About The Case
Stibbs & Co. attorneys obtained for its client two judgments in two Texas counties against a debtor. Investigations revealed that the debtor owned a sizable boat dock—complete with living quarters—in north Texas. The boat dock was associated with three shore leases provided by the local water board. While the local constable’s office could seize the boat dock, it could not seize the shore leases—an intangible asset—and the boat dock only had value if it could be sold along with the shore lease rights. While other creditors were deterred by these circumstances, Stibbs & Co. determined that a post judgment receiver could take possession of the intangible and tangible assets in order to liquidate them together. Stibbs & Co found David Fettner in Houston, Texas, an attorney with hundreds of post judgment receiverships under his belt and asked the trial court to appoint Mr. Fettner as a post-judgment receiver to “step into the shoes” of the debtor and not only sell the boat dock to a purchaser, but coordinate with the local water board to assign the debtor’s shore lease rights to that purchaser, effecting a complete sale of the boat dock in place. The process was executed, proved successful and the receiver realized the sales proceeds and applied those proceeds to the client’s judgments.