The Picerne Group acquired, from a Japanese bank, a note that was secured by a mortgage on a 284 room ski hotel located in the French Alps. The obligor on the note was the French subsidiary of a bankrupt Japanese construction company which was in liquidation.

The Picerne Group discovered that the French subsidiary had significant tax losses and other tax attributes that were of great value to a new owner of the property, but had no value to the bankrupt parent corporation. The Picerne Group arranged a debt/equity swap, acquiring 100 percent of the stock of the French subsidiary in return for waiving any deficiency claims in the Japanese bankruptcy. As the new owner of the hotel, The Picerne Group successfully renegotiated the master lease with greatly improved terms and conditions, and subsequently sold the property to a local French investor.