Three months ago, Mr. Morimoto called me and told me he needed a lot of Shihoshoshi at once. He was working for foreign investors on an assignment of bad debtts. These loans were secured against real estate mortgages. The mortgages had to be transferred with the claims and registered at the Legal Affairs Bureau. Otherwise the mortgage transfers could not be perfected against a subsequent purchaser if that purchaser registers before we do.
First registration takes all.
Mr. Morimoto's request was not an easy matter. Finding experienced Shihoshoshi in the field of real estate workouts in a short period of time is almost impossible. Shihoshoshis are independent professionals, and usually have an office composed of one Shihoshoshi and a few assistants. The law does not permit us to operate a corporation type of office, and the market for Shihoshoshi is very closed and limited. This makes us very competitive with each other.