Times Mirror sells Apartment Search Inc to a new entity

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Times Mirror has sold Apartment Search, Inc. to a new entity controlled by AGI Capital Investments

Kerlin was asked by Times Mirror to dispose of a subsidiary which had been losing over $700,000 per month, had significant real estate liabilities, and had no credible management plan for improvement. Kerlin evaluated the situation and assisted Times Mirror corporate staff to create a plan to shrink the subsidiary until it could become profitable. Kerlin developed a detailed pro forma financial model for the subsidiary under the plan to shrink the company. Kerlin identified an industry operator and also matched this operator with a separate funding source. The operator and funding source were able to acquire Apartment Search and assume all liabilities and successfully execute the plan to shrink the company. In this process, Times Mirror was able to dispose of a major problem company without further write-offs.