Trigild -- Press Release January 2008

TRIGILD NAMED RECEIVER FOR DEVELOPMENTS IN CALIFORNIA, FLORIDA
Distressed Property Management Specialist Recruited As Condo Conversions Wane, Commercial Defaults Increase

SAN DIEGO, Ca - With the rate of defaulted commercial loans soaring, Trigild -- a San Diego based distressed property management and receivership specialist – is increasingly being tapped for its expertise in non performing loans, and most recently was appointed receiver for mixed use and condo conversion projects in California and Florida.

According to Bill Hoffman, the founder, president and CEO of Trigild was appointed receiver by the Superior Court of California, County of Los Angeles, for a 20 acre, multi-use development -- comprised of apartments, condominiums, office, retail and senior care facilities -- in Pasadena, California.

“This is a multi-tiered project that will involve the development and sale of various portions of the project, in addition to asset and property management, and overseeing entitlement issues,” he said.

Additionally, Trigild was appointed receiver by the Fourth Judicial Circuit Court of Florida for two unfinished luxury condo conversions in Clay and St. Johns Counties, Florida: a 30-building complex with 192 units, two swimming pools and clubhouse and a 40 building, 164-unit property with one pool.

According to Hoffman, “One complex is roughly fifty percent converted into condos and sold, while the other conversion process has just begun.”

For this project, Trigild have a multi-faceted role -- serving as the receiver, while coordinating construction and property management, overseeing direct marketing efforts and providing lender consultation services.

“We are very pleased to provide our expertise for these high profile projects,” Hoffman says. “Both involve condo conversions, a market that has softened dramatically due to a volatile economic conditions, oversupply and sluggish real estate sales in general.”

Headquartered in San Diego with regional offices throughout the country, Trigild has more than 30 years of expertise in managing a wide array of commercial real estate assets and operating businesses, specializing in turnaround management and repositioning of troubled properties. A nationally recognized authority on non-performing commercial loans, Trigild combines receivership, operations management, and disposition services under one roof – for maximum loan recovery.