The situation: Parties needed a trusted escrow agent for the quick and accurate closing of a critical transaction
A Pennsylvania healthcare group needed to ramp up their supply to provide personal protection equipment (PPE) to their frontline healthcare employees. As part of the transaction, the Chinese manufacture and a U.S. healthcare system needed an independent trusted partner to execute and manage the escrow accounts. The law firm representing the deal, Zerillo Law LLC, trusted the deal to Delaware Trust, a wholly owned subsidiary of CSC.
The CSC response: Flexible enough to set up escrow accounts in one day
Under normal circumstances, pre-COVID-19, the behind the scenes transactions that occur to manufacture and distribute supplies around the world go unnoticed. But in times of crisis, when every minute counts and all the pieces need to fit together at the right time, CSC understands the urgency of these transactions and our people execute flawlessly to provide excellent service quickly.
Timing was everything. CSC’s ability to quickly set up multiple escrow accounts in one day, and process Know Your Customer (KYC) reports much quicker than traditional banks or advisors, helped win the business. CSC has the unique ability to set up an escrow account on short notice due to our corporate structure and trust.
The result: Helping deliver PPE to frontline healthcare employees quickly
“When your client needs an escrow agent, you need to have a high level of confidence in that company. Multiple trusted contacts in the banking industry referred my firm to Delaware Trust because of their excellent reputation,” says Tim Zerillo, Zerillo Law Firm, LLC. “In these complex global deals, it’s how quickly we can close a massive transaction with confidence. Delaware Trust is the only company who can do this. They promised they could close within a day and they did.”
“CSC has been providing escrow services for decades and we are very proud of this transaction. It’s gratifying to know the work you do has a direct impact protecting the healthcare workers fighting this horrible virus,” says John Hebert, president and CEO of Delaware Trust Company and president of CSC Global Financial Markets.
CSC is a leading provider of escrow and specialty services through Delaware Trust Company, a fully regulated financial institution offering a range of capabilities that include acting as collateral agent, loan agent, paying agent, and qualified custodian, as well as administering escrows for M&A holdbacks, subscription offerings, and intellectual property.
Delaware Trust is a truly independent partner, free from conflict of interest, serving more than 1,000 escrow agent appointments with over $230 billion in assets under custody. Visit delawaretrust.com for more information.
Zerillo Law Firm, LLC
Timothy E. Zerillo is the founder of Zerillo Law Firm, LLC, based in Portland, Maine. Learn more at ZerilloLaw.com.