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Centerline: We Plan To Comply

NEW YORK CITY-Holding says it's developing a plan to comply with listing criteria after two notices from the New York Stock exchange.

By Cody Lyon | Updated on November 14, 2008

NEW YORK CITY-Centerline Holding Co.–the parent company of Centerline Capital Group–said on Friday that it was “developing a plan on how it intends to comply with listing criteria” on the New York Stock Exchange. The company had received notice from NYSE on October 30 because its total market capitalization had been less than $75 million–or less than a dollar per share–for 30-consecutive trading-days.

Earlier, on November 11, Centerline’s American Mortgage Acceptance Company or AMAC unit was de-listed from the exchange, a result of negative impacts that the company said were due to AMAC’s suspension of investment activity beginning in late 2007.

On Friday, Centerline reported a Q3 net loss of $157.3 million or $3.03 a share compared to last year’s profit of $9.45 million or $.16 a share during the same period. In light of the current NYSE shot across the bow, Centerline CEO and president Marc Schnitzer said the company was outlining a plan for compliance.

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