http://www.hedgeweek.com/2011/03/09/109382/molinero-capital-management-expands-its-team
Wed, 09/03/2011 – 13:13
Rafael Molinero,Molinero Capital Management
Molinero Capital Management has recruited a new Applied Research Group comprised of three senior researchers. The researchers were previously trading at Louis Dreyfus Commodities and represent on a combined basis about 40 years of trading experience.
Rafael Molinero says: “We always have put an emphasis on quantitative research and also truly believes to be critical of our success. This is a great opportunity for us to work with talented and like minded individuals with whom we share the same values while having complimentary knowledge. We are simply thrilled and look forward to working together.”
The Molinero Capital Management team is now composed of ten people with nine dedicated to Research. Earlier in 2010, Guillaume Dehan joined as Director of Business Development.
Rafael Molinero says: “Guillaume will play a key role in better servicing our existing clients and growing our institutional business. His 10 years of experience, and strong understanding of the industry will prove invaluable in developing our business.”
Monday, March 14, 2011
Shaw Capital Working Management Tips: Segarra shares city priorities with governor
http://www.norwalkplus.com/nwk/information/nwsnwk/publish/Local_2/Segarra-shares-city-priorities-with-governor_np_12110.shtml
Mar 9, 2011 – 7:58 AM
By Hartford Mayor Pedro Segarra’s office
In a letter sent to Governor Dannel P. Malloy on Tuesday, Hartford Mayor Pedro E. Segarra outlined the City’s vision, priorities and initiatives that will help grow the local and regional economy and serve to substantially improve Connecticut’s Capital City. In his letter, Mayor Segarra referenced the Governor’s background and achievements as a former city mayor as part of his core knowledge and understanding that urban centers will play a critical role in turning around the state’s economy.
“Hartford’s success is Connecticut’s success. By moving forward on my immediate and long-term strategies, we will make Hartford the center of medical research and technology, continue to make our students more competitive in the global job market, and further establish Hartford as the state’s and region’s Arts center. Connecticut’s Capital City is perfectly positioned to help small and large businesses create jobs, enhance the City’s and the State’s quality of life, and become a choice tourist destination. My goal is to continue making Hartford a great place to live, work, play and raise a family,” said Mayor Segarra.
In addition to defining a long-term vision for the City, there are several capital and infrastructure projects that the Mayor brought to the Governor’s attention including:
1. Swift Factory: Through strong partnerships, a vacant factory will be turned into a vibrant multipurpose facility and rejuvenate a North End neighborhood;
2. Coltsville: Continue to work with the Congressional delegation to have this area designated as a national park and securing federal and/or state funding for façade improvements;
3. XL Center: The current management contract runs out in 2013, at which point the City will assume responsibility of this facility. The Mayor and his administration are in the process of laying the groundwork to make this a more vibrant and desirable venue for sports and entertainment events;
4. iQuilt: This innovative initiative crafted by The Bushnell, The Greater Hartford Arts Council, and the City of Hartford intends to knit together our wonderful social and cultural centers and enhance pedestrian routes to promote economic growth and redevelopment in the Capitol district;
5. 101 Pearl Street: The Mayor and city officials are actively pursuing creative options that would benefit the Downtown area as well as neighboring tenants;
6. Albany Avenue/Route 44: A state highway and main artery in the North End, working in conjunction with MDC to aggressively pursue funding for streetscape that would prove critical to community vibrancy;
7. Capitol Avenue: Through the Greening of America’s Capitals grant received from EPA, we are poised to work with appropriate state officials to transform areas surrounding the State Capitol to add green space, more appealing sightlines, and increased sustainability;
8. New Britain to Hartford Busway: This project will improve travel to and from the city, create about 4,000 jobs, and represent the state’s first rapid-transit system. While the City is still firm in its position to not disrupt operations at Aetna and The Hartford, this project would revitalize Asylum Hill neighborhood and reduce traffic on I-84 and I-91;
9. Lyric Theatre: A historic theatre in the Frog Hollow neighborhood that the Mayor has targeted for restoration and the future home of the Puerto Rican Cultural Center.
Other long-range projects mentioned include the Hartford Viaduct and high-speed rail. Mayor Segarra emphasized that through partnerships and a collaborative approach at the community, city, state, and federal levels, these projects will improve the quality of life for residents throughout the city, address environmental concerns, and provide employment opportunities for years to come.
Mar 9, 2011 – 7:58 AM
By Hartford Mayor Pedro Segarra’s office
In a letter sent to Governor Dannel P. Malloy on Tuesday, Hartford Mayor Pedro E. Segarra outlined the City’s vision, priorities and initiatives that will help grow the local and regional economy and serve to substantially improve Connecticut’s Capital City. In his letter, Mayor Segarra referenced the Governor’s background and achievements as a former city mayor as part of his core knowledge and understanding that urban centers will play a critical role in turning around the state’s economy.
“Hartford’s success is Connecticut’s success. By moving forward on my immediate and long-term strategies, we will make Hartford the center of medical research and technology, continue to make our students more competitive in the global job market, and further establish Hartford as the state’s and region’s Arts center. Connecticut’s Capital City is perfectly positioned to help small and large businesses create jobs, enhance the City’s and the State’s quality of life, and become a choice tourist destination. My goal is to continue making Hartford a great place to live, work, play and raise a family,” said Mayor Segarra.
In addition to defining a long-term vision for the City, there are several capital and infrastructure projects that the Mayor brought to the Governor’s attention including:
1. Swift Factory: Through strong partnerships, a vacant factory will be turned into a vibrant multipurpose facility and rejuvenate a North End neighborhood;
2. Coltsville: Continue to work with the Congressional delegation to have this area designated as a national park and securing federal and/or state funding for façade improvements;
3. XL Center: The current management contract runs out in 2013, at which point the City will assume responsibility of this facility. The Mayor and his administration are in the process of laying the groundwork to make this a more vibrant and desirable venue for sports and entertainment events;
4. iQuilt: This innovative initiative crafted by The Bushnell, The Greater Hartford Arts Council, and the City of Hartford intends to knit together our wonderful social and cultural centers and enhance pedestrian routes to promote economic growth and redevelopment in the Capitol district;
5. 101 Pearl Street: The Mayor and city officials are actively pursuing creative options that would benefit the Downtown area as well as neighboring tenants;
6. Albany Avenue/Route 44: A state highway and main artery in the North End, working in conjunction with MDC to aggressively pursue funding for streetscape that would prove critical to community vibrancy;
7. Capitol Avenue: Through the Greening of America’s Capitals grant received from EPA, we are poised to work with appropriate state officials to transform areas surrounding the State Capitol to add green space, more appealing sightlines, and increased sustainability;
8. New Britain to Hartford Busway: This project will improve travel to and from the city, create about 4,000 jobs, and represent the state’s first rapid-transit system. While the City is still firm in its position to not disrupt operations at Aetna and The Hartford, this project would revitalize Asylum Hill neighborhood and reduce traffic on I-84 and I-91;
9. Lyric Theatre: A historic theatre in the Frog Hollow neighborhood that the Mayor has targeted for restoration and the future home of the Puerto Rican Cultural Center.
Other long-range projects mentioned include the Hartford Viaduct and high-speed rail. Mayor Segarra emphasized that through partnerships and a collaborative approach at the community, city, state, and federal levels, these projects will improve the quality of life for residents throughout the city, address environmental concerns, and provide employment opportunities for years to come.
Shaw Capital Working Management Tips: Torch Hill Investment Partners Invests Additional Capital and Assumes Majority Share of Diamondback Tactical, LLLP
http://www.prnewswire.com/news-releases/torch-hill-investment-partners-invests-additional-capital-and-assumes-majority-share-of-diamondback-tactical-lllp-117698068.html
Previously, Diamondback Tactical announced the purchase of First Choice Armor & Equipment Inc, which was an acquisition funded by Torch Hill Investment Partners LLC and Rosemont Solebury Capital Management L.P. That acquisition helped to expand the product portfolio of Diamondback Tactical and position it for growth. Upon an evaluation of the company’s business strategy, Torch Hill Investment Partners increased its share in D-Back Acquisition Co.
“We are committed to supporting Diamondback Tactical because it has proven itself as a market leader within this growing industry,” said William R. Sullivan, Board Director and Partner with Torch Hill Investment Partners. “With an expanded product offering and focus on new product development, Diamondback is positioned for accelerated growth.”
Diamondback Tactical has established a strong portfolio of NIJ Standard-0101.06 armor products, and is continuing to add soft and hard armor models to its certified line of products. Diamondback Tactical also maintains a current focus on advanced armor systems, which will provide tactical and military officers options for achieving an ideal balance between mobility and protection.
About Torch Hill Investment Partners, LLC.
Torch Hill Investment Partners, LLC, provides growth capital to domestic and international companies that play vital roles in defense, intelligence, and civil and corporate security.
About Diamondback Tactical, LLLP
Diamondback Tactical, LLLP is a world leader of technologically advanced armor protection systems, tactical gear and personal products for law enforcement, federal and military worldwide. It is an ISO 9001:2008 and ANAB accredited certified company that has pioneered the development of innovative advancements in armor, including new NIJ Standard-0101.06 certified armor designs. For additional information visit www.diamondbacktactical.com.
SOURCE Diamondback Tactical, LLLP
Diamondback Tactical focuses on growth and advance product development
SPINDALE, N.C., March 9, 2011 /PRNewswire/ — Diamondback Tactical announced today that Torch Hill Investment Partners LLC has invested additional capital into the company and has gained a majority stake in D-Back Acquisition Co, the parent company of Diamondback Tactical. Torch Hill Investment Partners, a specialized private equity firm, is providing several million dollars of additional growth equity to supplement working capital and to aggressively grow the business. Faced with robust demand, Diamondback Tactical now will be well positioned to take advantage of expanding opportunities both internationally and domestically. Diamondback Tactical is a leader of technologically advanced armor protection systems, tactical gear and personal products for law enforcement, federal and military markets.Previously, Diamondback Tactical announced the purchase of First Choice Armor & Equipment Inc, which was an acquisition funded by Torch Hill Investment Partners LLC and Rosemont Solebury Capital Management L.P. That acquisition helped to expand the product portfolio of Diamondback Tactical and position it for growth. Upon an evaluation of the company’s business strategy, Torch Hill Investment Partners increased its share in D-Back Acquisition Co.
“We are committed to supporting Diamondback Tactical because it has proven itself as a market leader within this growing industry,” said William R. Sullivan, Board Director and Partner with Torch Hill Investment Partners. “With an expanded product offering and focus on new product development, Diamondback is positioned for accelerated growth.”
Diamondback Tactical has established a strong portfolio of NIJ Standard-0101.06 armor products, and is continuing to add soft and hard armor models to its certified line of products. Diamondback Tactical also maintains a current focus on advanced armor systems, which will provide tactical and military officers options for achieving an ideal balance between mobility and protection.
About Torch Hill Investment Partners, LLC.
Torch Hill Investment Partners, LLC, provides growth capital to domestic and international companies that play vital roles in defense, intelligence, and civil and corporate security.
About Diamondback Tactical, LLLP
Diamondback Tactical, LLLP is a world leader of technologically advanced armor protection systems, tactical gear and personal products for law enforcement, federal and military worldwide. It is an ISO 9001:2008 and ANAB accredited certified company that has pioneered the development of innovative advancements in armor, including new NIJ Standard-0101.06 certified armor designs. For additional information visit www.diamondbacktactical.com.
SOURCE Diamondback Tactical, LLLP
Shaw Capital Working Management Tips: National Commercial Bank Will Accelerate Basel Compliance Using FICO Analytics
http://www.businesswire.com/news/home/20110309005154/en/National-Commercial-Bank-Accelerate-Basel-Compliance-FICO
March 09, 2011 10:00 AM Eastern Time
LONDON–(BUSINESS WIRE)–FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that the National Commercial Bank (NCB), the largest bank in the Arab world, will use FICO predictive analytics to meet Basel II regulations. NCB, based in Saudi Arabia and also known as Alahli Bank, has purchased FICO custom models along with stress testing as part of its plan to adopt the advanced approach set down in Basel II.
FICO is building models for NCB that will calculate PD, LGD and EAD. Because the models developed will be used both in new account decisions and in credit decisions on NCB’s 2 million customers, as well as for calculating capital reserves under Basel, National Commercial Bank will meet the Basel II “use test.” In addition, FICO will use the FICO Economic Impact Service for stress testing, another requirement of Basel II, to reveal how changes in the economy would affect the risk in its portfolio. FICO worked on the sale to NCB with Cadmus International, a sales agent in the Middle East.
“The initial analytic discovery project we did with FICO confirmed the sophistication of their approach, and showed that working together we could meet our bank’s plan to achieve Basel accreditation,” said Ery Rinaldi Zaidir, vice president of Portfolio Management and Risk Analytics at NCB. “One of the critical factors was to create risk models that were sufficiently powerful for us to use in originations and account management decisions, as well as in calculating capital reserves. FICO demonstrated that they had both the analytic skills and experience with Basel regulations to meet this requirement, and to advance our whole best-practice Basel program.”
“Basel regulations are one of the top priorities for banks around the world,” said Mike Gordon, FICO managing director for Europe, the Middle East and Africa. “By using this opportunity to further improve their predictive analytics, National Commercial Bank are out in front, turning regulatory compliance into a competitive advantage.”
NCB has worked with FICO since 2002 to advance its predictive analytics and risk management. FICO has assisted NCB in moving from “expert” origination models developed when no data was available, to fully empirical models based on NCB data.
FICO offers banks at all stages of adopting the Basel II Internal Rating Based (IRB) system the advantages of superior analytics, proven methodologies, and unmatched experience at measuring and predicting risk in retail portfolios. FICO has helped clients in Europe, the Americas, Asia Pacific, the Middle East and Africa comply with Basel regulations. In addition to Basel risk models that combine regulatory measures with the precision needed for risk decisions, FICO provides analytic services for stress testing, including the FICO Economic Impact Service, which can help banks adopt the counter-cyclical approach that is part of Basel III.
About FICO
FICO (NYSE:FICO) transforms business by making every decision count. FICO’s Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with FICO to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. FICO also helps millions of individuals manage their credit health through the www.myFICO.com website. Learn more about FICO at www.fico.com.
About Cadmus International
As a local representative of FICO’s world-class solutions, Cadmus International currently provides decision technology, loyalty solutions and marketing consulting services to the Middle-East region. Based in Dubai, U.A.E., Cadmus serves 41 clients in 9 countries by partnering with world leaders in their respective fields.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2010. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
FICO is a trademark or registered trademark of Fair Isaac Corporation in the United States and in other countries.
Investors/Analysts:
Steven Weber
FICO
+1 800-213-5542
investor@fico.com
or
Media:
Peggy Schelter for FICO
Catalysis
+44 (0)20 7759 2021
Peggy.Schelter@catalysis.co.uk
March 09, 2011 10:00 AM Eastern Time
LONDON–(BUSINESS WIRE)–FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that the National Commercial Bank (NCB), the largest bank in the Arab world, will use FICO predictive analytics to meet Basel II regulations. NCB, based in Saudi Arabia and also known as Alahli Bank, has purchased FICO custom models along with stress testing as part of its plan to adopt the advanced approach set down in Basel II.
“By using this opportunity to further improve their predictive analytics, National Commercial Bank are out in front, turning regulatory compliance into a competitive advantage.”The Saudi Arabian Monetary Authority has mandated compliance with the advanced approach to calculating capital requirements, as required by Basel II. Under the Basel II rules, banks using the advanced “internal rating based” (IRB) approach can use their own estimates of credit risk — measured using probability of default (PD), loss given default (LGD) and exposure at default (EAD) — as primary inputs to determining minimum capital requirements.
FICO is building models for NCB that will calculate PD, LGD and EAD. Because the models developed will be used both in new account decisions and in credit decisions on NCB’s 2 million customers, as well as for calculating capital reserves under Basel, National Commercial Bank will meet the Basel II “use test.” In addition, FICO will use the FICO Economic Impact Service for stress testing, another requirement of Basel II, to reveal how changes in the economy would affect the risk in its portfolio. FICO worked on the sale to NCB with Cadmus International, a sales agent in the Middle East.
“The initial analytic discovery project we did with FICO confirmed the sophistication of their approach, and showed that working together we could meet our bank’s plan to achieve Basel accreditation,” said Ery Rinaldi Zaidir, vice president of Portfolio Management and Risk Analytics at NCB. “One of the critical factors was to create risk models that were sufficiently powerful for us to use in originations and account management decisions, as well as in calculating capital reserves. FICO demonstrated that they had both the analytic skills and experience with Basel regulations to meet this requirement, and to advance our whole best-practice Basel program.”
“Basel regulations are one of the top priorities for banks around the world,” said Mike Gordon, FICO managing director for Europe, the Middle East and Africa. “By using this opportunity to further improve their predictive analytics, National Commercial Bank are out in front, turning regulatory compliance into a competitive advantage.”
NCB has worked with FICO since 2002 to advance its predictive analytics and risk management. FICO has assisted NCB in moving from “expert” origination models developed when no data was available, to fully empirical models based on NCB data.
FICO offers banks at all stages of adopting the Basel II Internal Rating Based (IRB) system the advantages of superior analytics, proven methodologies, and unmatched experience at measuring and predicting risk in retail portfolios. FICO has helped clients in Europe, the Americas, Asia Pacific, the Middle East and Africa comply with Basel regulations. In addition to Basel risk models that combine regulatory measures with the precision needed for risk decisions, FICO provides analytic services for stress testing, including the FICO Economic Impact Service, which can help banks adopt the counter-cyclical approach that is part of Basel III.
About FICO
FICO (NYSE:FICO) transforms business by making every decision count. FICO’s Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with FICO to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. FICO also helps millions of individuals manage their credit health through the www.myFICO.com website. Learn more about FICO at www.fico.com.
About Cadmus International
As a local representative of FICO’s world-class solutions, Cadmus International currently provides decision technology, loyalty solutions and marketing consulting services to the Middle-East region. Based in Dubai, U.A.E., Cadmus serves 41 clients in 9 countries by partnering with world leaders in their respective fields.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2010. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
FICO is a trademark or registered trademark of Fair Isaac Corporation in the United States and in other countries.
Investors/Analysts:
Steven Weber
FICO
+1 800-213-5542
investor@fico.com
or
Media:
Peggy Schelter for FICO
Catalysis
+44 (0)20 7759 2021
Peggy.Schelter@catalysis.co.uk
Shaw Capital Working Management Tips: Court approves liquidator’s bid for Robb & Stucky
http://www.furnituretoday.com/article/536685-Court_approves_liquidator_s_bid_for_Robb_Stucky.php
Hudson Capital and Hyperams were the stalking horse and only validated bidder at an auction that wrapped up early Tuesday morning.
But the fate of the 20-store retailer may not be sealed just yet, and a smaller Robb & Stucky could emerge from the process with lender and liquidator approval. Dan Lubner, president of the Fort Myers, Fla.-based retailer’s hospitality division and son of CEO Clive Lubner, said he had been working with two investor groups for an enterprise sale but “we just didn’t have the time.”
He said an order was submitted to the court by interested investors wanting to carve out a smaller, surviving operation. But the document was not immediately available in online bankruptcy court postings.
“My understanding is this would be subject to the approval of the lenders, the creditors’ committee, and Hudson,” Lubner said. He declined to name the potential investor, although a local report identified it the New York-based Kier Group.
When asked about how many stores or which locations could be preserved, Lubner said he believes it is open-ended.
Meanwhile, the liquidation of all stores under Hudson is expected to begin Thursday, he added.
Robb & Stucky, which has full-line and patio stores in Florida, Las Vegas, Plano, Texas, and Scottsdale, Ariz., filed for Chapter 11 bankruptcy protection Feb. 18. It struck what was then a tentative deal with Hudson and Hyperams to serve as agent for liquidation of substantially all assets, subject to better offers at the auction.
According to the agreement, the bidder would to pay 75.2% of the value of the inventory. The break-up fee under the agreement is $475,000.
John Young, senior managing director of consultant and turnaround specialist Conway Mackenzie in Houston, who was not involved in the Robb & Stucky case, estimated that the retailer’s inventory would bring in about $31.5 million to the estate under the agreement. It’s unclear what unsecured industry creditors will recover, since the retailer’s largest secured lenders are owed nearly $35 million.
Many customers with more than $13 million down in deposits before the filing are likely to come up short, too.
“This company deserves to be around, and it’s devastating that it came to this,” Lubner said. “I don’t think any of us believed it would happen. Several of the models we were building out were showing a profitable enterprise.
“And beyond the numbers, this is the most talented staff this industry has ever seen – from the designers who have won hundreds of interior and design awards to the logistics to the support to the senior management, Clive Lubner and Fred Berk,” he said.
Dan Lubner said he has been inspired by the unwavering support of Robb & Stucky’s vendors – the unsecured creditors – both before and throughout the bankruptcy process. He said that even now, the company remains committed to being there for the vendors, clients and employees, and noted that Hudson is acquiring the inventory, not the company or the name.
“There’s only one way there will ever be a company as great as Robb & Stucky and that’s if and when Clive decides to rebuild it again,” he said.
Clint Engel — Furniture Today, March 9, 2011
TAMPA, Fla. — A U.S. Bankruptcy Court here approved the sale of high-end retailer Robb & Stucky to liquidators Hudson Capital and Hyperams today in a deal likely to lead to the shutdown of the Top 100 company.Hudson Capital and Hyperams were the stalking horse and only validated bidder at an auction that wrapped up early Tuesday morning.
But the fate of the 20-store retailer may not be sealed just yet, and a smaller Robb & Stucky could emerge from the process with lender and liquidator approval. Dan Lubner, president of the Fort Myers, Fla.-based retailer’s hospitality division and son of CEO Clive Lubner, said he had been working with two investor groups for an enterprise sale but “we just didn’t have the time.”
He said an order was submitted to the court by interested investors wanting to carve out a smaller, surviving operation. But the document was not immediately available in online bankruptcy court postings.
“My understanding is this would be subject to the approval of the lenders, the creditors’ committee, and Hudson,” Lubner said. He declined to name the potential investor, although a local report identified it the New York-based Kier Group.
When asked about how many stores or which locations could be preserved, Lubner said he believes it is open-ended.
Meanwhile, the liquidation of all stores under Hudson is expected to begin Thursday, he added.
Robb & Stucky, which has full-line and patio stores in Florida, Las Vegas, Plano, Texas, and Scottsdale, Ariz., filed for Chapter 11 bankruptcy protection Feb. 18. It struck what was then a tentative deal with Hudson and Hyperams to serve as agent for liquidation of substantially all assets, subject to better offers at the auction.
According to the agreement, the bidder would to pay 75.2% of the value of the inventory. The break-up fee under the agreement is $475,000.
John Young, senior managing director of consultant and turnaround specialist Conway Mackenzie in Houston, who was not involved in the Robb & Stucky case, estimated that the retailer’s inventory would bring in about $31.5 million to the estate under the agreement. It’s unclear what unsecured industry creditors will recover, since the retailer’s largest secured lenders are owed nearly $35 million.
Many customers with more than $13 million down in deposits before the filing are likely to come up short, too.
“This company deserves to be around, and it’s devastating that it came to this,” Lubner said. “I don’t think any of us believed it would happen. Several of the models we were building out were showing a profitable enterprise.
“And beyond the numbers, this is the most talented staff this industry has ever seen – from the designers who have won hundreds of interior and design awards to the logistics to the support to the senior management, Clive Lubner and Fred Berk,” he said.
Dan Lubner said he has been inspired by the unwavering support of Robb & Stucky’s vendors – the unsecured creditors – both before and throughout the bankruptcy process. He said that even now, the company remains committed to being there for the vendors, clients and employees, and noted that Hudson is acquiring the inventory, not the company or the name.
“There’s only one way there will ever be a company as great as Robb & Stucky and that’s if and when Clive decides to rebuild it again,” he said.
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