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Sheldon Good HQ to Relocate as Assets Acquired

NEW YORK CITY-John J. Cuticelli, Jr., who founded Sheldon Good & Co.'s New York office 20 years ago, will become the new CEO.

By Paul Bubny | Updated on July 23, 2009

NEW YORK CITY-Locally based Racebrook Marketing Concepts is acquiring the assets of auction firm Sheldon Good & Co., which filed for bankruptcy in April. The company’s headquarters will be relocated from Chicago to New York City, where it has had offices since 1989.

The man who established that New York office, John J. Cuticelli, Jr., will become Sheldon Good’s CEO. Oversight of the company’s operations will be assumed by the Racebrook management team.

A former Sheldon Good executive, Cuticelli provided debtor-in-possession financing through his company Cuticelli Capital and was the stalking horse bidder after Sheldon Good & Co. filed for Chapter 11. According to a source familiar with the transaction, the acquisition price for Sheldon Good’s assets is equal to the DIP financing, around $2 million.

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