default on the repurchase agreement, for which JER had been granted a two-month reprieve at the end of the year.

The defaults mean the stakeholders can claim the entire principal andinterest of the amount owed--money JER clearly doesn't have. JER, which is now headed by Barden Gale, has been struggling since the credit crunch and recession.

Early last year the company was delisted by the New York Stock Exchange because its stock had been trading below $1 per share for more than 30 days.It was forced to withdraw a proposed public offering of class A commonstock and discontinue its regular quarterly dividend, replacing itwith an annual dividend.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.