Shareholder group joins opposition to Grubb & Ellis sale
Houston Business Journal
Date: Friday, March 2, 2012, 3:03pm CST - Last Modified: Friday, March 2, 2012, 3:24pm CST
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Commercial Real Estate, Houston
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Forward Management Funds LLC, a Denver money management group that said it holds 25 percent of Grubb & Ellis Co.’s Grubb & Ellis Co. Latest from The Business Journals Industrial leasing uptick suggests economic revivalReal Estate RoundupJudge OKs Grubb & Ellis bankruptcy sale plans Follow this company preferred stock, is joining the opposition against the California-based brokerage firm’s sale to BGC Partners Inc. BGC Partners Inc. Latest from The Business Journals Judge OKs Grubb & Ellis bankruptcy sale plansJudge OKs Grubb & Ellis bankruptcy sale plansJudge OKs Grubb & Ellis sales plans Follow this company
The Washington Business Journal, an affiliated publication, reports that Forward filed a joinder Friday in U.S. Bankruptcy Court, petitioning to join the objections of a group of unsecured Grubb & Ellis creditors. The creditors say Grubb & Ellis did not give prospective bidders enough time to submit competing bids and drive up the company’s sale price.
New York-based BGC said Feb. 20 it would acquire Grubb & Ellis assets for $30 million, and the same day, Grubb & Ellis filed for Chapter 11 bankruptcy protection.
Houston Business Journal reporter Jennifer Dawson recently wrote that this potential merger of two of Houston’s largest real estate firms could create a new real estate powerhouse.
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