GPB Automotive Portfolio, LP: going-concern / distress — Second Circuit affirms SEC receivership; GPB Automotive now under court-appointed receiver

GPB Automotive Portfolio, LP

On December 3, 2024, the Second Circuit affirmed the Receivership Order and lifted the stay, effective immediately.
Receiver Joseph T. Gardemal III now controls all assets and operations of GPB Automotive Portfolio, LP and related entities.
Directors Walter Bishop and Jane Kanter ceased as directors of Highline Management, Inc. upon receivership taking effect.
Receivership originally ordered by U.S. District Court (EDNY) on Dec 8, 2023 in response to an SEC motion.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

GPB Automotive Portfolio, LP entered receivership in U.S. District Court for the Eastern District of New York (petition 2023-12-08).

Proceeding: receivership
Court: U.S. District Court for the Eastern District of New York
Petition: 2023-12-08

Exact text from the filing

On December 8, 2023, the U.S. District Court for the Eastern District of New York (the “ Court ”) entered an order (the “ Receivership Order ”), in response to a motion filed by the U.S. Securities and Exchange Commission, appointing Joseph T. Gardemal III as the receiver (“ Receiver ”) over GPB Capital Holdings, LLC (“ GPB ”), GPB managed partnerships (including GPB Automotive Portfolio, LP (the “ Partnership ”)) , and certain GPB affiliated entities, including Highline Management, Inc.

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Source: SEC EDGAR

accession 0001104659-24-125938

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