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A Goldman Sachs & Co. case study was handed out to the teams. The problem-solving included buying a new portfolio encumbered by above-market, securitized debt in a strategic, high-growth market and the type of structuring that would be needed to provide the seller, who would continue to hold a partnership interest in the merged entity, with an indemnity against adverse tax consequences from a future sale of the contributed assets in the early years of the deal. Wharton's winning team consisted of the captain James Lenhart, Kevin Roberts, Ben Dunford, Drew Herold, Bruce Kirsch and Ephram Lustgarten. Ben Dunford noted that Wharton's strategy relied on an opportunistic investment style "to buy assets that we believed were under priced and gave us an opportunity to redevelop." James Lenhart added that "the judges and our competitors were incredibly talented. And much to the Wharton team's surprise, they touched on almost everything that Goldman Sachs did in its "real deal" presentation." "We worked pretty hard," Lenhart told GlobeSt.com after a win that rolled $5,000 the team's way. The winners were up against teams from Berkeley, Columbia, Cornell, Harvard, Kellogg, Michigan, NYU, Texas-McCombs, Stanford, UCLA and USC.
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