AMRESCO

Investment Date: April 1991

AMRESCO was a manager of distressed real estate assets and a specialty finance company.

In 1986, Mr. Schnitzer facilitated a merger through which BEI Holdings became a public company. In 1991, Wand took a strategic stake in BEI, as the only institutional investor. In 1993, AMRESCO (a divestiture of Nations Bank) was merged into BEI.

The integration of BEI and AMRESCO was successfully implemented and the Company grew profitably throughout the period of Wand’s ownership. In 1995, Wand liquidated its investment in AMRESCO through a sale of securities in the open market.