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San Francisco, May 21, 2003
Successful termination of "Equipment Lease Obligation"

Steven R. Gerbsman, Principal of Gerbsman Partners/Technology Recovery Group and Robert Tillman, a member of Gerbsman Partners Board of Intellectual Capital, announced today that Gerbsman Partners successfully terminated the equipment lease obligation for a leading storage networking company.

The venture capital backed company executed an equipment lease agreement for capital equipment. Due to market conditions, a refocus of the business model and faced with a potential contingent liability of $ 3 million, the company retained Gerbsman Partners to assist them in the termination of the equipment lease obligation.

Gerbsman Partners provided:

  • Crisis Management expertise in developing the strategy and action plan for the termination of the equipment lease;
  • Proven negotiating capability/leadership with lessor;
  • The ability to "Manage the Process" among Board members, Lawyers, senior lenders, landlords, management & advisors;
  • The proven ability to " Drive " toward successful closure for all parties at interest.

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

In the past 18 months, Gerbsman Partners has restructured/terminated over $ 400 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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