Gleacher, the brokerage that’s lost more than $200m since 2009, said it would liquidate after failing to find a merger partner.
'After evaluating the Company’s strategic options, the Board of Directors has reached the conclusion that it is in the best interests of the stockholders to dissolve and liquidate the Company', stated Patterson. 'The Board of Directors and management, together with the Company's advisors, devoted substantial time and effort in seeking, identifying and pursuing opportunities to enhance stockholder value; however, the process to date has not yielded any opportunities viewed by the Board as reasonably likely to provide greater realizable value to stockholders than the complete dissolution and liquidation of the Company', Patterson continued.
MatlinPatterson Global Advisers LLC, a private-equity firm co-founded by Patterson, took over Gleacher’s board in May and fired CEO Thomas J. Hughes. Gleacher said in April it would shutter the fixed-income business that generated most of its revenue as salespeople defected and customers suspended trading.
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