Larry Hood Appointed as Interim President & CEO
DALLAS--(BUSINESS WIRE)--Oct. 22, 1998--
Remington-Hall Enters Preliminary Injunction Order With The SEC
After Removing Fonteno From Office; Company Acquires Previously
Announced Parkview Village
Remington-Hall Capital Corporation (OTC BB:REMH) a diversified real estate investment company, announced today that the board of directors has appointed Larry Hood as interim president & chief executive officer after removing Douglas T. Fonteno from that office.
The Remington-Hall board of directors appointed Hood, previously the company's chief financial officer, at a special meeting on October 19. "I want to assure our shareholders that I am, first and foremost, looking out for their best interests," Hood said. "I am confident with continued acquisition of projects like Parkview, Remington-Hall will go on to be a company of which we can all be proud."
Last week Remington-Hall acquired Parkview Village, a 14-acre development consisting of 70 duplexes containing 137 rental units, located near downtown Ft. Worth, Texas. Parkview Village is currently 96% occupied and should provide the company with immediate cash flow.
Mr. Fonteno is currently subject of a probation revocation hearing in Dallas County, Texas, based upon allegations by the Dallas County District Attorney's office that Mr. Fonteno has violated certain terms of his probation. His subsequent incarceration led the Remington-Hall board of directors to appoint Mr. Hood as interim president & chief executive officer.
In a related matter, Remington-Hall has also entered into an agreed preliminary injunction order with the Securities and Exchange Commission in a proceeding in the United States District Court for the Northern District of Texas, Dallas Division. The agreed order provides that Remington-Hall will fully comply with all securities laws and will account to the SEC for various sums raised by the company in the past.
"Through discussions we have had with the SEC, the company is confident that it can conduct its business in a manner that seeks to maximize shareholder value," Hood said. "The company is encouraged with the conversations it has had with representatives of the SEC and intends to fully cooperate with the SEC in resolving the proceeding." The SEC has also obtained a separate preliminary injunction order against Mr. Fonteno individually. |
