Judge approves Grubb & Ellis’ bankruptcy plan

Mar.March 07, 2013 09:00 AM

A state bankruptcy judge approved Grubb & Ellis’ liquidation plan on Wednesday, almost a year after the struggling commercial firm was acquired by BGC Partners, Law360 reported.

As a result of a series of operating losses and negative earnings Grubb & Ellis filed for bankruptcy in February 2012, and sold most of its assets to BGC in April of the same year for north of $50 million. Frank Oswald of Togut Segal & Segal LLP, an attorney for Grubb & Ellis, told the court that following the approval of the sale to BGC, “the committee and this debtor worked hand-in-hand” for the remainder of the bankruptcy process. 

BGC used its acquisition to create Newmark Grubb Knight Frank, a consolidation of Grubb & Ellis and the BGC-owned Newmark Knight Frank. Oswald said that “thousands” of Grubb & Ellis employees remained on board through the deal, but many companies, including New York City newcomer Lee & Associates poached top talent from the firm, as The Real Deal previously reported.

The liquidation plan was filed in November and received responses from a secured creditor and two insurance companies, but Oswald told the court that their concerns were addressed prior to the hearing. [Law360]Hiten Samtani

Related Articles

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

125 Park Avenue (Credit: Google Maps, iStock)

Newmark hires nurse to screen visitors, employee tests positive for Coronavirus

Fears of coronavirus have led some of the world’s most prominent commercial real estate companies to pull out of the MIPIM conference in Cannes, France. (Credit: Getty Images, iStock)

Coronavirus exodus: CRE bigwigs ditch MIPIM

Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank (Roeschlaub and Stolly photo by Anuja Shakya, iStock)

Employees fleeing “toxic” team at Newmark Knight Frank

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

Jordan Roeschlaub and Dustin Stolly, Newmark Knight Frank

Co-heads of Newmark’s debt team host holiday bash

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Robert K. Futterman (Credit: Southampton Town Police)

Futterman’s latest DUI wouldn’t factor into termination case: legal expert