BINGHAM FARMS, Mich., Nov. 28 /PRNewswire/ -- The board of directors of
Malan Realty Investors, Inc. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced that it believes a lawsuit filed
against the company by former president and chief executive officer
Anthony S. Gramer is without merit. Malan said it intends to defend itself
vigorously against this legal action.
The suit, filed on November 13, 2000, in the Circuit Court of Oakland
County, Michigan, alleges that Gramer is owed approximately $1 million under
an employment contract. Malan said it believes that Gramer has received all
compensation to which he is entitled. His employment with the company ceased
on July 24, 2000.
Malan Realty Investors, Inc. owns, acquires, redevelops and manages
properties that are leased primarily to national and regional retail
companies. The company owns a portfolio of 64 properties located in 9 states
that contains an aggregate of approximately 5.9 million square feet of GLA.
News releases for Malan Realty Investors are available on the company's
web site at http://www.malanreit.com or through Company News On-Call by fax at
800-758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
Michael K. Kaline, President of Malan Realty
Investors, Inc., 248-644-7110, or Fred Nachman of Marjan
Communications Inc., 312-867-1771, for Malan Realty Investors,
Inc.
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