Trinity also announced that it has received shareholder consent to increase the number of authorized shares of the Company from 20 million shares to 40 million shares, which will enable the Company to compensate senior management and provide for the ability to issue additional shares for strategic and other business purposes. In addition, Trinity announced that it has made payments to the Company’s creditors and Marcy Syms in accordance with the plan of reorganization totaling approximately $30.2 million using cash available from prior property sales and from the sale of the Company’s Cherry Hill, New Jersey property, which closed on September 26, 2013 and netted approximately $4.5 million.“I am excited to be joining Trinity Place Holdings. Trinity has a unique collection of real estate and other assets that have the potential to create great shareholder value,” stated Messinger. “With the addition of Third Avenue as a significant investor, the already strong shareholder base gets even stronger. Trinity now has more resources to invest appropriately in these assets. I also look forward to the prospect of using the Trinity platform to consider new opportunities as the company’s creditor obligations are met.” Michael Winer, co-lead portfolio manager for Third Avenue, commented: “We have been interested in Trinity Place Holdings and its unique collection of properties since it emerged from bankruptcy in 2012. We believed that with the right capital structure and a highly-skilled management team, there is potential to create significant value by redeveloping its existing properties and taking advantage of other opportunities. Under the new leadership of Matt Messinger and with a group of strong and supportive equity owners, we are confident that Trinity will succeed in creating value for shareholders.” Alexander Matina, a director of the Company and Vice President, Investments for MFP Investors, a significant shareholder of the Company, stated: “Today is a new path forward for Trinity that is beneficial to all stakeholders, including creditors and shareholders. Matt Messinger brings a diverse background in real estate that allows the company to fully realize the potential in the portfolio and give us flexibility on future opportunities. With Third Avenue as our new experienced real estate partner, Trinity is well positioned to satisfy its creditor obligations and deliver value for shareholders.”
Alan Cohen, Series A Preferred director, commented:“I'm looking forward to having Matt as our new President and CEO, and I know that the company's creditors and shareholders will be pleased to have someone with his experience and energy at the helm. Combined with today's investment by Third Avenue, I believe the company is moving in the right direction.”Forward Looking Statements Certain statements contained in this press release are “forward-looking” statements involving risks and uncertainties that may cause actual future events or results to differ materially from those described in the forward-looking statements. Words such as “expects,” “intends,” “anticipates,” “should,” “believes,” “will,” “plans,” “estimates,” “may,” variations of such words and similar expressions, are intended to identify such forward-looking statements. The company disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise. Additional information concerning factors that could cause actual future events and results to differ materially from those described in the forward-looking statements is contained from time to time in documents filed by the company with the Securities and Exchange Commission.