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Remington-Hall Appoints New President and Interim Director; Management Files for Re-Organization on Parkview Venture, Inc.
DALLAS, July 12 /PRNewswire/ -- Remington-Hall Capital Corporation (Nasdaq: REMH), a diversified real estate investment firm based in Dallas, Texas announced today, Glenn Petty was hired on May 1, 1999 as the new President and interim Director of the Company.
Petty replaces Larry Hood as both President and interim Director. Larry died in April of lung cancer. David Proctor, Executive Vice-President stated "Glenn is a great addition to the Company, due to his considerable experience in the Real Estate and Mortgage industry." Proctor also stated, "We're anxious to get the Company back into an active acquisition mode and Glenn is the person who can make it happen."
Remington-Hall also announced it placed Parkview Venture, Inc., into reorganization on Thursday, July 8, 1999. "Parkview is currently under an agreement to be sold as part of an acquisition of a 408 unit property in Dallas, Texas." Glenn Petty stated, "however, the Company ran out of time in its negotiations and decided to place the property into reorganizational bankruptcy until all the terms of the sale agreement could be met." Petty remarked, "We hope this will provide sufficient time to complete the transaction, which will increase the number of rental units owned by the Company by almost 300%".
"This is not how we preferred to complete this acquisition," Proctor stated "but it was necessary to protect equity held by the Company, and provide the leveraged growth the Company needs."
Remington-Hall Capital Corporation is a diversified real estate investment company specializing in multi-family and mid-rise commercial office building acquisitions through merger and debt restructuring. The company aggressively pursues unique investment opportunities in steeply undervalued assets due to previous owner mismanagement or undercapitalization.
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