Chastain Capital Announces Shareholder Approval for Asset Sales and Plan of Liquidation and Dissolution.ATLANTA--(BUSINESS WIRE)--Oct. 1, 1999-- Chastain Capital Corporation (Nasdaq/NM: CHAS) today announced that its shareholders have adopted two agreements to sell a portion of the Company's assets to Insignia in·sig·ni·a also in·sig·ne n. pl. insignia or in·sig·ni·as 1. A badge of office, rank, membership, or nationality; an emblem. 2. A distinguishing sign. Opportunity Partners and to BankBoston, N.A. at the Company's annual meeting of shareholders held on October 1, 1999. The Company also announced that its shareholders approved a Plan of Liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy and Dissolution of the Company at the annual meeting. The Company expects to close the sale of assets to Insignia during October 1999 and expects to close the sale of assets to BankBoston during November 1999. This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. related to Chastain Capital Corporation that involve risks and uncertainties. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance and actual results may differ materially from management expectations due to a variety of factors, including, but not limited to, the timing of any proposed asset sales, risks that the proposed asset sales could fail to close, changes in national, regional or local economic environments, competitive products and pricing, government fiscal and monetary policies, changes in prevailing interest rates, the course of negotiations, the fulfillment of contractual conditions, factors inherent to the valuation and pricing of interests in commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. , credit risk management, asset/liability management Asset/Liability Management A technique companies employ in coordinating the management of assets and liabilities so that an adequate return may be earned. Also known as "surplus management. , the financial and securities markets, the availability of and costs associated with the Company's sources of liquidity, other factors generally affecting the real estate acquisition, mortgage and leasing markets and security investments, and other risks detailed in the Company's Registration Statement on Form S-11, as amended, the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998, and its other filings with the Securities and Exchange Commission. Copies of the Company's SEC filings are available upon request from the Company's investor relations Investor relations The process by which the corporation communicates with its investors. department. |
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