Downey Financial's continued employment of Capstone Advisory OK'd

By Kali Hays

New York, Feb. 25 - A court approved Downey Financial Corp.'s continued employment of Capstone Advisory Group LLC as financial adviser for Chapter 7 trustee Matthew Cantor, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The continued hiring of Capstone to advise Cantor is retroactive to Nov. 14, the date he was appointed trustee, the filing stated.

Capstone was previously approved as adviser for Cantor's predecessor, Montague S. Claybrook, who resigned in July 2013.

The firm will continue to advise Cantor on the "extremely complex" financial condition of the company and represent and assist him in administering its Chapter 7 case, according to the motion.

Newport Beach, Calif.-based Downey Financial filed for bankruptcy on Nov. 26, 2008. Its Chapter 7 case number is 08-13041.

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