Brokers Say Judge Erred In Approval Of Grubb & Ellis Sale

Law360, New York (March 28, 2012, 7:15 PM EDT) -- More than 60 real estate brokers and nine Grubb & Ellis Co. executives on Tuesday said they planned to contest a bankruptcy judge's order authorizing BGC Partners Inc. to buy Grubb & Ellis, signed earlier that day.

In separate notices of appeal, the groups announced plans to challenge U.S. Bankruptcy Judge Martin Glenn's order approving the Section 363 sale agreement, which would dole out more than $50 million split between a $30 million credit offer, up to $5.5 million in debtor-in-possession financing and cash earmarked to...
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