Daily News: October 23, 2012

Great American to Liquidate Assets of Former Peregrine CEO

A 1957 Ford Thunderbird, all-terrain vehicles, a 3,400-bottle wine collection and an extensive collection of sports memorabilia are just some of the more eclectic assets formerly owned by Russell Wasendorf, Sr. that are being prepared for liquidation by Great American Group, Inc.

Great American Group was selected by court-appointed receiver, Chicago-based attorney Michael Eidelman, to sell Wasendorf’s personal assets. Wasendorf, who served as CEO of Peregrine Financial Group (PFG), recently pleaded guilty to embezzling $200 million from investors. PFG filed for Chapter 7 bankruptcy liquidation in July.

According to Peter Wyke, senior vice president for Great American Group’s wholesale and industrial division, proceeds from the liquidation will be used to repay investors for part of their losses.

“Basically, any tangible personal property assets, product inventories or fixed assets either owned by Wasendorf or any Wasendorf entity will be sold as part of the liquidation,” he said. “We’re already receiving interest in many of the assets, including those at the myVerona restaurant, which was owned by Wasendorf, and within the CEO’s former residence.”

The items will be sold during a live webcast auction scheduled to begin at 10 a.m. Wednesday, Dec. 5 at the former PFG headquarters building at 1 Peregrine Way.

Great American Group is a provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies.