Retention at Grubb and Ellis
Santa Ana, CA – based Grubb and Ellis filed for Chapter 11 bankruptcy on February 20. BCG Partners, Inc. holds the bulk of Grubb and Ellis’s debt and is looking to buy out the company for $30 million in a 363 bankruptcy sale intended to expedite the process so as to prevent more of the brokers from leaving. BCG plans to integrate the remaining talent from Grubb and Ellis with Newmark Knight Frank’s – a brokerage firm that BCG acquired last year.
In an effort to stem the departures of producing brokers from Grubb, BCG is offering to pay the commission due to the current Grubb brokers in the form of loans. They cannot be direct payments because such payments would constitute interference with the bankruptcy process. The loans will be forgiven only if the Grubb brokers stay for a certain amount of time. If they leave too soon, they will have to return their commission payments/loans along with interest.
In the meantime, a group of unsecured investors has petitioned to block the $30 million sale to BCG because they believe that the bankruptcy auction process was conducted too swiftly and it did not allow adequate time to attract competitive bids.
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See full article on this story at:
http://www.observer.com/2012/03/bgc-extends-commission-recoup-to-grubb-brokers-who-stay/
Last Updated on March 4, 2012 by Ramin Seddiq