Plitt Co. auction delayed

By

Steven Hedlund

Published on
October 18, 2009

The bank that placed the Plitt Co. into receivership in late May has postponed the auction of the Chicago seafood distributor from 21 October to 26 October. The delay is due to a technicality in the language of the notice that has since been corrected.

The company’s assets are currently being held by a receiver, Michael Eber, appointed by the Cook County Circuit Court in a foreclosure lawsuit filed by American Chartered Bank against Plitt.

The bank accused the company, former CEO Bob Sullivan Jr., one of the company’s three partners, and former CFO Steven Wegh of fraud and misappropriating funds. Both men are no longer with the company.

The auction will take place at the offices of Shaw Gussis Fishman Glantz Wolfson & Towbin in Chicago.

A Plitt executive told SeafoodSource on Friday that there’s been “an awful lot of interest” in acquiring the company over the past four-plus months. A team comprising Plitt management is among the leading suitors, he said.

Due to the uncertainty surrounding the receivership, it’s been difficult for the company to plan for the future. “We can’t wait [for the auction],” said the Plitt executive. “The unknown has been difficult for all of us, from me down to the dispatchers and truck drivers.”

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