Search
 

GMH Strategic Options Still Stuck in Limbo

NEWTOWN SQUARE, PA-The special committee remains mum regarding a potential full or partial sale of the specialty housing REIT.

By Marita Thomas | Updated on September 19, 2006

(To read more on the debt and equity markets, click here.)

NEWTOWN SQUARE, PA-As GMH Communities Trust filed its long-delayed second-quarter 2006 financial report, a special committee continues to evaluate alternative strategies for the company.

During a conference call, Gary M. Holloway Sr., president, chairman and CEO, declined to take questions regarding the committee’s progress, but said it “is evaluating indications of interest by several parties regarding a sale of the company or its assets.” As GlobeSt.com previously reported, the special committee was formed in March in response to an audit committee investigation, prompted by an allegation of “tone at the top” problems with management and “material weaknesses” in controls over financial reporting, submitted by the then-CFO Bradley Harris. At the same time, Ernst & Young was hired to conduct an independent audit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.