Buttner Hammock and Company mentioned in an article in the St. Augustine Record. Click here to view the article.
The committee wants the $2.4 million in recovered cash invested into a new subprime auto loan company that, though potentially risky, could earned an estimated $10 million over eight years — roughly two or three times what liquidation would bring.
Edward W. Buttner IV, a CPA at Buttner Hammock & Co., Jacksonville, created a business model for that new company and predicted it could open for business April 1, 2011, and be sold or liquidated March 31, 2019.
“The money earned (by the new company) will be banked for five years to allow the company to grow,” Buttner said. “After 2016, it could return $500,000 per quarter until 2017, then return $750,000 per quarter until 2018.”
The creditors believe the reorganized company, which both sides call “NewCo” as a kind of shorthand, can provide three to five times more than liquidation.
“It will be a well-run, with a thoroughly vetted and competent operator,” he said. “My model is conservative.”
