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. [more]