CEDAR RAPIDS, Iowa (AP) — The court-appointed receiver responsible for identifying and recovering assets belonging to a convicted investment broker said he's almost done.
Michael Eidelman was appointed by a federal bankruptcy judge on July 10 to work on Russell Wasendorf Sr.'s assets. He said that his team is winding down after 10 months.
Eidelman is trying to sell the headquarters of Peregrine Financial Group Inc., the brokerage that Wasendorf moved from Chicago to Cedar Falls in 2009. Eidelman also plans to travel to Romania on Sunday to examine a real estate development venture Wasendorf co-founded in 1999.
“I'm almost done,” Eidelman said. “I'm going to Bucharest to try to better understand his equity interest in the property and development organization over there.”
The Avrig 35 Group is a Romanian real estate development venture. It was valued at $1 billion in 2007, but as of 2012 it has $80 million in debt due to the global economic crisis.
As for the former corporate headquarters of Peregrine, Eidelman said he received a $2.75 million bid on the property last month. Bids will be accepted through May 24. He said the building would have been a lot easier to sell if it had been built near a highway instead of in a remote location.
Wasendorf, 65, was sentenced in January to 50 years in prison for misspending investor funds over a 20-year period. He is accused of stealing more than $200 million from more than 13,000 clients. He is serving his sentence at a high-security federal prison in Terre Haute, Ind.