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Hilco Forms New Group to Assist Deeply Distressed Assets

By Tavis J. Hampton | February 6, 2011

Hilco Real Estate, LLC has formed a new group called Hilco Real Estate Managed Asset Resolutions (HREMAR), which it will task with providing specialized, turnkey loan services to loan and real estate investing agencies with deeply distressed loans and REO assets.  Jerry T. Hudspeth was named CEO of the newly formed group, which with handle a diverse list of asset categories and have offices in Atlanta, Boston, and Chicago.

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HREMAR will be responsible for conducting property valuations and come up with carefully planned solutions for the distressed assets.  The resolution process may include foreclosure, receivership, or bankruptcy.  HREMAR will manage financial and legal processes, finding the best solution for the assets in the distressed portfolios.

“There is a large void in the real estate asset management market that Hilco Real Estate Managed Asset Resolutions will fill,” explained Hudspeth.

Hudspeth brings to the table 25 years of financial services experience, 14 of which were spent as President and CEO of Portfolio Financial Servicing Company (PFSC).  When Bank of America acquired PFSC in 2000, Hudspeth successfully ignited growth of portfolio assets worth more than $18 billion.

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The goal of managing deeply-distressed assets is to maximize the recovery value and help clients alleviate the strain of troubled assets.  This requires special attention that multi-purpose firms may be unable to provide.  Because it will be HREMAR’s primary function to manage such assets, they will be more attuned to the needs of clients in those difficult situations.  Clients can transfer their most distressed assets to Hilco, thus relieving their portfolios from the problem assets they do not have time or expertise to remedy.

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