Trustee Takes Control at Baldwin Co.

Los Angeles attorney David Gould has been approved to oversee the affairs of bankrupt home builder Baldwin Co.

Brothers James and Alfred Baldwin, owners of the Newport Beach-based company, were removed from their management positions Thursday when U.S. Bankruptcy Judge Robin Riblet approved hiring a trustee to preserve the company’s assets. Baldwin Co. filed a Chapter 11 bankruptcy petition in July.

Gould, a bankruptcy specialist, was appointed by U.S. Trustee Marcy J.K. Tiffany and took control of Baldwin Co.’s assets late Friday afternoon. He is expected to hire a professional crisis manager next week to serve as the giant building firm’s new chief executive.