This settlement will not affect the merger consideration to be paid to stockholders of Insignia in connection with the proposed merger between Insignia and CB Richard Ellis, an affiliate of CBRE Holding, or the timing of the special meeting of stockholders of Insignia scheduled for July 22 to vote upon a proposal to adopt the merger agreement. If the merger is approved, the closing of the merger is expected to occur on July 23.If the sale to Island Fund is completed prior to the merger and certain conditions in the merger agreement are satisfied, the consideration in the merger will be increased from $11 to $11.156 per share of common stock of Insignia.

The parties expect to enter into a memorandum of understanding reflecting their agreement in principle within the next few days.

"It was all very amicable and relatively easy to resolve," an Insignia spokesperson tells GlobeSt.com. He notes that the SEC was satisfied with the level of disclosure, but the stockholders expressed a need for more.