DALLAS, June 15, 2000 (PRIMEZONE) -- National Realty, L.P. (AMEX:NLP) Thursday announced that as a result of action announced Wednesday by the U.S. Attorney's Office in New York City, Gene Phillips and Cal Rossi have stepped aside from the day-to-day responsibilities with Basic Capital Management, Inc., which provides administrative services to the partnership. National Realty, L.P. will continue to operate business as usual.
There have been no allegations of wrongdoing on the part of National Realty, L.P. The partnership does not condone any type of illegal activity or fraudulent activity.
As previously announced in March, National Realty limited partners approved the reorganization and merger with American Realty Trust, Inc. to combine, tax-free, the two real estate entities through the creation of a holding company named American Realty Investors, Inc. ARI will trade on the New York Stock Exchange under the ticker symbol "ARL" with trading to commence upon closing. The boards of both National Realty, L.P. and American Realty Trust are studying the situation, and the boards expect the merger to close in the near future.
National Realty, L.P. is a Dallas-based real estate investment partnership that operates across the United States. For more information, go to www.nationalrealty-lp.com .