Grubb & Ellis stockholder nominates self, two others for election to board on Dec. 3

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Grubb & Ellis Co. investor Anthony W. Thompson nominated himself, company co-founder Harold A. Ellis Jr. and Stuart A. Tanz for election to the company's board of directors on Dec. 3.

Ellis was the company's chairman and chief executive officer until 1992, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Thompson, in an Oct. 24 letter to the nominating committee, said his discussions with the company have not been fruitful.

Grubb & Ellis failed to act on any of his recommendations "nor has it succeeded in convincing the capital markets that it is on the right path," he said.

In the letter, Thompson said "the board has presided over a staggering erosion in the price of the company's shares in the past 6 months."

Thompson, in a separate letter, requested to inspect the company's books and records and asked for a list of Grubb & Ellis stockholders.

In addition, Thompson said he intends to propose amendments to the company's bylaws at the annual meeting.

The bylaw reforms would prevent the board from delaying the annual meeting or adjourning any stockholder meeting without stockholder approval if a quorum is present, according to the filing.

Thompson has a 13.3% stake in the Chicago-based real estate services and investment management firm.

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