NEW YORK, Jan. 10, 2012 /PRNewswire/ -- Capstone Equities, LLC ("Capstone"), a New York-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").
Headquartered in New York, 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 New York metropolitan area.
On December 29, 2011, Capstone and G Asset Management made an offer to purchase the company for $5.62 million, or $1.30 per share, representing a 44% premium to the then current trading price of $0.90. 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 Joshua Zamir, 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV