At the same time, Burnham announced that J. David Martin hasresigned aschief executive officer and as a company director inanticipation of themove. Scott C. Verges, the REIT's chiefadministrative officer and generalcounsel, will serve as interimchief executive officer.
The company¹s board of directors says it intends to adopt afinal plan ofliquidation in time for consideration of stockholdersat the upcoming annualmeeting, set for Oct. 18. The board isinterviewing outside firms to overseeand manage the liquidationprocess.
Since last fall, Burnham and its accounting firm, Goldman, Sachs& Co., havebeen reviewing bids to acquire the company. ButBurnham's board has nowconcluded that the price and terms are notright for an acquisition. Theboard has also opted not to reorganizethe REIT.
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