JER Investors Trust Inc., McLean, Va., reported the sale of its interest in $152.9 million of face amount of CMBS for proceeds of $5.5 million, most of which was used to repay matured securities. The company said up to $4.7 million were used to repay, in full, amounts outstanding, including accrued interest, on JERT's repurchase agreement with J.P. Morgan Securities Inc. that matured on March 29, 2010. As of March 31, 2010, JERT has an unrestricted cash balance of $1.1 million and continues to be in default of its payment obligations under its ISDA Master Agreement. The agreement is dated as of December 1, 2004 -as subsequently amended- with National Australia Bank Limited and its Junior Subordinated Notes due in 2037.
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