In September 1995, Renaissance assisted in and oversaw the restructuring of five limited partnerships whose general partner and/or manager represented one of three related management companies. Mr. Turoff was elected to the boards of directors of the three real estate management companies, serving as an independent director on each board. The limited partners of the five partnerships were primarily European investors, principally German, and the partnerships’ assets aggregated more than $150 million. The partnerships were successfully restructured without the necessity of filing under Chapter 11 and within two years of consummation of the restructuring, the resulting entity was merged into a Canadian public real estate company.

After the restructuring, the management companies changed their names from the Lehndorff USA Companies to Fairmount USA Companies. Renaissance was engaged to oversee the liquidation of all assets of the management companies for the benefit of their creditors. From an initial estimated return to creditors of approximately two cents per dollar of current claim, creditors received approximately 42 cents per dollar of claim. This significant increase in recoveries was primarily the result of the successful prosecution of claims against former officers and directors of Lehndorff. The liquidation was completed during 2006.