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Burnham Pacific Board May Meet Today

SAN DIEGO-Officials of embattled REIT trying to appease Westbrook, fend off Schottenstein.

By David W. Myers | Updated on August 05, 2000

SAN DIEGO-Directors of Burnham Pacific Properties Inc. could meet as early as today, hoping to devise a plan to appease one unhappy investor and fend off another’s ongoing attempt to oust them from their jobs.

The REIT confirmed last Friday that one of its biggest preferred stockholders, Westbrook Partners, has notified the company that Westbrook is exercising its “change of control preference” right—a move that could force Burnham Pacific to stop paying common share dividends until it buys out the stockholder.

The announcement was the latest in a series of hits to the company, which has seen its stock price erode steadily in recent months. The REIT is looking for a suitor, weighing the sale of assets and considering other moves to stop the decline.

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