DALLAS, June 15, 2000 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) Thursday announced that Gene Phillips and Cal Rossi have stepped aside from day-to-day responsibilities with Basic Capital Management, Inc., the advisor to the company, as a result of action announced Wednesday by the U.S. Attorney's Office in New York City. Transcontinental Realty Investors will continue to operate business as usual.
There have been no allegations of wrongdoing on the part of Transcontinental Realty Investors, Inc. The company does not condone any type of illegal activity or fraudulent activity. Neither Mr. Phillips nor Mr. Rossi holds a position as officer or director of Transcontinental Realty Investors.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment trust, invests in real estate through direct equity ownership and partnerships nationwide. The company also invests in mortgage loans, including first, wraparound and junior mortgages. For more information, visit the company's Web site at www.transconrealty-invest.com .