Questions on accounting procedures exploded last February into afull-scale, ongoing investigation. But JDN's CEO Craig Macnab andthe board of directors emphasize "the special committee'sinvestigation found no evidence of wrongdoing or knowledge of anywrongdoing" by Nichols.
The issue revolves around undisclosed compensation arrangementsand related party transactions involving two executives. Several ofthe transactions were approved by former chairman J. DonaldNichols, who resigned in April, as did a second executive.
Discrepancies showed up in leases and real estate sales withWal-Mart Stores Inc. and Lowe's, JDN's largest tenants in itsshopping centers.
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