Estate Closedown with $10 Million Greater Recovery than Expected

Indianapolis Downs

Indianapolis, Indiana


Casino and race track just south of Indianapolis. Engaged as Liquidating Trustee just prior to closing $500 million 363 sale of all tangible assets. No sales and no debt. 

  • Distributed majority of proceeds immediately post 363 sale to three tranches of secured debt
  • Managed $24 million pool of cash, transaction escrows and claims with goalto increase recoveries for benefit of secured creditors


  • Worked with creditors, 363 buyer and other professionals to successfully and timely resolve all post transaction escrow issues without litigation
  • Resolved all claims without litigation except for one situation which the secured creditor specifically allocated money to pursue
  • Completed all gaming and tax reporting without negative repercussions


  • Distributed $10 million more cash to secured creditors than budgeted
  • Actual to budget spending represented a 28% reduction with MorrisAnderson fees 30% under budget
  • Resolved claims at 50% of budgeted amounts
  • Closed case in 1 1⁄2 years

Daniel F. Dooley

Dan Dooley, CTP, is a Principal and CEO at MorrisAnderson based out of Chicago. He has a strong national reputation in crisis management, operations improvement, debt refinancing/restructuring and C-level positions. He is a frequent speaker at industry conferences and a regular author for industry periodicals. Dan has served on the Board of Directors of both Read More

Daniel Wiggins

Daniel Wiggins is a Principal at MorrisAnderson with notable turnaround and transaction experience. In building value for his clients Daniel focuses on enhancing stakeholder relationships that optimize business continuity and he frequently leads negotiations with clients’ key suppliers, customers, and lenders – particularly during restructuring initiatives. An additional focus of Daniel’s engagements is mentoring management Read More