Printer Friendly

CRIIMI MAE SEEKS TO INCREASE ITS CASH BY SELLING A FRACTION OF ITS LIQUIDATING REIT SHARES

    CRIIMI MAE SEEKS TO INCREASE ITS CASH BY SELLING A FRACTION
                   OF ITS LIQUIDATING REIT SHARES
    ROCKVILLE, Md., Sept. 4 /PRNewswire/ -- CRI Insured Mortgage Association, Inc. (CRIIMI MAE) (NYSE: CMM), a real estate investment trust (REIT) which currently owns approximately 66.9 percent of its subsidiary known as CRI Liquidating REIT, Inc. (NYSE: CFR), is seeking to sell nearly 15 percent, or 3 million, of its approximately 20 million Liquidating REIT shares.
    "This transaction represents an excellent opportunity for CRIIMI MAE and its shareholders," said chairman William B. Dockser.  "It will give CRIIMI MAE the cash at a time when cash is king."
    Dockser said adding liquidity to CRIIMI MAE's balance sheet will help the company to secure lower cost financing which it can use to acquire new multifamily mortgage investments.
    CRIIMI MAE is an actively-managed real estate investment trust, the largest REIT specializing in high-quality multifamily mortgages. Assets at June 30, 1992, totaled approximately $551.80 million.
    CRI Liquidating REIT yesterday filed a Preliminary Prospectus with the Securities and Exchange Commission in connection with CRIIMI MAE's efforts to sell 3 million Liquidating REIT shares.  That registration statement has not yet become effective.  CRIIMI MAE is paying all costs of registering the shares.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
    This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
    -0-                      9/4/92
    /CONTACT:  James T. Pastore, 301-231-0323, Susan Bressler-Railey, 301-468-3120, both for CRIIMI MAE/
    (CMM CFR) CO:  CRI Insured Mortgage Association, Inc.; CRI Liquidating REIT,
     Inc. ST:  Maryland IN:  FIN SU: 306 09-04-92 09:58 EDT TW -- DC005 -- 6864 09/04/92 10:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 4, 1992
Words:324
Previous Article:FPL HURRICANE ANDREW RESTORATION OVERVIEW
Next Article:OREGON COUNCIL MEMBER ADDRESSES SALMON PLAN CRITICS
Topics:


Related Articles
CRI LIQUIDATING REIT FILES PRELIMINARY PROSPECTUS
CRI LIQUIDATING REIT FILES PRELIMINARY PROSPECTUS
CRIIMI MAE EXPANDS PLAN TO SELL A PORTION OF ITS SUBSIDIARY STOCK
CRI LIQUIDATING REIT AMENDS REGISTRATION STATEMENT
CRIIMI MAE FILES 7.5 MILLION SHARE EQUITY OFFERING
CRIIMI MAE SELLS 3,162,500 SHARES OF ITS SUBSIDIARY'S STOCK
80.64CENTS PER SHARE OF CRIIMI MAE'S 1993 DIVIDEND IS ORDINARY INCOME; 31.36 CENTS PER SHARE IS NET LONG-TERM CAPITAL GAINS
CRIIMI MAE SELLS 500,000 SHARES UNDER SHELF REGISTRATION AT $8.744 PER SHARE
CRIIMI MAE SELLS 625,000 COMMON SHARES UNDER SHELF REGISTRATION
CRIIMI MAE Sells Cumulative Convertible Preferred Stock

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters