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John Cuticelli Comes Back To Take Over Sheldon Good & Co.

July 29, 2009
Racebrook Marketing Concepts LLC will acquire the assets of auctioneering firm Sheldon Good & Co. in a sale approved the U.S. Bankruptcy Court in the Southern District of New York. Sheldon Good sought bankruptcy protection after the suicide of Steven Good, its CEO, in January.

The new corporate structure will take effect Aug. 1, with the firm's headquarters to be relocated from 333 W. Wacker Drive, Suite 400, in Chicago to New York City. John J. Cuticelli, Jr., a former Sheldon Good executive who established its New York office in 1989 and ran it until 1991, will assume the position of 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 & Company declared Chapter 11 bankruptcy in April. Racebrook Marketing is a wholly owned subsidiary of Cuticelli Capital.

Cuticelli indicated that he is looking forward to realizing significant synergies created by adding Sheldon Good & Company's capabilities to the Racebrook team and anticipates that emerging real estate market conditions will provide substantial growth opportunities in the upcoming years.

The auction process for distressed properties is a good way to establish fair market value, Cuticelli said. "The problem in a down real estate market is that a buyer doesn't know the fair market value of a property," Cuticelli said.

He said he believes his new holding will have plenty of business. "There is a need by financial institutions to get rid of property. Prospects are very good. There are buyers out there," Cuticelli said.

Cuticelli founded Racebrook Capital, a private equity firm, 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. The firm has expanded 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.

Download this story and all of the stories in the Watch List Newsletter here. The Adobe pdf version also includes all of this week’s leads of distressed properties and loans of concern, lease cancellations applied for in bankruptcy proceedings, all of the local and national facility closures & layoffs, banks with distressed real estate portfolios and lists of loans approaching their maturity date. Plus the pdf version contains bonus news items not found in these columns or the CoStar Group web news pages.

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