DALLAS, June 15, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB) Thursday announced that as a result of action announced Wednesday by the U.S. Attorney's Office in New York City, Gene Phillips and Cal Rossi have stepped aside from day-to-day responsibilities with Basic Capital Management, Inc., the advisor to the company. American Realty Trust will continue to operate business as usual.
There have been no allegations of wrongdoing on the part of American Realty Trust, Inc. No Company stock has ever been sold to any of the parties listed in the indictments. The company does not condone any type of illegal or fraudulent activity. Mr. Phillips is not an officer or director of American Realty Trust.
As previously announced in March, ART shareholders approved the reorganization and merger with National Realty, L.P. to combine, tax-free, the two real estate entities through the creation of a holding company named American Realty Investors, Inc. ARI will trade on the New York Stock Exchange under the ticker symbol "ARL" with trading to commence upon the closing. The boards of American Realty Trust, Inc. and National Realty, L.P. are studying the situation, and the boards expect the merger to close in the near future.
Dallas-based American Realty Trust, Inc. owns a diverse portfolio of properties located across the United States, as well as interests in mortgage loans and stock holdings in real estate related entities. For more information on the company, go to the Investor Data page of its web site at www.amrealtytrust.com .