Levine, suspended by the REIT in August "for various breaches of his fiduciary duties," also seeks unspecified compensatory and punitive damages in another lawsuit filed after the REIT moved to fire him.
Responding to Levine's suit filed in Cook County Circuit Court, Banyan officials argue shareholder consent is not required. "Accordingly, we are confident that Mr. Levine's attempt to sabotage the transaction will be quickly thwarted," said L.G. Schafran, chairman and interim president of Banyan Strategic Realty Trust. "We view these new claims by Levine as nothing more than an attempt by him to obtain leverage to advance his interest in settling the original claim."
Attempts to contact Levine were unsuccessful.
Locally, Banyan's portfolio includes five suburban office and industrial properties totaling nearly 600,000 sf in Oak Brook, Elmhurst, Bensenville, Willowbrook and Oakbrook Terrace. It also has substantial holdings in the Southeast. Nationwide, the REIT controls 27 properties containing 3.5 million sf.
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