Great American Group Selected to Liquidate Assets Owned by Russell Wasendorf, Sr., Former CEO of Now
Great American Group Selected to Liquidate Assets Owned by Russell Wasendorf, Sr., Former CEO of Now-Defunct Peregrine Financial Group, Inc.
- Funds collected will be used to help repay company investors -
WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- A 1957 Ford Thunderbird, all-terrain vehicles, a 3,400-bottle wine collection and an extensive collection of sports memorabilia are just some of the more eclectic assets formerly owned by Russell Wasendorf, Sr. that are being prepared for liquidation by Great American Group, Inc. (OTCBB: GAMR).
Great American Group was selected by court-appointed receiver, Chicago-based attorney Michael Eidelman, to sell Wasendorf's personal assets. Wasendorf, who served as CEO of Peregrine Financial Group (PFG), recently pleaded guilty to embezzling $200 million from investors. PFG filed for Chapter 7 bankruptcy liquidation in July.
According to Peter Wyke, senior vice president for Great American Group's wholesale and industrial division, proceeds from the liquidation will be used to repay investors for part of their losses.
"Basically, any tangible personal property assets, product inventories or fixed assets either owned by Wasendorf or any Wasendorf entity will be sold as part of the liquidation," he said. "We're already receiving interest in many of the assets, including those at the myVerona restaurant, which was owned by Wasendorf, and within the CEO's former residence."
Some of Wasendorf's personal possessions for sale include autographed football jerseys from former St. Louis Rams and Arizona Cardinals quarterback Kurt Warner, ex-San Francisco 49ers quarterback Joe Montana and a signed Super Bowl XX jersey from the Chicago Bears' William "Refrigerator" Perry. These and many other items will be sold during a live webcast auction scheduled to begin at 10 a.m. Wednesday, Dec. 5 at the former PFG headquarters building at 1 Peregrine Way.
Auction items may be inspected from 10 a.m. - 4 p.m. (CST) at the following three locations in Cedar Falls, Iowa:
- myVerona Restaurant, 419 Main St.
- Corporate Offices, 8100 Beaver Hills Dr.
- Warehouse, 5729 Westminster Dr.
For more detailed information, visit the Great American Group auction webpage at http://www.greatamerican.com/auctions/AuctionEventDetails.aspx?EventID=680or contact Peter Wyke at (818) 884-3737 or by email at firstname.lastname@example.org.
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, San Francisco and London. For more information, call (818) 884-3737 or visit www.greatamerican.com.
Great American Group
Connie Stevens, Marketing Manager
847-444-1400 ext. 2320
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KEYWORDS: United States North America California Illinois Iowa
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