How Much is Burnham Pacific Worth?

SAN DIEGO–Burnham Pacific Properties Inc.’s board of directors say theyhave concluded that it¹s “in the best interests of the company’sshareholders” to liquidate the troubled REIT.

At the same time, Burnham announced that J. David Martin has resigned aschief executive officer and as a company director in anticipation of themove. Scott C. Verges, the REIT’s chief administrative officer and generalcounsel, will serve as interim chief executive officer.

The company¹s board of directors says it intends to adopt a final plan ofliquidation in time for consideration of stockholders at the upcoming annualmeeting, set for Oct. 18. The board is interviewing outside firms to overseeand manage the liquidation process.