The Michigan Supreme Court denied a request by Malan to reconsider a previous ruling by the Michigan Court of Appeals that former company executive Anthony S. Gramer is due that money.
Gramer's original suit claimed that the company violated his employment contract and that he was due the money upon his departure. The Supreme Court announced it would not review the case on Thursday. The suit was originally filed in Oakland County Circuit Court in 2002. The circuit court ruled that Gramer was entitled to change-in-control payments and termination payments through Dec. 2003. That ruling was upheld by the court of appeals.
Malan said that it had reserved $1.4 million in the second quarter of 2003 in preparation of a possible payout requirement and that actual payment to Gramer is expected to be made in the first quarter of 2004. With interest and other fees, Malan said it expects the payment to Gramer to equal the amount it has on reserve.
In August 2002, the company's shareholders approved a plan of complete liquidation and the company has been selling properties since then. Malan still owns a portfolio of 27 properties in eight states that contains an aggregate of about 2.2 million sf of gross leasable area.
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