif. as part of a 2024 Chapter 11 bankruptcy reorganization. The project, initiated before the pandemic, faced rising construction costs tied to its planned luxury residences, world-class hotels, and conference center adjacent to an Arnold Palmer–designed golf course on city-owned land.
Assignment for the Benefit of Creditors
DWC is utilizing an ABC structure to complete the orderly wind down of national online retailer Zulily, including the liquidation of assets such as its two 700,000 square-foot warehouses in Ohio and Nevada. The process includes physical inventory, equipment, and intellectual property from a company once valued at over $2.6 billion.
Bankruptcy, Financial Advisor
DWC is advising a Delaware-based pharmaceutical holding company, a subsidiary of a major pharmaceutical manufacturing firm also headquartered in Delaware. The company filed for Chapter 11 bankruptcy in June, and DWC was engaged to provide financial and operational oversight throughout the restructuring process.
WHEN THE WINDS OF CHANGE BLOW
As another year-end approaches for Douglas Wilson Companies, we’re reminded of the significant change we have faced in a relatively short period of time this year. One year ago, we faced a wave of uncertainty around market factors, interest rates and political forces. Many businesses questioned their path forward, as did some real estate sectors that were hard hit by pandemic-era influences and the end of extend-and-pretend concessions. And while some of that uncertainty still exists, we’ve come a long way through a challenging economic environment to support many new clients and assignments whether that is as a Receiver, an advisor, a Chief Restructuring Officer or any number of other fiduciary and advisory roles.
As the Chinese proverb goes, “When the winds of change blow, some people build walls and others build windmills.” Here at DWC our windmill starts with a very exciting announcement around the elevation of a leader within our company — Joe Corcoran — to Executive Vice President. Joe is a proven hospitality leader, and this newsletter shares more on his background, recent project work and some of the critical contributions he has already made in his time with DWC — from his hospitality expertise to real estate prowess and problem-solving talent.
A MESSAGE FROM OUR CHAIRMAN & CEO
P. WILSON
We could not be more thrilled with Joe’s elevation to our executive team where he will lead alongside DWC President Michele Vives and Chief Operating Officer Nich Wilson.
Also in this newsletter, you will read about some of the exciting new assignments on which DWC is working, as a result of the changing landscape. This includes one of the largest multifamily receiverships on record and an update on a receivership relating to a massive Ponzi scheme investigated by the Securities and Exchange Commission.
As the winds of change continue, DWC continues to prepare for the future with attention to leadership, skills, experience and foresight. With 36 years in business based on these principles, our windmill stands ready to support and propel our clients going forward.
Sincerely,
Douglas
P. Wilson dwilson@douglaswilson.com
619-906-4312
DOUGLAS
with Douglas Wilson Companies
With the fall season in full swing, DWC’s leadership looks forward to exchanging insights and best practices with colleagues, partners and industry associations.
Dec. 4-5, 2025 — IMN Bank Special Assets Forum Dallas, TX
DWC is proud to sponsor this annual event focused on bank special assets. DWC EVP Joe Corcoran will be speaking on the hospitality panel, with COO Nich Wilson and Directors Michael Wilson and Monica Wilson also in attendance. Stop by the DWC booth to connect!
Dec. 4-6, 2025 — American Bankruptcy Institute (ABI) Winter Leadership Conference Tucson, AZ
Chairman & CEO Douglas Wilson and President Michele Vives will represent DWC at this premier bankruptcy conference.
Jan. 11-14, 2026 — CRE Finance Council Miami Miami, FL
DWC President Michele Vives, COO Nich Wilson, and EVP Joe Corcoran will attend this annual conference hosted by the CRE Finance Council.
Jan. 21-23, 2026 — IMN Winter Real Estate Private Funds Conference Laguna Beach, CA
DWC returns as a sponsor and speaker at this event hosted by IMN! COO Nich Wilson, EVP Joe Corcoran, and Director Michael Wilson will be onsite—visit our booth or schedule a meeting.
Jan. 29-30, 2026 — CRF Loyola XI: Sailing the Seas of Change Long Beach, CA
DWC will be sponsoring and taking part in a CRE panel discussion. DWC President Michele Vives, Director Michael Wilson, and DWC leadership look forward to connecting—stop by the DWC booth and say hello!
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The path forward for Parkmerced
As agent for Receiver, DWC’s team immediately established an on-site presence at Parkmerced to first assess the most pressing needs at the property, communicate with tenant groups representing the more than 8,000 residents, and connect with local leaders and community stakeholders.
“Despite many moving parts, we were able to quickly analyze what needed to be done,” Vives says. “With DWC’s diverse background and experience, we applied our understanding of construction, development and multiunit property management to first assess the overall needs in terms of facility improvements. Our longstanding experience in repositioning assets allowed us to put the right team in place from the get-go.”
After initial site visits, the DWC team took strategic steps to stabilize the property, identify current vendors and work with existing property management, before selecting and contracting with a new property management company and transitioning tenants onto new integrated platforms.
DWC is also in the process of addressing deferred maintenance and completing capital expenditure projects such as roof work, tower lighting, elevator repairs and landscape maintenance. All work is being completed with the aim to address aging infrastructure, improve life safety, and ensure compliance with San Francisco Fire Code, Title 24, and egress lighting requirements — ultimately with the goal of improving occupancy.
Solid steps toward recovery
With a strategic plan to turn approximately 800 units in 2025, boost occupancy levels and reduce the monthly operating deficit, DWC is already well under way in achieving its goal. As of September, more than 340 units had been turned, with occupancy ticking up from 81% to 84.8% under the new property management company.
“We are steadily gaining traction to attain the goals we set out to achieve,” Vives says. “The property improvements, enhanced security, more expedient and regular communications with tenancy groups and new property management all lend themselves to reaching our goal.”
Additionally, the DWC team supporting the assignment is equipped for the variety of needs demanded from such a vast property with numerous components from renovation to safety restoration and accounts receivables management.
“Our forensic analysis and strong accounting team allows us to look closely at cash management, while our development background enables our approach to turning the property around,” Vives says. “While this is one of the largest projects in the country, DWC is experienced in employing the right teams for all the different aspects of such a property. This diversity of services, experiences and skill sets means we are able to address Parkmerced’s needs one at a time, yet in a strategic and comprehensive way.”
DWC CONCLUDES PONZI INVESTOR CLAIMS
Douglas Wilson Companies
In a major Securities and Exchange Commission case involving a $735-million Ponzi scheme, DWC as agent for receiver has completed the investor claims process.
The court-appointed receivership in Horwitz vs. S.E.C. began in early 2022 and stems from the largest Ponzi scheme ever prosecuted before the U.S. Central District Court of California; a scheme that defrauded hundreds of investors based on fabricated movie deals purported to have been made with the likes of Netflix and HBO. Between 2014 and 2019, perpetrator
Zachary J. Horwitz, acting under the entity 1inMM Productions, used new investor funds issued for the fabricated movie deals to repay earlier investors and sustain his extravagant lifestyle. The scheme ultimately defrauded hundreds of investors and today Horwitz is serving a 20-year federal prison sentence for the fraud.
The receivership, which named Douglas Wilson Companies’ President Michele Vives as Receiver, has two major components: first, overseeing legitimate business operations of the film entities involved in
the scheme and second, recovering damages for the victims of the fraud, including five principal aggregators and numerous sub-aggregators. This involved analyzing tens of thousands of transactions and thousands of bank statements to trace account history and funds, and then conducting a process to manage, review and approve all claims to defrauded funds.
Completing the claims process
outreach to 391 investors who had been deemed as having sustained losses under the Ponzi scheme.
Led by DWC Director Kristine Cuevas, the claims process began in April 2025 and concluded in July, including
Once the claims process received court approval, claimants were provided a 90-day time period to submit their claims, after which the Receiver and her team completes a process to review and respond to all claims. Of the 391 investors who received outreach, 368 submitted claims — an engagement rate of more than 94%. DWC’s team made efforts to contact and remind all remaining parties of both the deadline and the required submission process.
“We are very pleased with the high rate of timely claims and we are proud of our team’s dedication to ensuring the accuracy of each investor’s claim calculation,” Cuevas says.
Once the review of all claims is complete, DWC, as Receiver, will seek court approval for each submission. This step brings the process closer to eventual disbursement of funds to the investor victims at the conclusion of the approval process.
“It is an interesting process in that every single claim is unique,” Cuevas says. (Continued
JOE CORCORAN JOINS LEADERSHIP TEAM AS EXECUTIVE VICE PRESIDENT
Douglas Wilson Companies
DWC has named Joe Corcoran as the company’s Executive Vice President, elevating Mr. Corcoran to the DWC’s executive team and positioning its leadership for future growth.
As a longtime hospitality leader, Corcoran, based in Dallas, is the cofounder of TCOR Hotel Partners, an
organization focused on purchasing, operating and selling hospitality properties. Through his TCOR work, Corcoran has consistently developed and executed on rigorous investment strategies, leveraging the company’s
multidisciplinary hotel industry expertise and experience.
His background spans operational leadership as well as transactional expertise, with an extensive network of relationships with brands, owners, lenders and operators.
“Since joining DWC in 2024 as a managing director, Joe has spearheaded multiple hospitality projects and assignments, and he has also proven a leader across other assignment types,” says DWC Chairman and CEO Douglas Wilson. “Joe’s role as Executive Vice President bolsters Douglas Wilson Companies’ growth trajectory both in terms of the skill set Joe brings as well as the leadership qualities he embodies.”
Most recently, Corcoran has focused on the receivership of a Portland Marriott hotel property, an assignment nearing completion, as well as his role in supporting Douglas Wilson as Chief Restructuring Officer in a major assignment relating to a 525-acre resort property in La Quinta, Calif. involving multiple hotel brands, residences, golf and other resort amenities. He is currently leading the assignment team for a multifamily property in receivership in Washington, D.C.
An eye toward the future of DWC
With Corcoran’s extensive hospitality background and turnaround management experience, he is positioned to lead new projects and assignments forward in his role with DWC — across the company’s business channels.
“From hospitality to multifamily, operating companies and other assignments, the growth of DWC is organic,” Corcoran says. “I first brought a focus on hospitality, but as business has increased, I have embraced the opportunity to work on all types of assets.”
Corcoran is eager to apply his skills to a variety of assignment types and resolution offerings.
“DWC provides a platform that will continue to grow through its flexibility as a fiduciary,” he says. “This is not limited to receiverships, but extends to bankruptcy scenarios and all types of workouts. Each has a different solution, while some are very complex and others are very straightforward. I like them all, but especially the complex assignments that sometimes present the bigger problems to solve.”
When DWC founder, Douglas Wilson, moved to San Diego in the early 1980s from the busted energy bubble of Denver, he was thinking big. As DWC enters its fourth decade, it does so with an executive suite of high-achieving young professionals who have already experienced a round or two of cycles.
IN THIS ISSUE
INSIDE A MAJOR SAN FRANCISCO APARTMENT RECEIVERSHIP
Receivership involves the second-largest apartment complex in Western U.S.
RECEIVERSHIP UPDATE: COMPLETING THE CLAIMS PROCESS
DWC receivership progresses in $735 million SEC Ponzi scheme case.
DWC NAMES JOE CORCORAN EVP EVENTS CALENDAR
Promotion bolsters DWC leadership and company growth.
DWC event appearances, sponsorships and more.