(Updates with background in third paragraph.)
Feb. 17 (Bloomberg) -- Kaufman Bros. LP, the minority-owned investment bank that helped unwind U.S. stakes in bailed-out financial companies, filed to liquidate in New York.
The company listed both assets and debt of less than $10 million each in Chapter 7 documents filed today in U.S. Bankruptcy Court in Manhattan. Chapter 7 proceedings let companies liquidate their assets while being protected from creditors.
Kaufman was founded in 1995 and billed itself as “the country’s largest minority-owned and operated investment banking and advisory firm” focused on technology, media, telecommunications, green technology and health care. The firm said in June that it helped advisory clients raise more than $50 billion since 1999.
The company shuttered operations Jan. 30. Kaufman had assets of $3.26 million and partners’ capital of $1.21 million as of Dec. 31, 2010, according to documents filed with regulators.
Kaufman’s website, before it was disabled, said the firm participated in public offerings of Citigroup Inc. and American International Group Inc. as the U.S. Treasury Department disposed of stakes accumulated when it bailed out the firms during the financial crisis.
The case is In re Kaufman Bros LP, 12-10664, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
--With assistance from Patrick Clark in New York and Phil Milford in Wilmington, Delaware. Editors: Stephen Farr, Glenn Holdcraft
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