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Riviera Trading

In 2004, affiliates of Palisades acquired a large secured credit position in Riviera Trading, Inc., a $50 million importer of sunglasses, hats, and accessories sold under licensed brand names such as Nine West, Ocean Pacific and Speedo.

Palisades assumed control of 100% of the voting shares of Riviera under a voting trust agreement with the common shareholders, and assumed a majority of seats on the company’s Board of Directors. Palisades exercised daily oversight of the company’s cash position and review of all vendor, licensor and customer relationships.

In early 2005, Palisades executed the sale of Riviera at a price which returned $2.50 to the secured creditors for every dollar of initial investment.