Gleacher & Company Announces Appointment of Chief Restructuring Officer
Company Hires Capstone Advisory Group
Company Exits Investment Banking Business
NEW YORK -- June 4, 2013
Gleacher & Company, Inc. (Nasdaq: GLCH) today announced that Christopher J.
Kearns of Capstone Advisory Group, LLC (“Capstone”) has been appointed as the
Company’s Chief Restructuring Officer and Chief Executive Officer. In this
capacity, Mr. Kearns will serve as the Company’s principal executive officer.
Mr. Kearns, age 56, has been an Executive Director and Manager of Capstone, a
leading restructuring and transaction advisory firm, since 2004. Prior to
co-founding Capstone, Mr. Kearns was a Senior Managing Director at the
Policano & Manzo legacy practice of FTI Consulting and a predecessor firm from
1991 to 2004. Mr. Kearns will remain employed by Capstone while serving as the
Company’s Chief Restructuring Officer and Chief Executive Officer.
Gleacher also announced that it has retained Capstone to assist the Company
with its restructuring process, including evaluating strategic alternatives
and providing restructuring advice and assistance. Capstone’s services will be
supervised by Mr. Kearns, in his capacity as the Company’s Chief Restructuring
In addition, Gleacher announced that it will exit its Investment Banking
business effective immediately. Exiting this business will affect
approximately 20 investment banking personnel. The Company is currently
investigating several strategic alternatives in order to preserve and maximize
stockholder value, including: continuing the wind-down of the Company’s
remaining operations and making a distribution of the proceeds to
stockholders; continuing to pursue a strategic alternative with a third party,
such as a merger or sale of the Company; and reinvesting the Company’s liquid
assets in favorable opportunities.
This press release contains “forward-looking statements.” These statements are
not historical facts but instead represent the Company’s belief regarding
future events, many of which, by their nature, are inherently uncertain and
outside of the Company’s control. These statements include the expectations
regarding the Company’s restructuring process. The Company’s forward-looking
statements are subject to various risks and uncertainties, including
uncertainties regarding the Company’s restructuring and other risks and
factors identified from time to time in the Company’s filings with the
Securities and Exchange Commission. It is possible that the Company’s actual
results and financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in its forward-looking
statements. You are cautioned not to place undue reliance on any
forward-looking statements. The Company does not undertake to update any of
its forward-looking statements.
Gleacher & Company, Inc.
Marcia Horowitz, 212-843-8014
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