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Profile: Richard Kipperman By Rense, Kirk* “I am not an adventurer by choice but by fate.” This seems to be a common refrain running through the professional profiles in the Receivership News. It does not appear that any of us thought about becoming a receiver or representing receivers while we were in college. I am not aware of any receiver training courses in undergraduate or graduate school. It was not an early career goal. Like (it seems) everyone else, I have come to this work by accident. I became involved with a family retail business that went through some troubles, and then helped a friend in the construction business by assisting in a partnership buy-out and debt restructuring. This led me to a working relationship with Ken Henry, creating and developing a turn-around business, Corporate Management, Inc. Most of the attorneys we talked to in connection with forming our business said they recommended obtaining the appointment of bankruptcy trustees to their clients with financial troubles. So naturally, after learning to spell bankruptcy, our company jumped into the process of becoming a bankruptcy trustee. Fortunately for me Mickey Fredman, an old family friend, was deeply involved in the bankruptcy arena. He introduced Ken and me to the clerk of the Bankruptcy Court for the Southern District of California in San Diego, and we later met with the bankruptcy administrator. Fortunately for us, our new firm was selected as the next panel trustee for the Southern District of California. That was in September 1986. One of the first documents that came across my desk was an ex parte motion for relief from stay. Remember, I had just learned how to spell bankruptcy and knew little more. I did not understand Latin or know the difference between Chapters 7, 11, and 13. So, I called the attorney who filed the motion – Marty McGuinn – with a few questions. He asked me what I didn’t understand. I started with “ex parte” and the rest is history. I am not an attorney or a CPA. I am a “generalist” who knows a little about a lot of things – most importantly, I know when to get help. Aside from my background in business, my most fruitful learning grounds were at home around the dinner table and during my service in the Marine Corps. My parents operated a very successful clothing store. Business was not an unusual topic at the dinner table. I learned an important business principle: “No sale is complete until the customer is satisfied.” I like to think Corporate Management has built its success by always being responsive. I understand that whether acting as a receiver or as a bankruptcy trustee I am in the service business. No, the persons I work with are not all customers, but they all have questions or comments that need my attention. Whether they are out of the money, are way out in left field, or the person that got me employed, each deserves my attention and a return call. One of the other important influences on Corporate Management’s business model was my time in the service. I ended up in the Marine Corps trying to avoid going to Vietnam. I rushed into graduate school at San Diego State University when President Johnson said that even if you were married and had one child, you would still be drafted – I was single with no kids, and school looked good to me. Then the government took away deferments for nonessential majors. Working on an MBA did not qualify me for a deferment any longer, but the Marine recruiter told me I could finish out my degree or two more semesters, whichever came first. I signed up. I thought “Hey, this is not a war! It will be over in a year, and I’ll never have to serve in Vietnam.” Wrong! I had to report to the Marine Corps in February, 1967, for the most interesting three years and twelve weeks of my life. My time in the Marine Corps has had a great influence in my life and business. I learned there are two really important things in life (at least after three weeks in the bush without a change of clothes and not enough water to drink, forget bathing). They are a hot shower and a cold beer. Maybe it is an over simplification, but it certainly makes dealing with the day-to-day problems of debtors and creditors less difficult. One of the theories of leadership that has helped me in the performance of my duties as receiver is what I was taught at the Marine Corps Basic School: “Make a decision Lieutenant.” I watched, first hand, many men die because the company commander did not make a decision. So I make decisions. If they are wrong, I change them. The Marine Corps uses many acronyms in its training. One of the most memorable and meaningful for me is the “7 Ps” – proper prior planning prevents piss poor performance. I like to say Corporate Management comes in after the suits leave. We sweep the stuff out of the corners, put it in cute little plastic bags, and take it to the dump. We do that and we take the leadership role in the cases to which we are appointed. We perform most of the administrative tasks, and we employ professionals as needed to deal with the tasks we feel are best handled by specialists. My support staff holds everything together. I am blessed with people who know and care. Over the past twenty years I have held appointments as Chapter 7 trustee, Chapter 11 trustee, as examiner, a post confirmation liquidating agent, a liquidation trustee, a litigation trustee, a responsible natural person, a receiver in municipal, state, and federal courts, a “quasi receiver,” a special master, a referee and a provisional director, to name only a few. My personal life has been great, although it probably blends in too much with my business life. My wife Bonnie and I have been married twenty-five years. She has been a great supporter. She keeps me on track, providing invaluable insights and thoughtful advice. Bonnie is a residential real estate agent who has provided services in bankruptcies and receiverships. My step-son, Jamie, lives and works in West LA, and our son, Sean, recently graduated from Hobart College and is currently evaluating a career as a doctor. He has attended at least ten California Bankruptcy Forum conferences with me over the years. I like to travel, cook, golf, and ski. Through the years I was fortunate to serve in many organizations, including as a founding director of the San Diego Receivers Forum, as a director of the California Receivers Forum, as director of the San Diego Bankruptcy Forum, as a director of the California Bankruptcy Forum, as a founding director of the Coalition for Consumer Bankruptcy Debtor Education, and as president of the National Association of Bankruptcy Trustees. As Robert F. Kennedy said, “Like it or not, we live in interesting times.”
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