CHICAGO, Oct. 19 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) today announced that it has filed a lawsuit against Leonard G.
Levine, the Trust's suspended president. The complaint, filed in the Circuit
Court of Cook County, Illinois, alleges violations of Mr. Levine's fiduciary
duty of loyalty owed to the Trust.
Mr. Levine was suspended and placed on leave by the Trust on
August 14, 2000 at which time an arbitration proceeding was filed by the Trust
in which the Trust contends that certain actions taken by Mr. Levine
constitute "just cause" for terminating his employment agreement. The lawsuit
filed today seeks a declaratory judgment that the Trust has and had "just
cause" to terminate the employment agreement and/or Mr. Levine's employment.
The complaint also seeks an accounting and disgorgement of all benefits
received by Mr. Levine while in breach of his fiduciary obligations to the
Trust, including salary, insurance and other benefits. Pursuant to the terms
of the employment agreement, the Trust continues to pay Mr. Levine all salary
and benefits during his suspension.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns primarily office and flex/industrial properties. These
properties are located in certain major metropolitan areas of the Midwest and
Southeastern United States, including Atlanta, Georgia and Chicago, Illinois
and smaller markets such as Huntsville, Alabama, Louisville, Kentucky,
Memphis, Tennessee, and Orlando, Florida. The Trust's current portfolio
consists of 27 properties totaling 3.5 million rentable square feet. As of
this date, the Trust has 14,238,161 shares of beneficial interest outstanding.
See Banyan's website at http://www.banyanreit.com .
For further information regarding Banyan free of charge via fax, dial
800-PRO-INFO and enter "BSRTS".
SOURCE Banyan Strategic Realty Trust
 back to top
Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, Vice President, General
Counsel, 312-683-5539, email, bhiggins@banyanreit.com, or
Investor Relations, Karen Dickelman, 312-683-3671, email,
ir@banyanreit.com, both of Banyan Strategic Realty Trust
|
