Rich Kruse

Hi folks. As many of you know, we are not just in the real estate business. Much of what we do is wind down entire companies. Unfortunately the failing economy has reached up and grabbed another small business in Columbus Ohio. If you are looking for a great price on upscale appliances, come see us over the next 3 weeks.

The following was posted at www.bizjournals.com/columbus by our friends at Business First newspaper without a byline:

Clintonville Electric inventory up for liquidation sale

Business First of Columbus

After closing up shop for good late last month, Clintonville Electric is opening its doors to the public over the next three weekends for an inventory liquidation sale.

The retailer shut down weeks ago after 69 years in business, and about four years after being sold to new owners and moving miles from the neighborhood where it first opened. Clintonville Electric upon closing was housed in a 12,000-square-foot showroom at 2136 Bethel Road, the site of a former Rite Aid drug store. The business got its start at 3367 N. High St. in Clintonville.

Columbus-based auction and liquidation firm Gryphon USA Ltd. is managing the liquidation. Gryphon President Rich Kruse estimates about $450,000 in inventory will be up for sale at prices starting 35 percent below the product's last marked price.

The sale on the upcoming weekends will be held:

• Oct. 17 - noon to 6 p.m., Oct. 18 - 10 a.m. to 6 p.m., Oct. 19 - 11 a.m. to 5 p.m.

• Oct. 24 - noon to 8 p.m., Oct. 25 - 10 a.m. to 6 p.m., Oct. 26 - 11 a.m. to 5 p.m.

• Nov. 1 - 10 a.m. to 6 p.m., Nov. 2 - 11 a.m. to 5 p.m.

Gryphon USA Grows Auction Practice Group

Auctioneer Michael Hoffman To Head Gryphon Auction Group

Columbus, OH - May 3, 2008 Gryphon USA announces that auctioneer Michael Hoffman has joined the company to manage subsidiary Gryphon Realty Advisors - Gryphon Auction Group. Hoffman will focus on real estate and personal property auctions and appraisals, with special attention to clients in the corporate, banking and insolvency communities. He also will continue his efforts in real estate brokerage as a valued member of the Gryphon Realty professional staff.

"Michael's involvement with Gryphon will increase the companies capacity to undertake multiple auction opportunities at once throughout Ohio and, under his direction, Gryphon will soon be offering regional multi-property auctions through both live and online venues," stated Gryphon's president Richard Kruse.

Hoffman has been an auctioneer for more than six years, and has conducted hundreds of real estate and personal property in Ohio and Michigan. He has earned professional designations granted by the National Auctioneers Institute including Certified Auctioneers Institute (CAI - one of 2,500 designees nationwide) Accredited Auctioneer of Real Estate (AARE - one of fewer than 350 designees nationwide), Certified Estate Specialist (CES) and Benefit Auction Specialist (BAS).

Hoffman also is an approved auctioneer for the Franklin and Licking counties probate courts, and is an approved auctioneer for the United States Bankruptcy Court, Southern District of Ohio. He has recently been elected to the Board of Directors of the Ohio Auctioneers Association and is an active member of the National Auctioneers Association.

About Gryphon

Columbus-based Gryphon USA, Ltd. and its subsidiary companies focus on the wind down and liquidation from single assets through and including entire companies. The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founder Richard Kruse also regularly holds engagements as court appointed receiver.

For more information, contact Gryphon USA, Ltd at www.gryphonusa.com or by calling toll free at 1-877-5-GRYPHON.

Columbus Realtors grab your tool belts. It looks like the new job in town for REO professionals is called Rehab. I'm not talking board ups and trashouts here folks. We are talking new roofs and all. I'm talking about Realtor = General Contractor. Lucky for me I have been a GC, done rehabs and built houses from the ground up. So have some of the agents working for our brokerage division.

According to Business First Newspaper this week, "Several small banks have decided to repair and rent out the homes to boost their value." As a full service asset management firm in central Ohio, this brings a whole new level of work to the area.

Actually, this discussion has been going on for some time with our clients. My first reaction was "You are kidding, right?" The answer was no.

I guess I just see a lot of liability here. Most rehabbers will do a lot of the work themselves or hire out to non-licensed people. They do a good job most of the time, but the words permit and insurance are not in the vocabulary. Licensed companies are higher cost. Higher cost is not what my clients want to hear, or so they tell me. I can't see that this approach is going to be a good idea for community banks.

Now let's think about the tenants for a minute. I have been an owner, asset manager, broker and property manager in multiple locations including Columbus Ohio. Tenant and property management is not easy. Low income management is tougher. All of the properties contemplated in the article are, you guess it, in low income areas. Some of the problems include increased repairs, slow pay or no pay on rent and, my favorite, suing the landlord. You know who gets sued? People with money. What do banks have?

The banks see this approach as giving something back to the community and trying to solve the problem, at least on their properties. It is commendable. If you ask me though, it is a very slippery slope and the deck is stacked. A bank can't use unlicensed contractors. A bank can't skip the permit. A bank can't say no to a repair. After all, this is as much about good PR as it is about loss mitigation. If you turn one screw Mr. Bank, be prepared to turn them all.

So the die has been cast. Now that it is in the newspaper, my current client base is going to call to discuss it. Every time I think I am out, they drag me back in!!!!