Woodland Hills, Calif.-based C.M. Meiers Co. Inc. was auctioned on Friday at a U.S. bankruptcy court near Los Angeles, with three competing bidders pushing the sales price to $1.375 million for the troubled brokerage’s assets and assumption of its liabilities, including between $400,000 to $1 million required to put the 76-year old firm back in trust.
The United States Bankruptcy Court Central District of California San Fernando Valley Division courtroom was packed on Friday afternoon with nearly 50 people, many of those were formerly producers at the company and their attorneys, who argued against transferring their books of business and client data to any winning bidder.
Attorneys for some of C.M. Meiers’ clientele were also on hand representing “highly confidential” clients arguing to ensure the security of their clients’ names and information.
The brokerage was sold by appointed trustee Bradley D. Sharp. Following a Chapter 11 bankruptcy filed on Jan. 9, the brokerage was placed in the hands of a Sharp by the court.
The winning bidder was Woodland Hills-based Liberty Co., which also has offices in San Jose, Salinas and Irvine.
The 25-year-old brokerage, which works with providers such as Mercury, Safeco, Hartford and Fireman’s Fund, has nearly $50 million in premium, and is
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