New Twist In Board Of Directors Battle At $3B REIT
The war wages on at Monogram Residential Trust (MORE) as news breaks that a majority of the nine-member board formed an executive committee that doesn’t include other board members.
The Plano, TX, REIT owns a $3B apartment portfolio, and that kind of cash is creating tension. A Monogram filing with the SEC reveals the formation of the executive committee that is causing rifts in the board.
Additionally, Monogram says Behringer-related board members suffer a conflict of interest as they have a financial interest in Monogram being sold soon, the Wall Street Journal reports.
The REIT was formed by Behringer Investments, and the relationship between parent and child has been testy since the beginning; Behringer sued Monogram in November over alleged contract breaches and fees. [WSJ]
