default on therepurchase agreement, for which JER had been granted atwo-month reprieve at the end of the year.


The defaults mean the stakeholders can claim the entireprincipal andinterest of the amount owed--money JER clearly doesn'thave. JER, which is now headed by Barden Gale, has been strugglingsince the credit crunch and recession.


Early last year the company was delisted by the New York StockExchange because its stock had been trading below $1 per share formore than 30 days.It was forced to withdraw a proposed publicoffering of class A commonstock and discontinue its regularquarterly dividend, replacing itwith an annual dividend.

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