This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Prime Group Realty Trust Announces Commencement Of Litigation By A Series B Preferred Shareholder And Confirms Special Meeting Of Common And Series B Preferred Shareholders On December 5, 2012 To Approve Merger With Five Mile

Prime Group Realty Trust (OTC PINK: PMGEP) (the “Company”) announced today that on November 21, 2012, Ms. Patricia Fox (the “plaintiff”) filed a putative class action lawsuit in the United States District Court for the Northern District of Illinois against the Company, the Company’s Trustees (Messrs. Jeffrey A. Patterson, James G. Glasgow, Jr., Scott R. Leitman, David L. Reynolds, John M. Sabin, Shawn R. Tominus and George R. Whittemore), and Five Mile Capital Partners LLC and various of its affiliates (“Five Mile”). The action relates to the previously announced Agreement and Plan of Merger dated as of September 28, 2012, between the Company and Five Mile pursuant to which Five Mile agreed to acquire the Company’s outstanding Series B preferred shares (other than shares held by Five Mile) for $5.25 in cash per Series B preferred share, subject to approval of the merger by the holders of a majority of the Company’s common shares and at least 2/3rds of the Company’s Series B preferred shares. In the complaint, the plaintiff alleges, among other things, that (i) the Company and the Company’s trustees breached their contractual obligations with respect to the Series B preferred shares by approving the proposed merger, (ii) the Company’s trustees and Five Mile breached alleged fiduciary duties to the Series B preferred shareholders by approving the proposed merger, and (iii) Five Mile would be unjustly enriched to the detriment of the Series B preferred shareholders as a result of the consummation of the merger. Plaintiff seeks declaratory and injunctive relief, including enjoining the completion of the proposed merger, as well as damages.

The Company believes that the allegations contained in the complaint are without merit and intends to defend the action vigorously. The Company may incur significant expenses and costs to defend against the allegations contained in the complaint.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs