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Covington Advises Resource America on Acquisition

May 19, 2008

NEW YORK, NY, May 19, 2008 — Resource America, Inc. has announced that its subsidiary, Apidos Capital Management, LLC ("Apidos"), has successfully been assigned the management contracts of four Collateralized Loan Obligations (CLOs) totaling approximately $1.3 billion. Covington & Burling LLP advised Resource America and Apidos on the transaction.

Resource America is a specialized asset management company operating in the commercial finance, real estate and financial fund management sectors. Apidos represents the US leveraged loan investment arm of Resource America. With the completion of this transaction, Apidos and its London-based affiliate Resource Europe Management Limited will now manage 13 CLO vehicles representing approximately $4 billion of assets.

The Covington team was led by corporate partner Philipp Tamussino and included associates Andrew Ment and Christopher Donaghy. All are resident in the firm’s New York office.

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