The court-approved monitor overseeing Prime Automotive Group majority owner GPB Capital Holdings Inc. for the U.S. Securities and Exchange Commission is recommending that he remain in place for six months.
Joseph Gardemal, managing director at consulting firm Alvarez & Marsal Holdings, said that after meeting with the U.S. regulator and GPB management, he suggests "continuation of the monitorship for a period of 180 days," according to an April 11 letter filed Monday in U.S. District Court in New York.
Gardemal was appointed Feb. 11 as monitor to oversee alternative-asset management firm GPB. He was to report to the court within 60 days his recommendation whether to continue a monitorship, convert a monitorship into a receivership, or recommend that one or more GPB entities file for bankruptcy.
The SEC in February filed a complaint against GPB, two related companies, GPB CEO David Gentile and two associates, alleging securities fraud.