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Grubb & Ellis shareholders asked for support by dissident nominees; vote set for Dec. 3
By Lisa Kerner
Charlotte, N.C., Nov. 24 - Anthony W. Thompson, Harold A. Ellis Jr. and Stuart A. Tanz asked Grubb & Ellis Co. shareholders to elect them as company directors at the annual meeting on Dec. 3.
In October, Thompson nominated himself; Tanz, a former candidate for the company's chief executive officer position; and Ellis, company co-founder, for election to the board.
Thompson resigned from the Grubb & Ellis board shortly after the company merged with NN Realty Advisors to start Thompson National Properties, it was previously reported.
In a Nov. 21 letter, Thompson, Ellis and Tanz urged their fellow shareholders to "see through the board's cunning electioneering" and realize that Grubb & Ellis "is not well."
Specifically, Thompson pointed to the deterioration of the company's financial performance and falling stock price.
In addition, Thompson cited the turnover in key management and the lack of a permanent replacement for Scott Peters, who resigned as CEO more than four months ago.
Thompson denied Grubb & Ellis' "bizarre" claim that if elected, he would force the company to acquire Thompson National Properties.
Last week, Grubb & Ellis' board asked shareholders to re-elect the incumbent directors, Harold H. Greene, Devin I. Murphy and D. Fleet Wallace, at the Dec. 3 meeting.
Grubb & Ellis said it believes Thompson ultimately wants to control Grubb & Ellis, install Tanz as CEO and cause the company to buy or absorb Thompson National Properties, it was previously reported.
The board rejected Thompson's earlier request to be reappointed four months after he resigned.
According to a prior news release, changes suggested by the dissident slate include declassifying the board and reforming executive and director compensation.
Thompson has a 13.3% stake in the Chicago-based real estate services and investment management firm.
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