Feldman Mall Properties, Inc. Announces Resignation of Lawrence H. Feldman, Chairman
2009年12月15日 - 12:43AM
PRニュース・ワイアー (英語)
NEW YORK, Dec. 14 /PRNewswire-FirstCall/ -- Feldman Mall
Properties, Inc. (Pink Sheets: FMLP) announced today that Lawrence
H. Feldman has resigned as Chairman and as a member of the Board of
Directors of the Company effective December 11, 2009. Mr. Feldman
was the founder of the Company and served as Chairman of the Board,
Chief Executive Officer and President until June 30, 2008, when he
relinquished the Chief Executive Officer and President posts. The
Company wishes Mr. Feldman well in his future endeavors. Mr.
Feldman stated: "I have confidence in the Company's future and I
wish the Board well as it continues its restructuring plan for the
Company." In conjunction with Mr. Feldman's resignation, the
Company and Mr. Feldman modified the agreement reached on July 10,
2008. Under the amendment, the remaining $300,000 of severance
payments was paid to Mr. Feldman on December 11, 2009, along with
$26,119 to terminate the Company's continuing health care insurance
obligation. The Company further agreed to pay Mr. Feldman $717,500
in complete and final satisfaction of any sums owing and
liabilities and obligations due to him from the Company. In
addition, Mr. Feldman and his affiliate, Feldman Partners, LLC,
sold to the Company all 947,610 limited partner participation
interests or units owned by them for $97,582 in cash, which was
paid on December 11, 2009. Mr. Feldman continues to own shares of
common stock in the Company. Commencing February 1, 2010, Mr.
Feldman shall receive $100,000 per month as against the $717,500
obligation until paid, unless the Company sells one of its
currently owned malls for gross cash proceeds in excess of $1.0
million, in which event the obligation will be accelerated and paid
at the time of closing of such sale. The Company and Mr. Feldman
exchanged mutual releases. Effective December 7, 2009, Thomas E.
Wirth joined the Board of Directors. Mr. Wirth, who is 47 years of
age, was the President and Chief Financial Officer of the Company
from October 2007 to December 7, 2009, when he resigned those
posts, having previously served as the Chief Financial Officer of
the Company since December, 2004. Prior to that Mr. Wirth was Vice
President and principal accounting officer of SL Green Realty Corp.
from February 2004 to August 2005, and Chief Financial Officer of
SL Green Realty Corp. from June 1999 to February 2004. Mr. Wirth
received a BA degree from Gettysburg College in 1985. Mr. Wirth
will fill a newly created seat on the Board. Ralph E. Lewis II
joined the Board effective December 11, 2009, filling the seat left
vacant by Mr. Feldman's resignation. Mr. Lewis is a member of the
Bar of the States of Kansas and Missouri and principal of the Ralph
E. Lewis II Law Firm located in Liberty, Missouri. Mr. Lewis is 54
years of age, having graduated from Cornell University in Ithaca,
NY with a BA degree in 1978 and received a JD degree in 1981 from
the University of Kansas. Effective December 11, 2009, the
Company's Board of Directors created the Office of the President
and named Bruce E. Moore, James W. Sight and Ralph E. Lewis, II as
members, each serving at the will and pleasure of the Board on an
interim basis and until the Board shall elect a new president of
the Company. The members of the Office of the President shall each
have the authority to execute and deliver documents and instruments
on behalf of and binding on the Company in the name of the
President and take all actions necessary, in connection therewith.
Mr. Sight and Mr. Lewis shall each receive a fee in the amount of
$10,000 per month, and each member of the Officer of the President
shall be entitled to reimbursement for out of pocket costs and
expenses in connection with their performance of services. About
Feldman Mall Properties, Inc. The Company's shares of common stock
are quoted on Pink OTC Markets, a privately-owned company formerly
known as Pink Sheets, which operates Pink Quote. The Company's
portfolio, including non-owned anchor tenants, consists of four
regional malls aggregating approximately 3.7 million square feet.
For more information on Feldman Mall Properties Inc., visit the
Company website at http://www.feldmanmall.com/. DATASOURCE: Feldman
Mall Properties, Inc. CONTACT: John F. Dougherty, Jr., Senior Vice
President and General Counsel and Secretary of Feldman Mall
Properties, Inc., +1-215-564-8084 Web Site:
http://www.feldmanmall.com/
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