DALLAS, June 16, 2000 (PRIMEZONE) -- National Realty, L.P. (AMEX:NLP) Friday said the partnership halted trading today because of confusion, innuendo and rumors being falsely circulated concerning allegations from the U.S. attorney's office in New York on Wednesday.
National Realty receives administrative services from Basic Capital Management, Inc. Gene Phillips, an advisor to BCM, and A. Cal Rossi, an officer of BCM, stepped aside Wednesday following their indictments that were issued by a federal grand jury.
"The partnership was totally shocked by these developments," said Karl Blaha, president of NRLP Management Corp., the general partner of National Realty. "We will take whatever steps are necessary to protect our limited partners' investments. These two men have stepped aside from Basic Capital Management and we will continue to operate National Realty, L.P., which is enjoying great profitability at this time."
"Our operations are continuing and, as of March 31, 2000, the partnership reported assets of $391 million," said Mr. Blaha.
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.