Publicly Traded, Bay-Area Bank Uses MyPorter for Three Year Commercial Asset Storage Project
A large, publicly-traded bank on the West Coast held the primary debt for a Atlanta-based fiber optic company on the verge of bankruptcy. While the company was winding down, it still held considerable technological assets whose value was in the tens of millions of dollars. Bankruptcy proceedings would take multiple years and the landlord for the company’s warehouse was one week from locking the doors (and all of the assets) inside. Without a physical presence in Atlanta, the client needed a local agent who could pickup, transport, and commercially store the assets for an undetermined length of time until bankruptcy and auction proceedings could be established and completed.
To proactively address these issues, MyPorter sent a project manager out to the company’s current industrial space. Coordinating with the local company officers and Senior banking management back on the West Coast, speed was of the essence given the time-sensitive nature of the project. In three days, MyPorter transferred the contents of a 10,000 sq. foot warehouse and 2500 sq. foot office using it’s proprietary fleet and team of contractor partners. There were zero damages to the product and the client was able to use MyPorter storage services (mix of floor and palletized product) for three years until the matters were settled in court. When a buyer for the assets was identified and ready to purchase, they opted to use MyPorter’s transportation options to an out-of-state location – helping both the buyer and our banking client reduce their overall headache.
The client was thrilled with MyPorter’s performance, noting that the speed from 1) negotiation to 2) signed contract, to 3) project execution was less than 48 hours. Product was faithfully stored for over three years with no damage or losses. The bank was able to liquidate the company’s assets and ultimate protect its business interests with the help of MyPorter.