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Receivership Services

Marstel Realty & Management has served as manager and its principal, Mark E. Stelnik, as receiver, for troubled real estate and offer this service to both institutional and private lenders who are in the process of foreclosing on properties throughout the state of Florida. We also have acted as property manager for real estate in the hands of a U.S. Bankruptcy Trustee. Accordingly, we recognize the unique demands of operating a court controlled property. In this vein, we understand the legal process and can assist in making sure the transition from debtor to receiver is a smooth one. As receiver, we are a neutral fiduciary in the foreclosure process and have been recommended as receiver by both lenders and debtors alike. We perform our duties in both a thorough and cost-conscious manner.

Our financial recordkeeping and reporting is detailed and timely. Since a receiver is the agent of the court he must operate as a neutral party in the litigation process. This means he treats each party fairly and owes allegiance to the court and the property as set forth in the order appointing receiver. We believe that by marshaling the real and financial assets, maintaining the property, and enhancing it where possible, the interests of all parties in the litigation will be served. The process starts with the order appointing receiver, and we will work with the parties in creating an order which enables the receiver to operate efficiently in meeting his goals. The order should be broad enough so that the receiver does not have to go back to the court for clarification or an increase in the scope of the assignment. Included in the order is a determination of the bond required to be posted by the receiver. The amount of the bond should be commensurate with the size of the transaction and the amount of funds to be handled by the receiver. Once the court approves the order we do a complete inventory of the property. This includes a detailed physical inspection, as well as assembling as much financial and other data related to the property as possible. An inventory report will be prepared and serve as a "baseline" for the property. We will operate the property so that its worth is not dissipated, and maintains or increases in value. Our experience as a developer, contractor and property manager enables us to appreciate how to achieve our goals in accomplishing this. Having a depth of experience in those three disciplines gives us a unique perspective on serving as a receiver.

Below is a representative listing of Receiver and bankruptcy management assignments:

552 unit rental apartment in Tampa, Florida
62,000 square foot office/service complex in Broward County, Florida
Condominium recreation leases in Tamarac, Florida
11,300 square foot shopping center in Fort Lauderdale, Florida
71,000 square foot office center in Fort Lauderdale, Florida (for bankruptcy trustee)
80,000 square foot office center in Plantation, Florida (for bankruptcy trustee)
11 unit failed planned condominium turned apartment project in Fort Lauderdale, FL

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