Gene

was also instrumental in the establishment and operations of Realty Advisors Korea, a Real Estate Investment Trust (R.E.I.T.), one of the first publicly traded real estate trusts in the Republic of Korea. The forming of this R.E.I.T. is symbolic of the Phillips family's belief in the soundness of the Korean economy. The trust, a co-investment with Korean institutions such as the Korean Exchange Bank, had over $400 million in assets under management, that have been sold off for a significant sum, thus creating strong financial gains for its partners.



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With great success comes the scrutiny of the media spotlight. Though there have been a number of favorable business articles written on Gene, the fall of Southmark and the subsequent legal filings brought on some negative press. Gene's position is to keep the issues private, negotiate a resolution, and return assets to the rebuilding process as quickly as possible. Gene Phillips' primary focus is to develop successful properties and companies and build a positive legacy.