National Realty Investment gets new managers with court’s approval

By Sarah Lizee

Olympia, Wash., Aug. 10 – National Realty Investment Advisors, LLC received court approval to replace its independent manager with three new managers after a deal was reached with investors, according to court documents filed with the U.S. Bankruptcy Court for the District of New Jersey.

On July 13, several investors filed a motion seeking entry of an order appointing a Chapter 11 trustee to the case, or in the alternative, conversion of the case to Chapter 7.

The investors wanted to have Brian Casey, who was the company’s independent manager, replaced with an independent fiduciary. The group had expressed concerns over Casey’s ties to the debtors’ previous leadership.

The company said that in order to avoid the potential delay, uncertainty, risk and expense of protracted litigation of the trustee motion, the debtors and investors engaged in settlement discussions.

As part of the settlement, Casey will step down from his role as independent manager.

The debtors will establish a new board for National Realty with three independent managers, and retain Turnaround Advisors, LLC to provide a chief restructuring officer. The three independent managers are retired bankruptcy judges Kevin Carey and Kevin Gross, and turnaround professional Bernard Katz.

The Secaucus, N.J.-based real estate investment, management and development firm filed bankruptcy on June 7 under Chapter 11 case number 22-14539.

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