Ok, we've seen a bail on IOT which promptly rose to $6 but now what?
Note that the combined margin call amounted to $72MM (37+35, according to their press releases).
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Friday June 23, 4:03 pm Eastern Time
Company Press Release
SOURCE: Basic Capital Management
Basic Capital Management Retires Margin Debt on Its Income Opportunity Shares
DALLAS, June 23, 2000 (PRIMEZONE) -- Basic Capital Management, Inc. Friday announced the company has obtained from its affiliate, Transcontinental Realty Investors, Inc. (NYSE:TCI - news), a secured loan, the proceeds of which were utilized to satisfy a portion of its margin obligations. American Realty Trust, Inc. (NYSE:ARB - news) alsoobtained a secured loan from TCI for the same purpose. A total of $6.1 million was funded, which allowed BCM and ART to pay off their respective margin debt relating to their shares of Income Opportunity Realty Investors, Inc. (AMEX:IOT - news) and to pay down approximately $3 million in margin debt related to other securities owned by BCM and ART.
The margin debt was paid on June 22, 2000. BCM owns 108,802 shares of IOT.
Basic Capital Management continues to negotiate with its margin debt lenders in regards to the stock of its other affiliates, American Realty Trust, Inc., Transcontinental Realty Investors, Inc. and National Realty, L.P. (AMEX:NLP - news).
Basic Capital Management, Inc. is a Dallas-based real estate advisory company. For more information on the company, go to the web site at www.bcm-inc.com .
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CONTACT: Phyllis Wolper
Director, Investor Relations
(214) 692-4902
investor.relations@bcminc.com
biz.yahoo.com
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