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Rain Keeps Falling on Burnham Pacific

SAN DIEGO-Shareholders renew effort to topple management after the REIT reports earnings decline.

By Randyl J. Drummer | Updated on August 15, 2000

SAN DIEGO-A key group of shareholders vowed again to replace BurnhamPacific Properties Inc.’s board and liquidate the company asthe REIT’s second-quarter earnings statement showed a continued decline.

A group headed by Jay Schottenstein said in June that it intended to wincontrol of the San Diego-based company’s board and replace managementbecause of what it called a “dramatic” loss in shareholder value. OnMonday, Schottenstein and another shareholder, Michael Ashner, said they would nominate a slate of directors for election at theannual shareholders meeting in October.

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