eCommerce - Friday, February 24, 2006
Investment Banker/Founder of LSI Makes His Fortune
Washington DC-based Liquidity Services, which went public today, began operations in 2000 as an online auction marketplace for wholesale, surplus and salvage assets. It holds an exclusive contract with the Defense Department for the sale of surplus and scrap goods.
The company also operates a wholesale industry portal that connects advertisers with buyers seeking products for sale. Registered online buyers grew from 290K to 415K last year.
Unlike eBay, LSI also offers valuation, appraisal, inventory, marketing, sale, and logistical management of assets; warehousing and inspection of inventory; and transaction support such as payment collection and dispute mediation.
Chairman Bill Angrick controls nearly half of LSI. He was as VP of Deutsche Banc Alex. Brown's Consumer and Business Services Investment Banking Group from 1995 to 1999.
Chairman Angrick Cuts His First Big Check
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