Sheldon Good Files For Chapter 11 Bankruptcy
In the aftermath of the suicide of Steven Good and the disclosure that he had embezzled a significant portion of the debtors operating accounts, the company has filed for Chapter 11 bankruptcy.
Sheldon Good, one of the largest auction houses in the country, has been beset by problems with the economy and the auction market. The loss of a significant portion of the assets they held was the final straw.
After Steven Good’s Jan. 5 suicide, “debtors discovered that Mr. Good, without authority, had withdrawn substantial monies from the debtors’ operating accounts, calling it compensation, which left the debtor without reserves in the most difficult economic climate we have experienced in 20 years,” company President Alan Kravets said in an affidavit included in the bankruptcy filing. “The decrease in operating capital created by Steven Good’s misappropriation of monies magnified the effects of the current economic downturn and an overall decline in the U.S. real estate market.” via chicagotribune.com.
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Comment by McLean VA Luxury Homes for Sale on 3 May 2009:
This is a tragic story on so many different levels. Everyone loses.
Comment by Ann F. von Forthuber on 15 June 2009:
I am shocked and horrified by the news of Steve Good’s death as Steve was a well respected member of and contributor to the auction community. His successes in even the most unusual of sales (churches, jails & gold mines) led to a book which involved a wide array of characters and provided interesting reading. He was affable, encouraging and the first to share ideas and information as well as applaud younger auctioneer(s) for a job well dome. His organization and dedicated staff of experts on varying subjects and the Chicago offices depicted a solid, well-managed group. I never thought the economic downturn would have impacted a company of Good’s size and structure. Bankruptcy should give them the protection needed to straighten things out and continue operating. I consider myself privilaged to have made Steven Good’s aquaintance, glad that he signed my book, and share the saddness of his famiy, friends and the auction community.
Ann F. von Forthuber
Auction & Estate Representatives