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

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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.

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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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