Larry Feldman, chairman, began a Dec. 21 conference call by apologizing for the delay in third quarter reporting and calling such a delay "unacceptable." Aspects of an ongoing re-structuring are expected to result in timely reporting, he said.

Among the changes are the closing of its office in Phoenix; the resignation of James Bourg, EVP, COO and director; and the out-sourcing of back-office functions. Feldman said, "transferring our back-office and accounting functions to the Brandywine organization should bring down the high costs of G&A and also help ensure timely reporting."

The locally based mall owner will incur a one-time severance charge of $1.3 million related to Bourg's departure. It is based on a contract struck prior to the company's IPO in 2004. "Maintaining liquidity is job number one," Feldman said.