Market Overview

Gleacher & Company Announces Sixth and Final Liquidating Distribution and Extension of Wind up Period

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Gleacher & Company, Inc. (OTC:GLCH) (the "Company") announced
December 19, 2018 that the Board of Directors has determined to make a
sixth and final liquidating distribution to Company stockholders in the
amount of $0.81 per share of the Company's common stock (approximately
$5.01 million in the aggregate). The record date for this distribution
is December 19, 2018. The Company anticipates that the payment date will
be on or about December 31, 2018. Total liquidating distributions,
including this sixth and final distribution, since the filing of the
Company's Certificate of Dissolution in July 2014 amount to $11.98 per
share of the Company's common stock (approximately $74.1 million in the
aggregate). The Company intends to make no further liquidating
distributions. In connection with the payment of the sixth and final
distribution, the shares of capital stock of the Company will be
cancelled and the former holders of capital stock of the Company will
thereafter have only the right to receive the sixth and final
distribution. The Company will take action to halt trading in the
Company's securities, including causing FINRA to remove the symbol of
the Company and causing FINRA to inform OTC Markets Group that FINRA has
done so such that OTC Markets Group removes the quotations in the
Company's securities.

The amounts distributed to stockholders are affected by many factors,
including the resolution of outstanding known claims and obligations of
the Company, the incurrence of unexpected or greater-than-expected
losses with respect to contingent liabilities, the assertion of claims
against the Company, the Company's realizations on selling or otherwise
monetizing the Company's remaining assets, the need to dissolve and wind
up each of the Company's subsidiaries, and costs incurred to wind up our
business.

The Company also announced that it has requested and received from the
Delaware Chancery Court an extension of the period during which the
Company may wind-up its affairs under Delaware General Corporation Law
from December 31, 2018 to June 30, 2019. The Company believes such time
period will provide sufficient time to complete the wind-up of the
Company's affairs. The actual wind-up period for the Company may be
shorter or longer than requested and, if additional time is needed to
complete the wind-up of the Company's affairs, the Company would need to
seek an additional extension.

About Gleacher & Company

Gleacher & Company, Inc. is a dissolved corporation under the laws of
the State of Delaware.

Forward-looking statements

This press release contains "forward-looking statements." These
statements are not historical facts but instead represent the Company's
belief or plans regarding future events, many of which, by their nature,
are inherently uncertain and outside of the Company's control. The
Company's forward-looking statements involve known and unknown risks,
uncertainties and other important factors, including the risks and other
factors identified herein, on the Company's website and in other public
disclosures made by the Company from time to time. As a result, the
Company's actual actions, performance or achievements or results may
differ materially from those expressed or implied by these
forward-looking statements. Forward-looking statements include, without
limitation: statements regarding the dissolution and liquidation of the
Company, including the Company's expectations with regard to liquidating
distributions. Although the Company believes that the expectations
reflected in any forward-looking statements are reasonable, it cannot
guarantee future events or results. Except as may be required under
federal law, the Company undertakes no obligation to update any
forward-looking statements for any reason, even if new information
becomes available or other events occur.

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