Jan. 10, 2012
/PRNewswire/ -- Capstone Equities, LLC ("Capstone"), a
-based real estate private equity firm that invests in public and private real estate assets, and G Asset Management, a value-oriented investment firm that specializes in public securities and special situation investing, have announced an offer to purchase Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) ("Manhattan Bridge Capital").
, Manhattan Bridge Capital offers short-term secured, non-banking loans to real estate investors to fund the acquisition and construction of properties located in the
December 29, 2011
, Capstone and G Asset Management made an offer to purchase the company for
per share, representing a 44% premium to the then current trading price of
. Capstone and G Asset Management also encouraged Manhattan Bridge Capital to hire an investment bank to find an alternative higher offer, and/or to be liquidated.
"Manhattan Bridge Capital is trading at a material discount to its liquidation value, as a result of its size and governance issues. We believe the best course of action is for the company to be taken private or liquidated," said
, a managing principal of Capstone.
"To date, Capstone and G Asset Management have not received a response from Manhattan Bridge Capital," Mr. Zamir further stated.
About Capstone Equities, LLC:
Capstone Equities and its subsidiaries make strategic, value added investments in real estate. Capstone invests in underperforming commercial properties as well as public securities that present value-creating opportunities.
About G Asset Management LLC:
G Asset Management is a value-oriented investment firm. The firm specializes in value-oriented public equities and special situation investing. The firm's affiliate manages a real estate fund, which includes investments in both public and private real estate related opportunities.