Negotiation of Cooperative Turnover Agreement


When the owners of a franchise system were facing possible foreclosure, the franchisor turned to Larkin Hoffman to help maintain a portion of its investment rather than having its position foreclosed by its lender. Larkin Hoffman negotiated a cooperative turnover agreement between the franchisor and its lender. The negotiations resulted in the principals of the franchisor receiving several million dollars from the lender in exchange for cooperation in turning over the franchise system.