Contact Information: Contact: Resource America, Inc. pkamdar@resourceamerica.com 212.506.3870
Resource America, Inc. Announces Completion of Assignment and Assumption of U.S. Management Contracts
| Source: Resource America, Inc.
NEW YORK, NY--(Marketwire - May 15, 2008) - Resource America, Inc. (NASDAQ : REXI )
announces today that its subsidiary, Apidos Capital Management, LLC
("Apidos"), has successfully been assigned the management contracts of four
Collateralized Loan Obligations ("CLO") totaling approximately $1.3
billion.
Apidos Capital Management, LLC represents the U.S. leveraged loan
investment arm of Resource America and is an affiliate of Resource Europe
Management Limited (the London-based subsidiary managing euro-denominated
leveraged loans). With the completion of this transaction, Apidos and
Resource Europe will now manage 13 CLO vehicles representing approximately
$4 billion of assets.
Christopher D. Allen, Chief Operating Officer and Senior Managing Director
of Apidos, stated, "We are very pleased to be an early beneficiary of
consolidation among asset managers within the syndicated loan marketplace
and are well-positioned to continue to benefit from industry consolidation
in the next few years. We recently received the consent of all parties to
the transaction and are proud of the confidence that they have shown in our
portfolio management capabilities."
Gretchen Bergstresser, President and Senior Portfolio Manager of Apidos,
commented, "Although these transactions that we will be assuming management
of have experienced many challenges in this uncertain economic environment,
we believe that we are very well-suited to maximize the returns for all
investors."
Resource America, Inc. is a specialized asset management company that uses
industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the
commercial finance, real estate and financial fund management sectors. For
more information please visit our website at www.resourceamerica.com or
contact pkamdar@resourceamerica.com.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although Resource America, Inc. believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially
from expectations include financial performance, regulatory changes,
changes in local or national economic conditions and other risks detailed
from time to time in the Company's reports filed with the SEC, including
quarterly reports on Form 10Q, reports on Form 8-K and annual reports on
Form 10-K.