Over 1,700 customers of Menomonee Falls-based
Window Select have been left in limbo as the company works through bankruptcy proceedings and their contracts remain unfinished.
One North Carolina company is looking to take over those contracts and create an entirely new company, untethered from Window Select’s ongoing financial problems.
Court documents show Durham, North Carolina-based
Phoenix Investment Group Holding, LLC is willing to take over Window Select’s contracts at a projected loss of $1 million. Phoenix will create an entirely new entity, called TruVista LLC, to do so.
Phoenix has already provided several continuing loans to Window Select so the business can keep operating. These loans included $214,00 for business operations, $200,000 for the payment of fees and $65,000 to pay the cost of lawyers.
“Without funding from Cogent and Phoenix, Window Select’s business would have ceased by November 2022 and no creditor would be paid anything,” according to a declaration filed in the bankruptcy case.
Window Select has a two-pronged approach in how it will attempt to resolve some of its financial issues. In addition to Phoenix taking over its customer contracts, a liquidating trust will be formed to collect all Window Select’s remaining assets in order to pay creditors.
Window Select has been sued at least 80 times in the last year, according to court records. The company has upwards of 1,800 potential creditors and other parties of interest.
A statement of financial affairs filed by the company shows Window Select has lost $79,717 since the start of the year. In 2022, the company had revenues of $2.2 million and in 2021, it had revenues of $2.7 million. The company has $6.4 million worth of listed liabilities.
The company officially filed for Chapter 11 bankruptcy
last month following months of customer complaints.
Andrew Parsons is the company’s current chief executive officer. He was appointed in December 2022, replacing founding CEO
Justin Kiswardy. In January of 2022, Window Select hired Greensboro, North Carolina-based
Cogent Analytics Inc. for management consulting. In September, Cogent decided bankruptcy was the only solution to Window Select’s problems. Kiswardy resigned and Parsons was named the company’s new CEO.
“Cogent determined that (Window Select’s) records were so poor that it could not construct reliable financial statements, such as a balance sheet or income statement,” states a declaration filed by Parsons.
Since Parsons took over as the company’s new CEO, Window Select has fulfilled 25 customer contracts, completing up to four installations each week.
The company declined to provide an additional update this week on the number of customer contracts it has now completed, and declined to comment for this report.
