Harry R. Kraatz has been appointed to the newly created post of chief restructuring officer at Shearson Financial Network Inc., a Las Vegas-based mortgage broker that has temporarily discontinued all operations. Shearson said Mr. Kraatz has been retained to oversee the management and reorganization of the company's business, including a restructuring of its balance sheet and the implementation of a revised strategic plan. The company said it is considering options that may include modifications to its business plan and the sale or licensing of certain assets. The move was attributed to the "severe restriction" of credit facilities in the mortgage banking industry due to the collapse of the subprime market.
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