Can Someone Explain This?

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Judge Valerie Manno Schurr appointed Mark Meland as a receiver for a company after finding it in “default” for failing to turn over financial records to South Florida power broker Chris Korge, who is represented by Kendall Coffey.

Huh? Was the “default” a discovery sanction?  Did the Judge strike the defendant’s pleadings?  Is that what the “default” means? How do you get from a discovery sanction to the appointment of a receiver? Even if the obligation to turn over records was contractual, as opposed to arising from the defendant’s discovery obligations, I’m not following how a finding of “default” leads to the appointment of a receiver to run the business.

Maybe Bob Zarco, who represents the defendant, can explain this one, because something seems off about this story.