DALLAS, June 19, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB) announced Monday that at a board meeting held June 17, 2000, the company's Directors concluded, though there was no indication of involvement by American Realty Trust in the Federal securities fraud case announced last week, it was the responsibility of the Board and in the best interest of shareholders to appoint a special committee of independent ART directors to conduct an inquiry into the matter.
As previously announced by American Realty Trust, no ART Series J Preferred Stock has ever been issued by the company to any persons or companies, including those listed in the indictment, nor did the indictment allege that any ART stock was so issued. No allegations of wrongdoing have been made against the company in the indictment and any reports to the contrary are false.
Dallas-based American Realty Trust, Inc. owns a diverse portfolio of properties located across the United States, as well as interests in mortgage loans and stock holdings in real estate related entities. For more information on the company, go to the Investor Data page of its web site at www.amrealtytrust.com