GPB Capital Holdings LLC said its assets have grown to more than $1.21 billion following sales of automotive and health companies, potentially stirring hope for roughly 17,000 investors who have been waiting for distributions since 2018 from the private-equity firm, which has been operating under a court-appointed monitor since last year.
But GPB also said in a regulatory filing that it faces substantial legal costs over litigation pending in various courts, which could reduce its assets significantly. A recent Delaware Chancery Court ruling added to those costs by ordering New York-based GPB to pay for certain legal expenses incurred by Jeffry Schneider, one of three people connected with the firm who faces criminal fraud charges in federal court.