DALLAS, May 1, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB) Monday announced the company's board of directors elected Paul Bagley to serve as chairman and chief executive officer. The appointment was effective April 28, 2000.
Bagley, age 57, is a founding partner of The Stone Pine Companies, a private investment banking partnership with operations in New York and Denver. He also serves as the chairman of FCM Fiduciary Capital Management Co., the advisor to a mezzanine and private equity fund.
Bagley's prior investment banking activities included serving as an executive vice president and in various other capacities at Shearson Lehman Hutton, Inc. and its predecessor E.F. Hutton. His prior real estate experienced included serving as chairman of Franchise Finance Corporation of America, and as the general partner of several real estate investment partnerships. While at Hutton, Bagley was responsible for all direct private equity investments from 1984 to 1988, which included real estate investment partnerships with Aetna Life Insurance Co., ConAm, Inc; Bernard Mendik, Inc. and W.P. Carey, Inc. He also represented Hutton in the formation of American First Companies, which invested over $1 billion in various real estate related activities, and acquired Eureka Federal Savings Bank from the Resolution Trust Company. Bagley served on that Bank's board of directors and executive committee until it was sold in 1998. He currently serves on the boards of FCM Fiduciary Capital Management Co., Hollis-Eden Pharmaceuticals, Consolidated Capital of North America, Inc.; European-E-Commerce; Hamilton Lane Investment Advisors and Hamilton Lane Private Equity Fund, an Irish Stock Exchange listed investment fund.
Bagley's appointment creates a chairmanship on ART's six-member board and a chief executive position at the company. Before naming Bagley, the board had five members due to the recent resignation of Al Gonzalez.
As previously announced on March 21, 2000, ART shareholders approved the reorganization and merger with National Realty, L.P. (AMEX:NLP) to combine, tax free, the two real estate entities through the creation of a holding company structure named American Realty Investors, Inc. ARI will trade on the New York Stock Exchange under the ticker symbol "ARL" with trading to commence upon the closing of the merger, which is expected to occur during the second quarter of 2000.
Dallas-based American Realty Trust, Inc. owns a diverse portfolio of properties located across the United States, as well as interests in mortgage loans and stock holdings in real estate related entities. For more information on the company, go to the Investor Data pages of its web site at www.amrealtytrust.com