LOS ANGELES – Duff & Phelps, LLC, rendered a fairness opinion to a special committee of the board of directors of First Union Real Estate Equity and Mortgage Investments on the cash consideration to be received by First Union's common shareholders in First Union's proposed merger with Gotham Golf Corp., a full service, owner-operator of 25 golf courses located mainly in the mid-Atlantic states.

Terms of the transaction called for First Union to merge into Gotham Golf Corp., with Gotham Golf Corp. surviving the merger.

The fairness opinion was prepared in the Los Angeles office of Duff & Phelps under the direction of Sheryl L. Cefali, a managing director of the firm.

Cefali noted that Duff & Phelps has assisted boards of directors and other corporate fiduciaries make informed decisions for more than seven decades. The firm renders fairness opinions for clients with diverse needs in industries ranging from healthcare to high-tech, and from manufacturing to money management.