Steven Good

Today Sheldon Good & Company filed for Chapter 11 bankruptcy protection. In a statement the company said it is, ?reorganizing to remedy the effects of improper actions taken by its former chairman. These improprieties, which left the company with a shortage of reserves in the face of the current economic downturn, came to light following his death in January 2009.?

Alan R. Kravets, Sheldon Good President, said that past President Steven Good had, without permission, “withdrawn substantial monies from the (company’s) operating accounts, calling it compensation.” On Jan. 5 of this year, Steven Good apparently committed suicide.

According to Mr. Kravets, Sheldon Good has $250,000 in assets and $4 million in liabilities. Heidi Sorvino, a bankruptcy attorney representing Sheldon Good has said that they believe Steven Good is responsible for for the disappearance of millions of dollars, but they haven’t quantified it as of yet.

In his statement Mr. Kravets said, “While operating under Chapter 11 protection, Sheldon Good & Co. will maintain and honor all of its commitments to our customers without interruption,” He added, “We believe this filing will allow us to make necessary changes to our capital structure in order to operate efficiently.?