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.