Business
Business and
Reverse Merger
Community Leaders
are Supporting the
Bloomfield Hills School District
Bond Election September 29 for
x
✓ Facility Updates ✓ Gymnasiums
✓ Science Remodeling - ✓ V Technology
Retaining the excellence of the
Bloomfield Hills School District
is important to community residents and businesses
in -Southeast Michigan.
• For residents, outstanding schools help retain and enhance
property values.
• For businesses, excellent schools are important to attract
• executives for short- and long-term assignments.
• For the community, the debt retirement millage rate will
remain unchanged with approval of the bond.
Business and Community Leaders
Supporting the Bond Election
Co-Chairmen: M. J. "Hoot" McInerney
Kenneth L. Way
Albert A. Koch
Jim and Lynn Alexander
Joseph Antonini
John E. Ball
Ken and Man Barnett
Henry Baskin
Mr. and Mrs. J. T. Battenberg III
Regis D. Bowers
Laurie and Norman Brant
Basil M. Briggs
Mr. and Mrs. John H. Burdakin
Mr. and Mrs. Will M. Caldwell
Ralph A. Caponigro
Peter Chelovich
Donald J. Chinn
Thomas W Chisholm Sr.
Charlie and Lynne Clippert
Thomas W Cross
Andrea Defrain
Mr. and Mrs. Robert E. Dewar
David and Donna DeWitte
Connie and Bob Eaton
Carol and Howard Ellman
Sherrie and Bob English
David and Trudy Fink
Harvey and Kathy Fink
Linda and Bob Finkel •
Jock and Patricia Fritz
John and Skip Gelder
Mr. and Mrs. Dennis J. Gormley
Dr. Eric and Nancy Hanson
9126
1997
204
Tony Hopp
Candy and Mykle Jacobs
Lou and Sandy Kasischke
Dan and Rosemary Kelly
Robert D. Kemp, Jr.
Bonnie and Al Koch
Thomas and Deborah Krikorian
David and Helene Lubin
Brian and Christine MacKenzie
Deborah L. Macon
Pat and Hoot Mdnemey
Nancy and Jim McLemon
Laura. and Lee Munder
Mindy and Tom Nathan
Marjorie and Harry Nederlander
Andrew and Edie Paterson
Mr. and Mrs. W. James Prowse
Mr. and Mrs. Steven Radom
Jeffrey C. Rahmberg
Ross H. Roberts
Carol and Bill Rubenfaer
Wallace L. Rueckel
Dr. Craig and Teresa Spangler
Sharon Tosch
Mr and Mrs. Robert Vlasic
Suzanne and Carl von Ende
Cynthia and Paul von Oeyen
Marilyn and Ken Way
C. Thomas Wilson
Chris and Dave Zamoch
Paid-barby The-Citizens ford-re-Bond- Erection Committee
518 Whitehall Road, Bloomfield Hills, MI 48304
who is chairman of the board;
Richard, executive vice president and
secretary; and Bruce, executive vice
president and treasurer — are part of
the five-man management team
Ramco-Gershenson brought to the
merger table. The fifth man is Micha
Ward, executive vice president and
chief operating officer.
Trustees include venture capitalist
Selwyn Isakow, and Mark Rosenfeld,
former chairman and CEO of
ALAN ABRAMS
Jacobson Stores, now living and wor -
Special to the Jewish News
ing in Florida.
In addition to the management
hrough a unique series of
team, the other key component was
financial transactions in
Ramco-Gershenson's fee interests in
May 1996, Southfield-based
20 shopping centers and partnership
Ramco-Gershenson Inc.,
interests in two retail developments.
then a privately-held Midwestern
Real estate investment trusts
shopping center development
are undergoing a major revival
and management company with
De nnis
in the commercial real estate
a portfolio of properties includ-
Gersh enson: world. A REIT offers investors
ing Southfield's Tel-Twelve Mall, A me rger in a hybrid of both corporate and
re verse.
transformed itself into Ramco-
partnership aspects by allowing
Gershenson Properties Trust,
- individuals to have corporate
with a New York Stock Exchange pres- protection, and have a cash flow with-
ence, an established management
out double taxation. The main feature
team, and combined assets valued at
is that more of the cash flow must be
approximately $280 million.
distributed.
The amazing thing is that the com-
RPS (formerly Resources Penion
pany did it without selling stock
Shares), like so many other mortgage
through an initial public offering
REITs, had experienced some difficul
(IPO).
ties in the late 1980s/early 1990s.
Instead, Ramco-Gershenson, a
"That's when the world came to the
direct descendent of a family business
realization that inflation and every-
with long roots in the Detroit retail
body constantly taking more space,
and real estate development commu-
buying more merchandise, wasn't
nity, let itself be acquired by a New
going to necessarily go on forever,"
York company and became an equity
said Dennis Ge,rshenson. "In a num-
real estate investment trust (REIT).
ber of the loans RPS had agreed to,
"It was what some people might
the borrowers were more prepared to -
call a reverse merger," said Dennis
give the property back than they were
Gershenson, president and CEO of
to pay off the loans. So RPS conclud-
Ramco-Gershenson Properties Trust.
ed that the side of the ledger they
He, and his three brothers — Joel,
MERGER on page 206
Using the tax laws,
Southfield's Ramco-
Gershenson and a New
York firm have created a
larger shopping center
business.