Hilco Trading announced the formation of Hilco Receivables, LLC. Jay Stone has been named CEO. The new Hilco Receivables is based in Northbrook, IL and will provide contingency fee collection services and portfolio acquisitions throughout North America and Europe on non-performing and under-performing commercial debt. It will also purchase charged-off consumer debt such as credit card receivables, student loans, health care receivables and installment loans. In addition to having a relationship with the American Collectors Association (ACA), Hilco Receivables is a BBB Accredited Business and is fully licensed and insured to protect clients.
“We are returning to the receivables business at this time because we uniquely understand the marketplace and the needs of our financial and corporate customers. This is another service for us to help customers maximize the value of any non-performing asset they may have in their portfolio as a natural extension of our overall Hilco offering,”, said Jeff Hecktman, chairman and CEO of HIilco Trading LLC. “Our original receivables business quickly established itself as an industry leader until we sold the company in 2007, and we believe it is an important practice in our overall suite of valuation and monetization services,”, Hecktman said. Prior to selling the company in 2007, the original Hilco Receivables had acquired nearly $4 billion face value of debt, made capital investments exceeding $225 million and monetized more than $229 million of debt through contingency fee collection work.
Hecktman hired Stone to serve as the new CEO of the Hilco Receivables business recognizing the enormous up-side of re-launching the practice with the right management team and business Strategy. Stone had spent nearly six years building his own successful accounts receivables organization called Steamboat Partners LLC since 2007.
“Jay saw the same the opportunity as I did, especially to deploy large amounts of capital for portfolio acquisitions. With his experience and leadership I have no doubt he’ll repeat his past success,”Hecktman added.
Joining Jay Stone from Steamboat Partners is a seasoned management team. Buddy Beaman, EVP/COO, served as a VP for Bear Stearns (eCast) and First USA / Bank One, running their collections and recovery system as well as analytics. Bill Schmeiderer, SVP Operations, was Director of the Commercial A/R Division of Apex Financial Management. He also worked with DeVry Incorporated, where he managed student loan collections, and served with Household International (now HSBC) in collection management. A team of highly-experienced commercial collectors, each with a minimum of 20 years of experience, has also joined the new Hilco Receivables.
Stone summed it up. “I’m thrilled to return to Hilco. Together we bring the best practices and entrepreneurial drive with the financial strength and global resources of today’s Hilco organization.”