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Carlton Takes Distressed Auctions Online

NEW YORK CITY-Carlton Advisory Services launches a new distressed debt auction website that it says offers increased transparency, erasing bidder doubt.

By Cody Lyon | Updated on April 02, 2009

NEW YORK CITY-Carlton Group’s advisory services unit has taken its auction business online with a new distressed debt and REO online auction website at www.carltonauctions.com. The company says the online platform provides a “real time” bid process that allows both bidder and seller to see all available bids in the marketplace.

Carlton chairman Howard Michaels tells GlobeSt.com the online auctions will effectively communicate necessary due diligence. He calls this critical to the process, since it helps eliminate bidding price uncertainties and doubts that can often lead to lower prices for the seller.

Michaels calls financial institutions, loaded with toxic assets, the company’s most vigorous current sellers. However, he stresses that “toxic basically means these were originally good assets which the banks originated, but due to the shutdown in the capital markets and the banks’ inability to securitize them, the banks are now forced to sell these loans at discounted prices.”

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