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San Francisco, December 2, 2003
Successful termination of "Executory Real Estate Contracts"

Steven R. Gerbsman, Principal of Gerbsman Partners/Technology Recovery Group and Robert R. Tillman, a member of Gerbsman Partners Board of Intellectual Capital, announced today that Gerbsman Partners successfully terminated two executory real estate contracts and debt obligations for one of the country’s largest administrators of health benefits.

The private health benefits administrator executed contracts for 63,000 square feet of space in Pennsylvania and Michigan. Due to market conditions, the company made a strategic decision to reduce its corporate space allocation. Faced with a potential contingent liability in excess of $5 million, and a $2 million debt obligation, the company retained Gerbsman Partners to assist them in the termination of the executory real estate contracts and debt obligations.

Gerbsman Partners provided:

  • Crisis Management expertise in developing the strategy and action plan for the termination of the two real estate executory contracts and debt obligations;
  • Proven negotiating capability/leadership with landlords and creditors;
  • The ability to "Manage the Process" among board members, lawyers, creditors, senior lenders, landlords, and management advisors;
  • The proven ability to "Drive" toward successful closure for all parties at interest.

Gerbsman Partners/Technology Recovery Group focuses on maximizing enterprise, stakeholder and shareholder value for under-performing, under-capitalized and under-valued companies and their Intellectual Property.

In the past 32 months, Gerbsman Partners has restructured/terminated over $ 500 million of real estate executory contracts and equipment lease/sub-debt obligations.

Gerbsman Partners/Technology Recovery Group has offices and strategic alliances in North America, Europe and Israel.

Gerbsman Partners
211 Laurel Grove Avenue, Kentfield, CA 94904
Phone: +1.415.456.0628, Fax: +1.415.459.2278
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