Ongoing legal issues led NAI Capital to file for Chapter 11 bankruptcy recently.
NAI Capital Executive Managing Director Chris Jackson told Bisnow Friday that legal issues necessitated the Encino-based commercial real estate company’s bankruptcy filing on Jan. 31. The company has been embroiled in a long-standing dispute with a former CEO, as well having other legal issues.
NAI Capital is one of the largest privately held commercial brokerage firms in California. The company, which is part of the NAI Global family, operates 15 offices and employs 230 brokers in the state.
The filing comes nearly a month after a Los Angeles court ruled that NAI Capital had to pay a former CEO, Robert Scullin, $1.88M in unpaid wages and interest. NAI and Scullin have been bickering in court for several years over whether Scullin was owed a $250K annual salary as CEO during an eight-year…
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