DALLAS, June 13, 2001 (PRIMEZONE) -- American Realty Investors, Inc. (NYSE:ARL), Transcontinental Realty Investors, Inc. (NYSE:TCI) and Income Opportunity Realty Investors, Inc. (AMEX:IOT) announced today that the affiliated companies have named Louis J. Corna as chief financial officer. In addition, Corna will serve as CFO of Basic Capital Management, Inc., a private real estate investment firm that serves as advisor to ARI, TRI and IORI.
Most recently, Corna served as Basic Capital's senior vice president - taxes, from Dec. 1, 2000, to the present. Prior to heading the tax department, he had a private law practice. Previously, Corna served with two Fortune 400 companies as vice president - taxes: IMC Global, Inc., where he also was assistant treasurer, and Whitman Corporation, both located in the Chicago area.
Corna holds a juris doctor degree from Loyola University of Chicago School of Law and a BBA in accounting, also from Loyola. He is an accredited CPA in Texas and Illinois, and is licensed to practice law in both states. Corna is an American Bar Association committee member of the Real Estate Tax Section and the Foreign Activities of U.S. Taxpayers, and holds memberships in the Financial Executive Network Group and the Tax Executive Institute.
Corna succeeds Mark W. Branigan, who transferred to the companies' real estate operations.
American Realty Investors and Transcontinental Realty Investors are Dallas-based real estate investment companies that primarily invest in equity interest in real estate through direct ownership and partnerships. Income Opportunity Realty Investors is a Dallas-based real estate investment trust. More information is available the companies' Website at www.bcm-inc.com.