Type: Suburban Office & Hi-Tech Manufacturing, 500,000 square feet, Fort Lauderdale, Florida

Role: Post Chapter 11 Confirmation Trustee, Chief Executive Officer/Voting Trustee of 40 million dollar portfolio, 1994

Description: Complete restructure of complex asset portfolio after two Chapter 11 proceedings in 38 months.

Outcome: Resolution of harsh negative federal tax circumstances and creation of $3 million new equity in 24 months through redevelopment of assets without external credit facility.

In November 1993, The Langhorne Company closed a transaction involving Gateway Investments Corporation, owner of the Crown Center developments, 1201, 1401, 1415, 1425, 1451 and 1475 West Cypress Creek Road, Fort Lauderdale, Florida. Gateway Investments Corp. is also the joint venture owner of the Cleveland Clinic facility on Cypress Creek Road. These buildings are comprised of 500,000 square feet of office space. In addition, Gateway Investments Corp. owns a 1.4 acre parcel of land referred to as the Turnpike Parcel, located at Turnpike Industrial Park, Pompano Beach, Florida.

Effective November 1, 1993, the Chapter 11 Bankruptcy Trustee for Gateway Investments Corp., Soneet R. Kapila, transferred full control and management of the assets of Gateway Investments Corporation to Richard M. Langhorne, as Voting Trustee pursuant to Gateway's confirmed Joint Plan of Reorganization confirmed by the United State's Bankruptcy Court.

Gateway Investments Corp. entered into a Management and Operating Agreement with The Langhorne Company for the future management, redevelopment and operation of the Crown Center and Telematics buildings. Since the beginning of this involvement the joint efforts have created more than thirteen (13) million dollars in new value, resulting in many qualified offers to purchase and significant transfers of beneficial interests in the Voting Trust (claims) resulting in cash payments to unsecured creditors at parity with the plan of reorganization.

Effective August 15, 1997, Richard M. Langhorne in his capacity as Voting Trustee of Gateway Investments Corp. completed the sale of the Turnpike Parcel to Contractors Management Services, Inc. for the amount of $120,000.

Effective June 26, 1998, Richard M. Langhorne in his capacity as Voting Trustee of Gateway Investments Corp. announced the transfer of the Beneficial Interests of The Voting Trust to Twin Lakes Management Limited. In connection with this transfer of equity ownership, Richard Langhorne announced the approval by Judge Paul Hyman of the New Voting Trust Trustee, Lewis B. Freeman.

Without any new external credit facility, The Langhorne Company created approximately $13 million in new value. In 1997, Richard Langhorne negotiated, signed and closed 217,000 square feet of leases in the Cypress Creek Road Portfolio. The transaction, which closed after heavy bidding by three investment groups, is valued at $30 million.

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