The decision by the two Vornado officials was prompted by the recent resignations by chairman Michael Reschke and chief executive officer Richard Curto, according to a filing with the Securities and Exchange Commission. While Reschke and Curto remain on Prime Group's board, the filing indicates the Vornado executives have learned Curto will not be nominated for another term at next month's Prime Group annual meeting.
Vornado continues attempting to foreclose on a debt by a company controlled by Reschke. The collateral for loans totaling more than $102 million is a one-third stake in Prime Group Realty Trust. Vornado has sold 50% of its interest in the debt to Montreal-based Cadim inc., which dropped a bid to buy the REIT last summer.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.