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Follow on Google News | Charlotte Bankruptcy Lawyer Pali Holding Bankruptcy Follows Failed Sale of Its BrokeragePali Holdings Inc.’s failed attempt to sell its New York-based securities brokerage,helped force the company to seek bankruptcy protection. The filing in U.S. Bankruptcy Court Manhattan April 1 listed $716,300 in assets and $31.8 million in debt.
By: HPM, LLC The filing in U.S. Bankruptcy Court in Manhattan April 1 listed $716,300 in assets and $31.8 million in debt. “Pali Holdings filed the instant Chapter 11 bankruptcy case to obtain protection from its creditors while it continues to liquidate and wind down Pali Capital,” Gerald Burke, a director of Pali Holdings, said in court papers. The privately held company was in talks to sell the brokerage to former Bear Stearns Cos. finance chief Samuel Molinaro and had told shareholders it might go out of business without a sale or cash infusion. The largest unsecured creditor named in the Pali Holdings filing was Panama-based Mandeville Holding Ventures Co. Pali Holdings has had four chief executive officers or co- CEOs in the past 17 months and its chairman stepped down in December. The firm focused on equity and fixed-income sales, trading and research for institutional clients such as money managers and hedge funds. It had offices in London, San Francisco, Newport Beach, California, Chicago and five other U.S. locations, according to its Web site. Bridge Financing Pali Holdings received $3 million of “emergency bridge financing” in November and has lost about $40 million in the past two years, according to the company’s letter, signed by directors Kevin Fisher and Burke. Molinaro, the former Bear Stearns executive, was helping Braver Stern Securities Corp. negotiate the potential purchase of Pali Capital and was to become CEO of the combined firm, overseeing about 250 people, people familiar with the talks have said. Molinaro was Bear Stearns’s chief financial officer from 1996 until 2008, when JPMorgan Chase & Co. purchased the company to save it from bankruptcy. JPMorgan Lawsuit Yesterday, New York-based JPMorgan filed a $4.5 million lawsuit in New York State Supreme Court in Manhattan against Pali and Reifler, alleging a loan default. “Pali was responsible” The case is In Re Pali Holdings Inc., 10-11727, U.S. Bankruptcy Court, Southern District of New York (Manhattan) http://www.debtlawhelp.com http://www.debtlawhelp.com/ # # # High Power Marketing in Charlotte 8440 Read Road Charlotte, NC 28277 704-905-8275 803-396-0537 Email: keith@charlottemarketingfirms.com Website: http://www.charlottemarketingfirms.com End
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