Exiting the commercial real estate finance business marks an important step for the Company in achieving a number of important objectives, including: (i) maximizing the value of the servicing business through the sale to a large servicing operation; (ii) simplifying the going-forward business and significantly reducing the ongoing management, general and administrative expenses through elimination finance related personnel costs and CDO servicing advance requirements; (iii) generating in excess of $50.0 million in liquidity previously invested in the CDO business; and (iv) providing for potential future proceeds through the retention of the equity in the three CDOs. Immediately subsequent to the transfer of the collateral management and sub-special servicing agreements, the assets and liabilities of the corresponding CDOs will be deconsolidated from the Company’s financial statements.Property Investment
Gramercy Capital Corp. Reports Fourth Quarter And Full Year 2012 Financial Results
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