Monday, April 27, 2009

Sheldon Good & Co.'s BK

Well, I had no clue on this one. I know it happened the other day, but now that I am back home from vacation I cannot help but say a few words (beyond my previous tweet) about the Chapter 11 filing by Sheldon Good & Co., the Chicago-based real estate auction powerhouse.

The company says its filing can be blamed upon its late Chair and CEO, Steven Good, who sadly took his own life in January. Millions of dollars may be missing. Ouch. (By the way, a link to Steve's book and his web tribute are still on the website.)

Those who follow the company had to assume there had been some down times just because the market is in the tank, but you might also think the company might do some volume on liquidations caused by the economy. In fact the filing makes me wonder where the auction business is.

We also know there'd been a long standing fight between Steve and his father, company founder Sheldon Good, that led to the elder Good's departure from the company. (Crain's says he's listed as a creditor.) Here's an update with a quote from the senior Mr. Good.

In any event, this just adds to the sad course of what's going on in the market. I wish Alan Kravets and his team (some of whom I have met at business and sales lunches in the past) nothing but the best. I've always thought they did a great job for their clients, even when I was on the buy side of a deal they were selling.