"I officially am no longer an employee," Weissberg tells GlobeSt.com. He still goes into the office occasionally and says he freely gives of his time during this transitional phase. Weissberg says he's indebted to RealtyIQ's board and investors for the way they've handled the company's demise. Employees and vendors haven't been left out in the cold. "They're not treating anybody unfairly," says Weissberg.

In late December 2000, RealtyIQ shuttered field offices in Dallas, San Francisco, Atlanta, Chicago and Philadelphia. Only Boston and the Manhattan homeport had been salvaged by the cash-strapped provider. Among its outstanding debt is close to $18 million that's owed to Cushman & Wakefield for its SiteSolutions database, according to well-placed sources.

Buyout deals have failed to close in the past so Weissberg's cautiously optimistic about the pending offer and enjoying the guessing game that it has sparked in the real estate community. Weissberg tells GlobeSt.com that "you are going to chuckle when you hear who it is." He says the parties are "working hard to make it happen. If all goes well, it will be in a relatively short period of time." In an e-mail to a select group of associates, he says "RealtyIQ will in all likelihood be shortly sold or merged into another entity. I will not be continuing with the new company going forward."

A source close to the situation says the Octane Alliance is the buyer. Weissberg won't confirm nor will Octane spokesman Joseph Fitzpatrick. It's Octane policy not to comment on "market speculation" or negotiations, Fitzpatrick tells GlobeSt.com.

The Octane Alliance is comprised of New York-based Insignia Financial Group Inc., Los Angeles-based CB Richard Ellis, Dallas-based Trammell Crow Co. and London and Chicago-based Jones Lang LaSalle. Fitzpatrick did say one Octane deal is close and that's a short list of CEO candidates. A final selection, he says, could come within a couple of weeks.