In the first quarter, Banyan retained CFC Advisory Services, aunit of Cohen Financial, to advise it on a possible sale of all orsome of the trusts assets. The trust later held discussions withLevine in his capacity as head of a group that was interested inmaking a bid for the trust's assets. Banyan says that these talkswere later broken off when the trust learned that "Mr. Levineengaged in conduct which constitutes a breach of his duty ofloyalty" to the trust. The trust then suspended Levine, withpay.
In July, the trust authorized Cohen Financial to solicit bidsfor Banyan's properties. Banyan has a market capitalization of $80million.
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