NEW GENERAL PARTNER TO BE NOMINATED FOR NATIONAL REALTY, L.P.
NEW GENERAL PARTNER TO BE NOMINATED FOR NATIONAL REALTY, L.P. DALLAS, July 8 /PRNewswire/ -- National Realty, L.P. (AMEX: NLP), announced today that it has notified the oversight committee of National Realty that the market price for limited partnership units for the 60 days ending June 8, 1992, did not meet the target price set in the 1990 settlement. Consequently, as previously announced, Syntek Asset Management, L.P. (SAMLP), will resign as the partnership's general partner effective upon the selection of a replacement general partner for the partnership. SAMLP will continue to serve as general partner until the successor has been duly elected and takes office. National Realty's oversight committee and SAMLP are currently evaluating a number of candidates and their proposed business plans for National Realty. If the oversight committee and SAMLP cannot agree on a joint nominee, there may be a contested election for the selection of a successor. To be selected, a candidate must receive the affirmative vote of a majority of the outstanding limited partnership units. It is anticipated that one or more candidates unaffiliated with SAMLP will be nominated and that an election will be held in the fall to select the successor. SAMLP and its affiliates intend to retain and, subject to market conditions and the availability of sufficient resources, increase their ownership of limited partnership units in National Realty. As of June 30, 1992, SAMLP and affiliates owned approximately 34 percent of the outstanding units entitled to vote. "National Realty's operations continue to improve," said a spokesperson for National Realty. "Average occupancy in the partnership's 18,000 apartment units is higher than at any time since September 1988. With lower interest rates, the prospects for a refinancing of partnership properties is excellent," the spokesperson continued. "This would help to solve current liquidity problems, lower interest costs and improve cash flow. For these reasons, SAMLP and affiliates intend to retain and, if possible, continue to increase their ownership of limited partnership units." National Realty, L.P., is a national real estate partnership engaged in the acquisition, financing operation and sale of real estate and real estate assets. -0- 7/8/92 /CONTACT: Jean Krone Bono of National Realty, 214-692-4800/ (NLP) CO: National Realty, L.P. ST: Texas IN: SU:
GK -- NY051 -- 7441 07/08/92 13:13 EDT
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|Date:||Jul 8, 1992|
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