GEORGE SMITH CONSULTING GROUP

George Smith Partners is Pleased to Announce the Formation of The George Smith Consulting Group: In 2002, George Smith Partners (“GSP”) formalized and expanded its litigation support, expert witness and consulting services by forming a new division, the George Smith Consulting Group (“GSCG”). GSP has been providing consulting and expert witness services for our clients for nearly 10 years and our professionals are amongst the most experienced real estate financial consultants and expert witnesses in the country.

Gary M. Tenzer – Managing Director: A GSP founding Principal, Mr. Tenzer is GSCG’s Managing Director. He is an experienced expert witness and litigation consultant, having given testimony in more than 50 real estate litigation matters at jury and bench trials as well as by deposition and declaration. He has provided expert opinions in matters including: (1) industry standards of real estate lending, (2) bankruptcy plans of reorganization, (3) real estate financings, (4) regulation compliance, (5) project feasibility, (6) lending policy (7) financial damage calculations, (8) availability of financing, (9) standards of practice, and (10) loan approval issues. He is knowledgeable in the legal matters affecting real estate financing and transactions as well as real estate bankruptcy and mortgage brokerage issues. As a litigation consultant, he has assisted attorneys by helping evaluate litigation strategies as well as helping to select and coordinate the efforts of other experts.

In addition to ongoing expert witness and loan placement activities, Tenzer has been appointed as the real estate financial advisor to a $2 Billion Taft Hartley Pension Fund. Gary and others at GSCG have advised on the approval and restructuring of over $80 Million in development loans for the preparation of the Trust’s formal policy guidelines on real estate lending.

During his 25 year career, Mr. Tenzer has been personally involved in the placement of over $3.5 Billion dollars of real estate financing. Placements have included construction loans, permanent debt and joint venture equity. The properties financed include: residential, retail, office, commercial, industrial, mixed use, congregate care, hospitality, land development and other special purpose properties ranging to as large as $150 Million in debt and equity.

Albert S. Nagy – Senior Director: With over 30 years of experience in all aspects of real estate including asset management, acquisition, finance, disposition and syndication, Nagy’s operating expertise includes all property types as well as land management and development. He has served as a Court appointed receiver for the RTC and financial institutions for over $100 Million of foreclosures. He established a national property management company overseeing 16 Million square feet of commercial space and 2,600 residential units. Mr. Nagy founded a consulting company that handled over $750 Million of workout situations for financial institutions, including the evaluation and liquidation of loan portfolios for the Federal Home Loan Bank. He has also raised over $240 Million in public and private limited partnerships.

Richard W. Ferrell – Senior Director: Mr. Ferrell has over 30 years of experience in real estate development and real estate finance; much of his experience has been in the management and resolution of problem properties and problem loans and joint ventures. He has extensive “hands on” experience with single-family and multi-family housing, land development, resort, office, retail, industrial and mixed-use properties. He has provided litigation support and analysis and expert witness testimony on causation, damages, lost profits, appropriate fees and interest rates, loan underwriting, valuation and related real estate and real estate finance issues.

While a Director in Cooper and Lybrand’s Financial Advisory Services practice in San Francisco and Denver, he participated on the RTC's Litigation Review Committee to assist the RTC with the resolution of lawsuits involving loans secured by property or joint ventures owning real estate and real estate development projects and managed the team providing an extensive analysis and valuation of the HomeFed Bank development loan portfolio secured by 155 different development projects. As Executive Vice President in charge of the American Savings Real Estate Asset Management Group in the early 1980s, Mr. Ferrell was one of the first real estate finance executives in the nation involved in resolving S&L problems. American was a troubled $35 Billion S&L.

David Buxton – Director: Mr. Buxton has 35 years of real estate experience specializing in the banking sector of real estate financing, bringing a unique level of expertise to GSCG. During his career at Union Bank, Mr. Buxton served as a Vice President, Real Estate Loan Department Manager and member of the Senior Real Estate Loan Committee. During his tenure in the National Division, he was responsible for the bank’s largest portfolio of Fortune 500 companies and for the bank’s participation in some of the largest real estate financings in the country. In the mid-1970’s, he originated the bank’s successful REIT swap program and was responsible for over $3 billion of land development, construction and permanent financing.

Tapping Into the Resources of George Smith Partners

In addition, GSCG draws support from more than 25 professionals at George Smith Partners and from a team of contract real estate specialists that have worked with us for many years. Many of GSP’s professionals have provided litigation and expert witness support as well as other consulting services and are available on an as required basis.

Scope of GSCG Consulting Services

GSCG will be providing services in the following areas, amongst others:

Summary

Having been involved in the resolution of real estate problems through the past five economic cycles over the last 30 years, GSCG’s professionals have a wealth of “hands on” experience. They have demonstrated expertise in the areas of resolution of real estate problems. By involving GSCG early in the dispute resolution process, GSCG is able to contribute to problem solving strategies and to develop and implement the appropriate tactics to maximize profits or to minimize losses.

References are available from more than 50 of the nation’s leading law firms as well as other clients for whom GSCG has provided services.