Bankruptcy court okays acquisition of troubled real estate auctioneer.Racebrook Marketing Concepts, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control will acquire the assets of Sheldon Good & Company, the nation's leading real estate auction firm, pursuant to a sale approved last week by the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in the Southern District of New York. The new corporate structure will take effect on August 1, 2009, with the firm's headquarters to be relocated from Chicago to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . John J. Cuticelli, Jr., a former Sheldon Good & Company executive who established its New York office in 1989 and ran it until 1991, will assume the position of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Oversight of the company's operations will be assumed by the Racebrook management team. Cuticelli's company, Cuticelli Capital, provided debtor in possession financing debtor in possession financing Financing arranged during the time a company is in Chapter 11 bankruptcy. and was the "Stalking Horse Bidder" after Sheldon Good & Company declared Chapter 11 bankruptcy in April. Racebrook Marketing Concepts, a Racebrook portfolio company, is a wholly-owned subsidiary of Cuticelli Capital. Cuticelli indicated that he is looking forward to realizing significant synergies created by adding Sheldon Good & Company's capabilities to the Racebrook team and anticipates that emerging real estate market conditions will provide substantial growth opportunities in the upcoming years. He commented, "Sheldon Good & Company is a real estate industry pioneer and has a great brand name. I am looking forward to working with the staff of Sheldon Good & Company to build on past successes and create a bright future by introducing the institutional quality management practices the company deserves." Racebrook Capital, a private equity firm, was originally founded by Cuticelli in 2004 as a portfolio company of Warburg Pincus to capitalize on increasing prospects of disintermediation The elimination of the distributor and/or retailer (the middleman) when making a purchase. The term is used to refer to purchasing directly from a manufacturer's Web site, the benefits of which are convenience, fast turnaround time and sometimes lower prices. in distressed debt and real estate capital markets. Through its affiliated companies, Racebrook invests directly in troubled real estate ventures and also provides a range of services to other investors active in distressed real estate and capital markets. Cuticelli has expanded the firm's core disciplines into the asset backed securities arena, as an anchor investor in TALF TALF Trip Advisor London Forum TALF Take A Look! Foundation bonds, and has become a provider of Debtor in Possession financing to real estate related entities in bankruptcy. |
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