Blackstone Financial conducts claim-file recovery audits, contract entitlement recovery, asset investigation, and judgment enforcement for liquidating trustees, court-appointed receivers, post-confirmation trusts, and other fiduciaries holding rights against third parties.
We work on contingency where the engagement permits. No estate cash committed.
We work with fiduciary professionals managing recovery work post-confirmation, post-appointment, or post-liquidation. Our typical engagement counterparties include:
Causes of action, subrogation rights, contract claims, and broker errors-and-omissions claims that require operational development before they can be monetized.
Equity receiverships, federal enforcement matters, and state-court receiverships holding unliquidated rights against third parties.
Bankruptcy estates with limited internal bandwidth for claim-file audit, asset tracing, or contingency recovery work.
Probate matters involving asset tracing, undisclosed interests, or judgment enforcement against debtors of the estate.
Parties evaluating claim viability and collectability during diligence or pre-litigation review.
Our services are designed to align with fiduciary economics. We work on contingency where permitted, advance our own costs, and ask nothing of the estate until recoveries are produced — or, when the holder prefers cash today, we acquire the underlying claim directly.
Self-insured retention programs, large-deductible programs, and fronted insurance structures produce recovery rights belonging to the named insured — subrogation against tortfeasors, contract claims against shippers and brokers, contribution claims against co-defendants, and recoveries from other insurance. These rights routinely go unpursued, particularly preceding an insured’s financial distress.
When a fiduciary takes possession of the insured’s rights through bankruptcy, receivership, or assignment, the closed-claim file inventory typically contains material unrealized value that no party — not the TPA, not the carrier, not prior counsel — has incentive to develop. We conduct the operational audit, identify recoverable opportunities, and pursue them on contingency.
Asset investigation is the foundation of every recovery engagement. We bring fifteen years of civil financial investigation experience and over four thousand OSINT investigations completed at a major Am Law 200 firm — combining traditional records research with modern open-source intelligence, social media analysis, corporate registry tracing, and digital forensics.
Where a bankruptcy estate is involved, the starting point is that a debtor’s schedules are a self-report. We test them against the public record. Working from the filing itself, we screen county recorder indexes, state UCC filings, corporate registries, and assessment rolls as they stood on the petition date, and identify property that does not appear on the schedules, interests held through entities, and conveyances made in the run-up to the filing. Because the screen is anchored to the petition date, a finding does not decay while the fiduciary acts on it.
The same records answer a different question after judgment. For creditors and fiduciaries holding an unsatisfied judgment, we locate what the debtor owns, what has been moved and to whom, and which of those transfers remain reachable — so enforcement effort is spent on assets that exist rather than on assets that were reported.
We report candidates as candidates. Each finding is set out by document identifier and recording date, with the recorded instruments cited and a plain statement of what the records do not establish, so the fiduciary can verify every element independently before committing estate resources.
Most judgments are never collected, and most fiduciaries would rather liquidate a judgment or claim than wait years for an uncertain recovery. Because we are not a law firm, we take recovery rights by assignment — title transfers to us, and we pursue the recovery for our own account. This applies to money judgments, subrogation rights, contract claims, and other causes of action held by an estate.
Consideration to the holder is structured to fit the matter: outright purchase at a discount for immediate cash, a modest payment up front against a share of what we recover, or a pure recovery-share arrangement where the economics warrant it. In every case the holder converts a dormant right into certainty or upside without committing estate funds to enforcement.
Operating companies that entered distress almost always leaked money through their disbursement process: invoices paid twice, vendor credits never applied, deposits never returned, and contract overcharges never reconciled. These amounts sit unrecovered because no party to the wind-down has the bandwidth or the forensic tooling to find them. We audit the estate’s payment history and reconcile it against vendor records to identify and recover what the estate is owed.
The mirror image of payables leakage: businesses that ran on multi-year customer contracts — staffing, managed services, logistics, facilities, medical billing — almost always underbilled them. Rate escalators never invoked, expired discounts still applied, accessorial and per-occurrence charges never invoiced, minimum commitments never trued up. The contract was negotiated once; the billing system kept issuing invoices at old rates for years. When the company fails, those uncollected entitlements are assets of the estate — receivables that were earned under the contract but never billed.
We reconcile the debtor’s contract set against its invoice history, compute the entitlement gap clause by clause, and develop each viable counterparty into a documented recovery — with the claim citation, the period-by-period arithmetic, and the evidence exhibits a demand requires. Because each underbilled invoice generally accrues its own limitations period, even long-running contracts yield a live multi-year tail, and Section 108(a) preserves timing the estate would otherwise lose.
We engage on three primary structures, calibrated to the fiduciary’s economics and the recovery profile of the matter. All structures preserve our alignment with the fiduciary’s outcomes rather than billable hours.
Our preferred structure for closed-claim file recovery, contract entitlement audits, broker E&O claims, judgment enforcement, and other engagements with quantifiable recovery potential. We advance all third-party costs and take a defined percentage of net recoveries. Rates typically range between 20–35% by engagement.
For engagements requiring investigative work in advance of identifying recovery targets — complex asset investigations or pre-litigation diligence. The fiduciary covers a reduced hourly rate during the investigative phase, with reduced contingency on resulting recoveries.
For diligence engagements, internal investigations, expert support, and matters where the deliverable is information or analysis rather than a recovery outcome. Rates and scopes are negotiated per engagement.
We are paid from recoveries, not retainers. When we take a matter on contingency or by assignment, our economics are tied directly to the dollars we return to the estate — we earn only when you recover. That alignment is rare among the professionals a fiduciary engages, most of whom bill regardless of outcome.
Our deliverable is recovered dollars, not a memorandum. We do the file audits, the records requests, the recovery development, and the collection work — not just an analysis recommending that someone else do them.
Our methodology is built on fifteen years of civil financial investigation and thousands of OSINT and asset investigations, working alongside counsel throughout the United States. We integrate traditional records research with open-source intelligence, cryptocurrency tracing, and digital forensics — depth most recovery operations cannot match.
Our scope is deliberately distinct from trust counsel, financial advisors, and the other professionals already at the table. We fill the operational gap between knowing a recovery exists and actually collecting it — without duplicating work you are already paying for.
This is not general investigation work repackaged. We focus specifically on the recovery situations fiduciaries face — self-insured retention and large-deductible claim files, subrogation and contribution rights, money judgments and assigned claims, accounts-payable leakage in wound-down operations, and customer contracts the debtor systematically underbilled. We know where value hides in each, and how to convert it.
To discuss a matter, reach out by phone or email. We respond within one business day. Engagements accepted nationally.