Institutional Bondholders under two Bond issues brought an action against the Town of Kiowa, Colorado Water Activity Enterprise in the action styled FirstBank Holding Company of Colorado and Alpine Bank v. Town of Kiowa, Colorado and Town of Kiowa, Colorado Water Activity Enterprise, District Court, Elbert County, Colorado, Civil Action No. 2012 CV 43. In this Receivership Action, the Elbert District Court appointed Sterling as receiver for the Water Enterprise because it was in default of its obligations under the two Bond issues. Sterling refinanced the debt with a low-interest loan from the United States Department of Agriculture, thereby bringing the debt service down by almost one half. The Bondholders received 100% of their principal and all but two months of interest. In addition, Sterling arranged for additional customers to buy bulk water from the Water Enterprise. The significance of this receivership is that the receiver successfully resolved the distress of a quasi-municipal entity. This enabled the entity to avoid a costly Chapter 9 and demonstrated that receiverships could work in the setting of a quasi-municipal entity. There are hundreds of municipal bond issues in default around the country, many of which would benefit greatly from the use of a receivership to resolve their distress.