The Gloucester Marine Terminal spans 119 acres beneath and astride the Walt Whitman Bridge across the Delaware River from Philadelphia. Serving importers of fruit and other commodities, this major port facility is a large combination container operation and refrigerated warehouse terminal, with 5 berths along 2,518 linear feet of bulkhead frontage at 40′ mean low water draft on the Delaware River. In 2002, the holders of bond financing for the Terminal were preparing to acquire the property through Chapter 7 proceedings. The bondholders proactively engaged Alan Razak and his firm in a consulting capacity to assist in pre-foreclosure due diligence and preparing an approach to disposal of the entire property for maximum value. The property presented numerous challenges in analyzing, packaging and marketing. These issues included parcel definition, zoning concerns, capital equipment ownership, lingering leasehold interests, and environmental contamination and remediation (portions of the Terminal property were a Superfund site). We presented the bondholders with our analysis of the issues and recommendations for a proactive approach to the sale of the property, and managed the process of positioning the bondholders for ownership and disposition in the event the foreclosure proceeded. This included completing substantial due diligence on the site, differentiating between the realty and personalty included in the secured assets, and—working with transactional team members—authoring a provisional offering memorandum.