Martin resigned following a year of turmoil for the REITthatcame to a head last week, when its board decided to liquidatethecompany's remaining assets. Westbrook Real Estate Partners andBlackacreCapital, two of the company's largest shareholders, hadcriticizedMartin's management of the firm.
Martin's severance package will be paid out over three yearsrather than in a lump sum, a Burnham Pacific official says.
The company turned down a $13.50-a-share takeover offer lastyear fromOhio retailer Jay Schottenstein, who later announced plansto seize controlof the board and topple management. The companythen tried tofind a buyer that would pay as much or more thanSchottenstein had originally offered, but finally gave up anddecided to liquidate last week.
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