First Union Real Estate Equity and Mortgage Investments Announces New Trustee; Series A Preferred Shares Dividend.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 14, 2000 First Union Real Estate Equity and Mortgage Investments (NYSE NYSE See: New York Stock Exchange : FUR) today announced that the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has appointed Bruce R. Berkowitz as Trustee of the Company effective immediately, filling a vacancy in the Board of Trustees. Mr. Berkowitz was also appointed to the Audit Committee of the Board of Trustees. Mr. Berkowitz, age 42, is the Managing Member of Fairholme Capital Management, L.L.C., a registered investment advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in that holds, on behalf of its clients, approximately 1% of the outstanding common shares of the Company. Mr. Berkowitz is also President and Director of Fairholme Funds, Inc., a registered investment company. Mr. Bruce R. Berkowitz is not related to Mr. David P. Berkowitz, a former Trustee and a principal of Gotham Partners, L. P. In addition, the Board announced that it has accepted, effective December 12, 2000, the previously tendered resignations from the Board of Mary Ann Tighe, Stephen Garchik and James Williams. The Company also announced that the Board of Trustees has declared a quarterly dividend with respect to its Series A Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of $0.525 per share, payable on January 31, 2001 to shareholders of record on December 31, 2000. A special meeting of shareholders of the Company in lieu of the 2000 annual meeting, previously planned to be held in December 2000, is now scheduled to be held in January 2001. The Company reported that it has obtained a waiver from the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. with respect to the timing of the holding of the meeting. Certain statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, changes in local real estate conditions and markets, actions by competitors, interest rate movements and general economic conditions. Further information about these matters can be found in the information included in the Annual Report filed by the Company with the SEC 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. . First Union Real Estate Equity and Mortgage Investments is a NYSE-listed stapled-stock real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) headquartered in New York, New York. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion