REF is an interesting situation.
Seems like a going concern for over fifty years might have value greater than the sum of its parts.
On a liquidation, it will be interesting to see how the leases factor in.
Item 2. Properties
In May 1999, the Company relocated its corporate headquarters and creative studios to a newly constructed facility encompassing
approximately 30,000 square feet. These premises, which are located at The Hudson River Pier, 115 River Road, Edgewater,
New Jersey, are occupied and used as the corporate offices and creative studios for the Company and its domestic subsidiaries,
other than Refac Financial Corporation ("RFC"). The lease for these new premises terminates in November 2009 and the
Company has two successive five-year renewal options.
In connection with this relocation, the Company terminated, without liability, its lease for its corporate offices in New York City
and subleased the offices and studio previously occupied by Refac HumanFactors-ID (10,000 square feet located at 575 Eighth
Avenue, New York, New York) for the remaining term of the lease. In February 2000, Refac David Morris Creative (acquired in
November 1999) also relocated to this facility and terminated its Jersey City, New Jersey lease encompassing 3,000 square feet
without any liability. In October 2000, RL also relocated its operations to the corporate headquarters and creative studios and
terminated, without liability, its lease for approximately 1,450 square feet in Southport, Connecticut.
RFC leases office facilities in Las Vegas, Nevada, which it considers to be suitable and adequate for its present needs. |
