Winter/Spring 2016 • Issue 57, page 12

Terri Riker - A Clowning Achievement

When you first meet Terri Riker, you probably wouldn’t guess that she was raised on a farm, bucked hay for a summer job and after graduation high school (in Oregon), or that she is proficient in fly fishing, arc welding and tractor driving. These turned out to be a few of the many survival skills in building a foundation for her many careers. With a sharp wit and a drive to succeed, she wasn’t even phased by being voted “class clown” rather than the coveted “most likely to succeed” award at graduation.

By the time Terri was 18, she had lived in five states and moved, with her family, over ten times. Many of the moves were necessitated by her father’s work in the missile business.

Thriving on change, she and her sister (now a successful lobbyist in Sacramento) embraced every new adventure as both a learning experience and a chance to explore a new lifestyle. Terri admitted, “When you are uprooted frequently as a child, you learn to be resilient, fiercely independent, and embrace any opportunities that present themselves.”

These life survival skills morphed into a skill set that would prove to be useful many years later when she began managing distressed properties and handling receivership cases. She regularly uses these skills, demonstrating that she can change course on a minute’s notice, rapidly assess new situations, read the environment, and determine friend from foe.

After graduating from the University of Utah, Terri worked in banking for several years and ended up working for an investment advisory firm managing pension fund assets. Her most memorable client was the Southern Nevada Culinary Bartenders Pension Plan and Teamsters. “This was ‘trial by fire’ in that the union trustees were particularly concerned about tracking cash and all activities associated with their real estate investments. There was no question this is where I began my habit of detailed documentation in a fiduciary role.” Terri recalls the first business dinner with a few of the trustees in Las Vegas, held at a restaurant where one of the Culinary Union bosses was roughed up in the early 80’s. “They felt this was an ideal setting to impress on me the importance of full disclosure, trust and transparency in managing their assets.”

After being initiated into the fiduciary business, Terri relocated to Sacramento in 1987 to work for CalPERS as an investment officer. While working through the extensive interviewing process at CalPERS, she accepted a temporary assignment with Bob Greeley, now a trustee and receiver. Ironically, she would call upon Bob 20 years later for guidance in the receivership business. (In hindsight, Bob continually apologizes for the low wages offered during that stint!)

Over the next 17 years, Terri continued along a career path of portfolio management of nationwide institutional properties for pension funds, REIT’s and developers. In 2004, she was ready to step outside the corporate arena and into the world of entrepreneurialism. She invested and managed a variety of 
start-ups, was awarded a patent for Show-Tags® in 2011 (Home Showing Lockbox Tag System) and continued with a couple of new ventures.

As the real estate market tanked in 2007, so did one of the companies for which she served as a board member and was a lead investor. She was referred to Richard Ormond and Mike Wachtell at Buchalter Nemer to represent the Board of Directors and provide counsel throughout a restructure process. They, in turned, introduced her to Howard Grobstein to handle the forensic accounting and reconstruction of the books.

Through these associations and as a result of the encouragement of Mike and Richard to explore the receivership business, Terri joined CRF and reconnected with Gordy Dunfee, a receiver in La Jolla. With the early mentorship of all these well respected colleagues, Terri has remained active with rents and profits cases for seven years. She has been focused on securitized assets and complex cases with lenders special servicers and is currently working on a Los Angeles County case comprised of a 215,000 SF Office Tower and 225,000 SF Retail Center in West Covina. In addition, she was recently appointed as the receiver over three K-Marts in Kern and Fresno Counties.

Commenting on the necessity to be ready on a day’s notice to takeover an asset, Terri said “I have my feet planted firmly in the sky waiting for the next ex-parte motion to flip my [otherwise stable] life upside down.” She adds, “I love this business and am thankful for the camaraderie of the CRF members and to Jennifer Tullius, Alan Mirman and Richard Ormond for great legal representation on many of these complex cases.”

Recently relocating back to the Sacramento area, Terri manages a portfolio of properties throughout the West and continues to handle receivership cases in California. She has come full circle and is enjoying being close to family and spending free time golfing, swimming and travelling.

She has served on two boards, CREW-OC (Commercial Real Estate Women–Orange County) and CRF – LA/OC for the past several years, including serving as President in 2015 for CREW–OC. Terri looks forward to getting involved with CREW and CRF in Northern Cal and spending time with non-profit organizations in her community.