February 2009
On November 10, 2008, DBSI Inc. (“DBSI”), as well as dozens of special purpose entities that were affiliates of DBSI (each, a “Master Tenant,” and collectively with DBSI, “Debtor”) filed a Chapter 11 Bankruptcy in the United States Bankruptcy Court for the District of Delaware (collectively, the “DBSI Bankruptcy”). DBSI was one of many tenant in common syndicators (“TIC Syndicators”) that generated its revenue through the creation of tenants in common real estate transactions, in which the TIC Syndicator would acquire an interest in a commercial real estate property and sell off fractional interests of the real estate to multiple (up to 35 per transaction) tenants in common (“TICs”).