liquidation

But its organiser has now gone into liquidation.

In September, B. Riley said it had sold a majority stake in its Great American appraisal and liquidation business for about $203 million to Oaktree Capital Management, while retaining a 47% stake valued at roughly $183 million in a new holding company it formed with the L.A. distressed asset manager.

Earlier this month, B. Riley sold a majority stake in its Great American appraisal and liquidation business in a nearly $400-million deal that earned the company $203 million in cash and left it with a minority stake valued at roughly $183 million in a new holding company it is forming with Oaktree Capital Management, the Los Angeles global investment manager that specializes in distressed assets.

B. Riley Financial, the Westwood-area financial services firm, said Monday that it has sold a majority stake in its Great American appraisal and liquidation business for nearly $400 million — a move meant to lower its debt as it struggles with the fallout from a deal that turned sour.

The real estate firm went into liquidation in January under a mountain of debt.