Formation of Collection Bank Resulting from Security Pacific Bank's Merger into Bank of America

With Ernst & Young in 1991-1993, Mark Pickell was an early team leader in this engagement for client Bank of America, assisting the bank to plan the best disposition of several hundred impaired real estate and C&I loans. Working with officers of both banks, we structured the collection entity, consolidated loan files and formulated procedures for a standardized file review, collateral valuation and cash flow projection for each asset.

The bulk of the asset portfolio, having a book value of approximately $2.1 billion, was subsequently packaged for sale to to Kearny Street Real Estate Company, L.P. (an affiliate of Morgan Stanley), securitized and successfully capitalized.