Position expanded in investment trust.Preferred Investment I, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a New Jersey based investment group, the principals of which are Charles Kushner and Peter J. Weidhorn, has expanded its holdings in BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Residential Properties, Inc. a real estate investment trust focused on owning and operating apartment communities, with the purchase of 454,545 shares of BNP Series B Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The purchase, valued at $5 million, was completed on September 5, 2003 and brings Preferred Investment I's total investment in BNP's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to $10 million. This transaction was the result of an expansion of an investment agreement originally entered into in December 2001 in which BNP agreed to sell 454,545 shares of Series B Cumulative Convertible Preferred Stock for $5 million. The agreement also provided an option for the parties to expand the offering to $10 million on the same terms and conditions. The Series B 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. were issued at, and have a liquidation preference of, $11 per share and an initial dividend yield of 10%. The investor (Preferred) has the right to convert each Series B share into one share of BNP's common stock beginning in December 2004 or in certain circumstances such as a change of control or BNP's calling the Series B stock for redemption. As part of the 2001 transaction, Peter Weidhorn joined BNP's board of directors as the director appointee APPOINTEE. A person who is appointed or selected for a particular purpose; as the appointee under a power, is the person who is to receive the benefit of the trust or power. for the Series B investor, a role in which he continues to serve. Weidhorn has more than 30 years' experience in acquiring, managing, and financing commercial real estate. He was the founder and chief executive officer of WNY WNY Western New York state WNY Washington Navy Yard Group, Inc., a real estate investment trust that owned and operated approximately 8,000 apartments throughout the northeast and Mid-Atlantic region. In September 2000, Kushner Companies acquired WNY and its portfolio at which time he was named director of acquisitions for Westminster Management, a Kushner Company. He also serves as a director of Monmouth Real Estate Investment Corporation, a publicly traded real estate investment trust, and The Community Development Trust. In addition, he is President of the New Jersey Apartment Association. |
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