In closing the sale of the 848 Brickell office building on January 28, 1993, Richard M. Langhorne acting as Chapter 11 Trustee in the 848 Brickell Limited case, concluded financial/real estate turnaround and work out of the 848 Brickell Avenue office building.

In a 54 week period through a series of complex lease transactions for 14 separate premises, Langhorne as Trustee and The Langhorne Company, as manager of the asset, increased the occupancy of the office building from 20% to 65%. This assignment included accomplishments of increasing net income by $500,000 per year and decreasing real estate tax operating costs by $100,000 per year.

At the time of appointment, January 17, 1992, the 848 office building was in a declining physical state with a small tenant base exhibiting low morale. Three of the tenants were month to month occupants. During administration of the case all month to month tenants executed leases and remained in the property at the date of sale. In the month of the sale of the building there were no delinquent rents.

The sale process involved the identification of 100 prospective purchasers, signing confidentiality agreements with 56 prospective purchasers, negotiating 16 written offers, settlement of complex issues with the secured creditor and the debtor, settling various tax liabilities with Federal and State taxing authorities and obtaining Court approval of the settlement of claims and sale.

The Trustee also recovered preference items, litigated fraudulent transfers and insider transactions, evicted a tenant, settled the Hurricane Andrew insurance claim for well in excess of $400,000, settled various hurricane related business interruption claims with tenants, completed hurricane repairs, supervised and completed interior construction of the 14 new tenant premises and completed various mechanical and electrical retrofits to comply with Americans with Disabilities Act and other building code requirements within the property.

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