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Restricted Stock Partners acquires T-REX, adds bankruptcy claims to online trading platform
By Jennifer Lanning Drey
Portland, Ore., June 10 - Restricted Stock Partners has acquired Trade Receivable Exchange, Inc. (T-REX), an online auction platform serving the bankruptcy trade claims market, according to a Restricted Stock Partners news release.
T-REX will integrate its auction system and claims trading data with the Restricted Stock Partners Network (RSTN), an electronic platform for trading illiquid securities.
T-REX members will be granted immediate access to the RSTN trading platform. Trading of bankruptcy claims on the RSTN will begin on June 16.
"The purchase of T-REX accelerates our expansion into the bankruptcy trade claims market, our third new asset class after restricted securities and auction-rate securities," said Barry Silbert, chief executive officer of Restricted Stock Partners.
"As the breadth of illiquid assets traded on the RSTN continues to grow, we've been successful in attracting a large and diverse base of investors who are interested in purchasing all forms of illiquid assets."
Competitive bidding for bankruptcy claims through RSTN will enable sellers to receive a fair market price because potential buyers will benefit from being able to access a broad range of bankruptcy claims, Restricted Stock Partners said in the release.
"In light of the expected increase in bankruptcy filings, this acquisition couldn't come at a better time," David Williams, chief executive officer of T-REX, said in the release.
In connection with the deal, Williams will lead RSTN's expansion into the bankruptcy claims trading space.
"By acquiring T-REX, we will improve efficiency and transparency in the trade claims market, similar to our efforts with restricted securities and auction-rate securities," Silbert said.
T-REX is a Denver-based online auction platform.
Based in New York, Restricted Stock Partners manages the Restricted Securities Trading Network.
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