That is fine with acting chairman Stephen Nardi. "We know Mr.Fascitelli," Nardi says in an earnings conference call. "We think he's a very smart individual. We feel he'll bring much to the board, and we look forward to it."
Vornado, whose holdings include the 3.5-million-sf Merchandise Mart, won the right to a board seat as a result of the default on a loan by Primestone Investment Partners, LP, an entity controlled by former Prime Group chairman Michael W. Reschke. Vornado subsequently sold 50% of its $102-million debt to Montreal-based Cadim inc., which backed out of a deal last year to buy out Prime Group stock with Reschke. However, the Vornado-Cadim entity now has a one-third stake in the local city and suburban office and industrial REIT.
Earlier, chairman and chief executive officer Steven Roth and executive vice president Wendy Silverstein were expected to be nominated to the to the Prime Group board but that effort was subsequently dropped. Prime Group's annual meeting is May 31 at at the offices of Winston & Strawn, the company's law firm. Former Illinois Governor James R. Thompson is a partner in the firm as well as a Prime Group trustee.
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