Word: herzberger
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After losing at No. 3 doubles, Harvard picked up a win on the second court, where Norton and Tachibana defeated Misia Krasowski and Julie Flazner, 8-2. All eyes then shifted to the top court, where Rosekrans and Cao edged out Bianca Aboubakare and Cassandra Herzberg, 8-6, to clinch the point...
...South Florida, you have literally tens of thousands of unsold units and a lot of the biggest builders see this [program] as a significant marketing tool," says Herzberg. "It gives them a huge competitive advantage in a very crowded marketplace...
...Still, Herzberg's Sirius Value program is far from a slam-dunk fix for the housing slump. Under the program, which received a provisional patent from the U.S. Patent and Trademark Office last month, the developer or homebuilder must give 20% of the purchase price to Herzberg's group as a fee for the put option - a payment that many developers may be reluctant to cough up. "20% is astronomically high!," says one analyst, who did not wish to be named. "What builder would give away 20% when they're doing 5% or 10% [pretax] margins? If they gave away...
...Andrew Herzberg shrugs off such concerns. He says it all comes down to how the assets are managed, how the real estate performs, and, if all else fails, a reinsurance contract. He says the 20% premium fee will be placed into an investment trust and actively managed over the eight year period. He says he has two banks, Wells Fargo and Credit Suisse, on board to manage the assets and even lend money against the home in year eight if needed. On top of that, he says talks are underway to bring in a reinsurer. "The reinsurers...
...Herzberg also defended his group's experience in the field, noting that he and his brother Kenneth have spent decades in the investment banking arena, with Kenneth having worked at such firms as the Carlton Group and Madison Equities and Andrew having worked as a trader at Rosenthal & Co., and Societe Generale. "We have collectively been in the real estate business - the parties combined - for about 60 years." He adds that the program would not be financially viable in the current environment, though, without...