Virginia Brokerage Firm Forced into Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

Anderson & Strudwick Inc., a Richmond, Virginia, brokerage that was purchased and folded into Sterne, Agee & Leach Inc., has been served with an involuntary Chapter 7 bankruptcy petition by creditor L. McCarthy Downs III. The bankruptcy petition, which was recently filed in the U.S. Bankruptcy Court in Richmond, claims that Downs is owed $361,026.55, mainly business debts. As reported in an article by Carol Hazard appearing in the Richmond Times-Dispatch, Downs had been the chairman of Anderson & Strudwick Investment Corp., a holding company that was formed in 1999 when employees bought the firm and established an employee stock ownership plan. In 2009, Anderson & Strudwick was purchased by Birmingham, Alabama-based Sterne, Agee. However, Sterne, Agee did not buy all of Anderson & Strudwick; it was an asset purchase only, stated Walter S. Robertson III, president and chief operating officer of Sterne, Agee. The article states that Robertson knew nothing about the bankruptcy petition nor does it have anything to do with Sterne, Agee. In his bankruptcy filing, Downs stated that his claim is based on an arbitration award and includes 6% of the award amount from December 9, 2011, until the amount is paid in full. The Client First Bankruptcy attorneys are among the most knowledgeable consumer bankruptcy attorneys in the U.S., representing thousands of clients in Chapter 13 and Chapter 7 bankruptcy cases. Client First Bankruptcy attorneys answer their phones Monday through Friday from 8:30 a.m.- 6:00 p.m. (Central Time) so you can get your initial complimentary consultation at a time that is convenient for you. Our aggressive representation and extensive experience have earned Client First Bankruptcy a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 800-383-6004 and log onto our easy-to-navigate, interactive website at www.clientfirstbankruptcy.com for timely and vital information on filing your Chapter 13 or Chapter 7 bankruptcy.