Coverage Radar · Three Regionsfixed district list
I
The Buy Box
The fixed screen, memorized by every member of the desk. If a filing falls outside the box, it does not earn desk time.
Transaction Size
$700K – $4M
Below: no economics. Above: escalate first.
Geography
SE · Midwest · SW
Fixed district list, mapped in Movement II.
Asset Types
MF · Mixed-Use · Industrial · Warehouse · Land
Office, hotel, retail-only — discarded at screen.
Debtor Type
Entity Only
LLC / LP / Corp / Inc. Consumer never worked.
Case Posture
Ch. 11 Active or Ch. 7 Asset Sale
Closed and no-asset cases discarded.
Equity rule: value must exceed secured debt by 15%+.
Recency rule: filings 90+ days stale unless sale/plan pending.
Land rule: entitlement or path-to-value required.
Escalation rule: $4M+ or unusual → principal before work begins.
II
Domi — Source & Screen
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Owner of This Movement
Domi
Nairobi, Kenya (EAT) · Daily sweep, Mon–Fri, complete by 11:00 AM ET
The daily sweep, run in exact order. A discard takes thirty seconds — do not study it.
Southeast
17 districts
FL (N/M/S) · GA (N/M/S) · AL (N/M/S) · TN (E/M/W) · NC (E/M/W) · SC · MS (N/S)
Midwest
16 districts
OH (N/S) · MI (E/W) · IN (N/S) · IL (N/C/S) · MO (E/W) · WI (E/W) · MN · KS
Southwest
11 districts
TX (N/S/E/W) · OK (N/E/W) · AZ · NM · NV
Run the PACER + CourtListener sweep — last 24 hours
New business filings, Ch. 7 & 11, restricted to the three-region district list above. Triage on CourtListener/RECAP before spending PACER pages; set standing Docket Alerts on anything that passes.
Pull schedules, extract the five data points
Property address & value (Sched A/B, Part 9) · secured creditor & claim (Sched D) · asset type · trustee/counsel contacts · filing & 341 dates.
Apply the buy box — size, geography, asset type, equity, in order
15%+ equity cushion required. Discard consumer cases, no-asset Ch. 7s, out-of-band claims, and excluded collateral types immediately.
Crosswalk in PropStream, then CRED iQ where securitized
Confirm ownership, lis pendens, lien stack, AVM. CRED iQ Find tab for servicing/watchlist flags — most CMBS sits above $1M, so the $700K–$1M slice runs on PropStream + county records alone.
Skip-trace the principal, complete the tracker row
Case, debtor, asset, debt, and read — every column, no blanks. Handoff trigger: row complete + contact verified → moves to Kesler same day.
Sweep: 11:00 AM ET dailyFile built: within 24 hrsReview: Friday
III
Kesler — Engage
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Owner of This Movement
Kesler
Montreal, Canada (ET) · First touch within 24 hrs of handoff, send window 9:45–10:15 AM ET
One file, one email, built on the actual transaction. The specifics are the hook — never a template.
Read the file, choose the contact
DIP, Ch. 11 → debtor's principal still controls the asset. Ch. 7, or trustee appointed → trustee is the contact. The docket tells you — look for the order appointing a trustee.
Choose the register
Trustees/counsel: direct, plain register. Debtor principals: Two-Step Capture — mechanism withheld, single reply trigger. Plain text only on cold sends.
Cadence — three touches, then archive
Day 0Anatomy email — case, equity, withheld mechanism, single reply trigger.
Day 3Two-line bump, one new docket fact.
Day 7Second angle — urgency clock ("the 341 is in nine days") or consequence of inaction.
Day 12Final touch, door left open, then archive with status noted.
On replyQualify goal, timeline, intent. Intent to move → escalate to principal same day.
First send: within 24 hrsWindow: 9:45–10:15 AM ETEscalation: same day as intent
IV
Principal — Structure & Close
OwnerCorey · From intent to close
The senior conversation. By the time the principal speaks, the desk already knows the file cold.
The intent call — within 48 hours of escalation
Confirm goal (keep, exit, recapitalize), real timeline against the court calendar, and capacity — what they can document, what counsel they have.
Read the stage, select the play
Case posture determines structure — see Movement V. Structure to the court-approved budget where the court is still in the picture.
Issue the document request and engagement letter
Petition + schedules, docket, 12mo operating statements, proof of claim, appraisal/BPO, entity docs, PFS — routed under Sensitive Document Routing Protocol.
Place, paper, and close
Route to the capital counterparty for the selected play. Coordinate motion timeline with debtor's counsel where the court must approve. Log close, return to next file.
Intent call: within 48 hrsDoc request: same dayClose: always logged
V
The Decision Tree
The bankruptcy stage sets the play. The desk reads the timeline before it reads the asset.
?
Still inside an active Chapter 11?
Pre-confirmation, court-approved, sized to the court-approved budget.
Play · DIP Facility
?
Plan confirmed, sponsor needs exit capital?
Post-confirmation, debtor must pay off secured creditors to emerge.
Play · Bankruptcy-Exit Bridge
?
Can the secured note be acquired pre-resolution?
Buy the distressed first lien directly — control the position ahead of the plan.
Play · Note Acquisition
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Fully emerged, title clean?
Lead with asset quality and forward plan — bankruptcy is context, never the headline.
Play · Clean Post-Emergence Bridge
VI
Live Deal Flow
Shared with the whole desk. Mark a file complete and everyone sees it move.
Loading shared pipeline…
The docket is public.
The discipline is not.
The discipline is not.
Domi screens.
Kesler engages.
Principal closes.
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