Atlas Partners formed - consulting firm founded by Atco Properties and Management Inc. and Mitchell J. Nelson

Real Estate Weekly, July 29, 1992

H. Dale Hemmerdinger, president of Atco Properties & Management, Inc., and attorney Mitchell J. Nelson, who is of counsel to Proskauer Goetz Rose & Mendelsohn, both in New York City, have formed Atlas Partners, a consulting firm to institutions, fiduciaries and individuals on their real estate assets.

Atlas Partners has won as its firs client the trustee of Monarch Capita Corporation, a Springfield, Massachu setts-based company and parent of Monarch Life Insurance Company which went bankrupt in 1991, while Monarch Life was put into receivership

The Monarch Capital portfolio includes dozens of commercial and residential properties nationwide, one valued at hundreds of millions of dollars, including developed and partially developed projects, joint ventures and land in Massachusetts, Texas, Florida California, and Putnam County in the New York metropolitan area.

Atlas Partners developed a business plan to manage and dispose of the real estate assets of Monarch Capital's development subsidiaries, Stockbridge Development, Forge Development, and Middlesex Development Corp., which has been approved by the bankruptcy court.

A major project in the Monarch port folio is Marina Bay in the Boston area a partially developed complex of apart ment and office buildings, townhouse and boat slips.

A member of the board of Merchants Bank of New York, a highly-regarded commercial bank in New York City Hemmerdinger is the owner of Atco Properties & Management, Inc., which owns and manages two million square feet of commercial and industrial space in New York City and a Phoenix, Arizona apartment complex. Atco Proper ties also has construction, brokerage and leasing divisions. He is also a public member of the New York State Financial Control Board, which monitors New York City's finances, and a member of the Advisory Council of State Productivity. In addition, he is an Executive Committee member of the Association For A Better New York, a member of the board of governors of the Citizens Housing & Planning Council of New York, and a director of the Realty Foundation of New York.

Hemmerdinger has addressed conter. ences held by Grant's Interest Rate Observer and the Bank Credit Analysts among others.

Also a board member of Merchants Bank of New York, Nelson was formerly senior real estate partner at Wien Malkin & Bettex in New York, when he supervised legal and business matter for commercial and residential proper. ties owned by firm syndicates. He also served as counsel on restructurings financings, conversions, sales, and syndications at the firm from 1973-92, and joined Proskauer, Rose as counsel in April, 1992. Nelson has addressed the New York State Bar Association on operations and management of real estate assets, primarily for fiduciaries.