Bankruptcy Court Oks Sale of Auctioneer Sheldon Good & Co.
(NEW YORK, NY) -- Sheldon Good & Co., one of the best-known names in commercial real estate auction circles for decades, is now part of Racebrook Marketing Concepts LLC, a five-year-old, New York City-based private equity firm.
The United States Bankruptcy Court in the Southern District of New York approved the sale July 20. The new corporate structure begins Aug. 1. Sheldon Good's staff in Chicago will share offices with Racebrook in Chicago, New York and San Francisco.
John J. Cuticelli, Jr., a former Sheldon Good executive who established its New York office in 1989 and ran it until 1991, will be the CEO. Oversight of the company's operations will be assumed by the Racebrook management team.
Cuticelli's company, Cuticelli Capital, provided Debtor in Possession financing and was the "Stalking Horse Bidder" after Sheldon Good & Co. declared Chapter 11 bankruptcy in April.
(Racebrook Marketing Concepts, a Racebrook portfolio company is a wholly-owned subsidiary of Cuticelli Capital.
Cuticelli says, "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."
Cuticelli says New York-based Racebrook Capital, a private equity firm, was founded by Cuticelli in 2004 as a portfolio company of Warburg Pincus to capitalize "on increasing prospects of disintermediation" in distressed debt and real estate capital markets.
Through its affiliated companies, Racebrook invests directly in troubled real estate ventures and also provides a comprehensive range of services to other investors active in distressed real estate and capital markets.
Together with the Racebrook management team, Cuticelli has expanded the firm's core disciplines into the asset backed securities arena, as an anchor investor in TALF bonds, and has become a provider of Debtor in Possession financing to real estate related entities in bankruptcy.