Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Post Properties Inc. chairman Robert C. Goddard is declaring victory today in a $10 million proxy voting fight with former chairman John A. Williams who sought to regain control of the 32-year-old, locally based apartment developing company.

Although the tally is unofficial, Goddard told shareholders attending the company’s annual meeting at Post Riverside auditorium that its six directors seeking re-election have been re-elected by at least 65% of the votes cast.

“Today’s announcement clearly indicates that our shareholders believe that the current board and management is the right team to create value for shareholders,” Goddard says in a statement. “Toward that end, we are pleased to put this proxy contest behind us and to move forward with our program to enhance shareholder value.”

Independent inspectors are tallying the proxy cards received by Post and Williams. “The inspectors will prepare a preliminary vote count after which both sides will have an opportunity to examine the tabulation,” Goddard says.

Win or lose, Williams says he still will continue fighting to regain control of the company he founded in 1971 in suburban Sandy Springs, GA, according to a published report. He resigned July 1, 2002 but remains as a director and chairman emeritus with an annual salary of $150,000. He wants to regain control of the company because he is dissatisfied with the management efforts of the existing board, according to recent statements.

Post’s Goddard, however, says Williams wants to control the firm again so that he can sell it to a third party and solve his pending income tax situation.

David P. Stockert, Post’s president and CEO, says the company has spent about $4 million in the proxy fight and Williams has laid out about $6.3 million of his own money.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.