The Great Financial Crisis

The 2008 Great Financial Crisis (GFC) resulted in significant and exciting growth for the firm. By 2008 GlassRatner was well positioned with an expanded team, an established and impressive track record, a network of employees, referral sources, and business partners to call on for larger matters and sufficient infrastructure to seize the moment. Leaning on Ron Glass’s significant real estate experience gained from twenty years at the Zell Organization was uniquely positioned to compete with larger and more established firms. The firm was nimble, entrepreneurial, and operated on a 24/7 basis. The growth opportunities driven by the GFC were some of the most exciting years in the firm’s history. Reputationally, GlassRatner became a major player in the real estate restructuring community and played well above its weight class.

At the same time, GlassRatner became an FDIC Capital Markets consultant working on several FDIC bank closures and liquidations including Net Bank and the wind down of ANB. Based on this experience, the firm built a national receivership practice working with major CMBS Special Servicers and Financial Institutions like Fannie Mae, Hudson Advisors, Rialto, and Midland Loan Serving, among others. The firm represented dozens of home builders and condo developers in restructurings with their lenders. Some notable clients included major developers such as the Related Group and John Wieland Homes.

GlassRatner was sought out as an advisor to large intuitions, such as various CBRE real estate funds, that had invested in condo projects across the US and regional banks and financial institutions that were foreclosing on real estate assets. That era found GlassRatner working assignments throughout the U.S. and abroad on matters focusing on broken hotel resort deals in Italy to Singapore and Turks & Cacaos and other parts of the Caribbean.

Approximately 85% of the firm’s revenue was connected to real estate restructuring assignments during the GFC. The firm expanded beyond the South East and opened offices in key markets such as LA and NYC.

The firm regularly picked up large assignments such as their appointment as CRO for AmFin Financial, the holding company for AmTrust Bank. AmTrust had 66 branches in 3 states and in December 2009, the bank was placed into receivership by the FDIC, this led to a crisis at the holding company. Ultimately, AmFin filed Chapter 11, as CRO for AmFin GlassRatner liquidated several businesses and real estate investments, all creditors were repaid and the Holding Company emerged from bankruptcy with $50 million dollars and no debt.

By 2010, the GlassRatner brand was firmly established as a leading multi-office financial advisor being ranked in industry publications.