MCEG Hires Investment Banker as President

Management Company Entertainment Group, which recently received tentative approval for restructuring a $72.5-million bridge loan, announced that investment banker Raymond H. Godfrey Jr. was hired as the company’s president and chief operating officer.

Godfrey, 45, was managing director and senior vice president-investment banking at Rodman & Renshaw Capital Group in New York. He also serves on the MCEG board of directors.

In his new position, Godfrey will be responsible for all financial areas and will oversee operations, according to MCEG Chairman and CEO Jonathan D. Krane. He will also retain his position on the MCEG board. “Ray Godfrey’s experience in the financial industry and in corporate operations adds a significant dimension to MCEG’s management structure,� Krane said.

Godfrey was a founder, managing director and chief operating officer of Needham & Co., an investment banking firm. Before that, he served as vice president-corporate finance and chief operating officer of the business development group for First Boston Corp.

MCEG is a diversified entertainment company engaged in talent management and film activities. Under its restructuring agreement with Kidder, Peabody & Co., MCEG’s bridge loan will be replaced with two series of notes. Kidder, in return, will receive warrants and convertible securities to purchase 12 million shares of MCEG’s common stock.