Ravenswood Bank Sued Over Sussex & Reilly Acquisition

November 19, 2009

Daily Real Estate Updates

sudler-sothebys-logo19 November 2009 ? Sussex & Reilly’s former owners, Glenn Tomlinson, Elizabeth Scheffler, and Donald Battaglia have filed a lawsuit against Ravenswood Bank. The bank engineered the sale of the brokerage to competitor Sudler Sotheby’s in February. The suit alleges that the bank improperly declared S&R’s loans in default in order to force the sale and reduce its risk based on the assumption that a Sussex/Sotheby’s union would fare better in today’s marketplace. Ravenswood Bank also filed suit last month against Sean Conlon, S&R’s original owner, stating that he had made personal guarantees on the outstanding debt. Conlon has filed a counterclaim stating that he was released of any personal liability when he sold the company in 2006. Outside sources agree that S&R was carrying an unsustainable amount of debt, and that Ravenswood Bank had few attractive options to recover its investment. While Sudler Sotheby‘s remains a marketing powerhouse through its national and international networks, the S&R acquisition has generated multiple lawsuits among internal management.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today's chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy's educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals - both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through 'pit bull' negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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