P.M. BRIEFING : Bankrupt Glickman Cites ‘Panic and Worry’ in Market Downturn
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A bankrupt Mike Glickman, whose grand style made him a master of the once-sizzling Southern California real estate market, said today that his offices were overwhelmed by “panic and worry” when the market took a downturn.
“I tried to expand into a market that had been overextended,” Glickman told a news conference at his Woodland Hills headquarters. “I needed 1988 to happen again, but it didn’t.”
Glickman, who is closing down his five offices, filed both corporate and personal bankruptcy in federal court late Tuesday afternoon. More than 1,200 agents were told to look for new jobs.
Glickman said he was forced to file for bankruptcy because the company could no longer make its payments to creditors--particularly those holding leases--in a real estate market that had cooled off significantly over the last year.
“Our offices had turned into a fear zone of panic and worry,” he said. “I had to end the negative energy that we had.”
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