Judge Appoints Receiver to Liquidate GPB Capital Holdings

null By Ted BunkerUpdated Dec. 11, 2023 8:23 pm ET|WSJ ProChief Judge Margo Brodie of the U.S. District Court for the Eastern District of New York put GPB Capital Holdings under the control of Joseph Gardemal of Alvarez & Marsal, the firm’s court-appointed monitor. Photo: eduardo munoz/ReutersPrivate-equity firm GPB Capital Holdings, facing civil fraud allegations since early 2021, will be liquidated by a court-appointed receiver, signaling the end of a long wait for roughly 17,000 investors whose capital has been tied up since at least 2018.Chief Judge Margo Brodie of the U.S. District Court for the Eastern District of New York put GPB under the control of Joseph Gardemal of Alvarez & Marsal, the firm’s court-appointed monitor since February 2021. As its monitor, Gardemal could veto moves by firm managers but had limited power to do more, and for more than a year he has recommended receivership to expedite the return of investor capital.Copyright ©2023 Dow Jones & Company, Inc. All R