Paul Sveen Resigns as CEO and CRO of Integrated Asset Services

Denver, CO  -  Integrated Asset Services’ Board of Directors announced the resignation today of its Chief Executive Officer and Chief Restructuring Officer, Paul E. Sveen, effective July 26, 2013.

“Paul led IAS through an extremely difficult time and we are grateful for all he did to try and realize the vision we all shared for the company,” said the board in a statement. “We wish him well in his future endeavors.”

The Board of Integrated Asset Services recently authorized management to wind down the business and operations of the company. As part of its wind down, IAS began employee reductions recently and has cut its staff to a limited number of employees.

Attorney John Young, of Markus Williams Young & Zimmermann, LLC is working on a restructuring plan with the company’s senior secured creditor and will provide guidance during the wind down process.

Sveen was hired in March 2011 to rebuild IAS at a time when the company was facing debt issues resulting from the acquisition of the company by a private investor group and declines in its core REO (real estate owned) asset management business.  During his tenure, Sveen diversified IAS’ business lines from REO and valuations and became a leading provider of component default services and single-family residential rental services.

"We made tremendous progress over the past two years turning around the company’s operations and financial performance, including returning IAS to positive EBITDA. However, those efforts weren’t enough to overcome the debt burden of the company, coupled with the collapse of the REO market,” said Sveen.
 
IAS was founded in 1995 to provide solutions to manage various aspects of the mortgage default process.

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Erika Gonzalez

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