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Distressed-property manager lays it out: 'worst I've seen'.

Publication: San Diego Business Journal
Publication Date: 29-SEP-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Bill Hoffman has been through a few economic cycles in his career, but the current financial morass has this veteran executive stumped.

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"This is the worst I've seen in my 30 years in this business. The RTC (Resolution Trust Corp.) and savings and loan era doesn't even come close," said the founder and president of Trigild, a San Diego firm that manages distressed properties, mainly for banks, and works as a court-appointed receiver in bankruptcy cases.

While he's concerned about these uncertain economic times, Hoffman acknowledges Trigild is a beneficiary, experiencing turn-away business caused by the increasing numbers of defaulted commercial loans.

As the housing bubble began deflating a year ago, and fewer houses were sold, the loans made to developers of residential projects went south....

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