Joanna Rose News
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All company founders will fight to keep their jobs, maybe none more so than Barry Portnoy and his son Adam.
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CommonWealth REIT’s dispute with shareholders over company bylaws and alleged wrongdoing by its board must be resolved through arbitration, a Maryland judge ruled.
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CommonWealth REIT, whose second- largest shareholders want to oust the board, is better off keeping its management structure as investors are poised to benefit from its plan of focusing on downtown U.S. office buildings, President Adam Portnoy said.
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CommonWealth REIT rejected a $2.9 billion buyout offer by shareholders Corvex Management LP and Related Cos., and said it adopted board rules designed to thwart unsolicited takeover attempts.
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Related Cos. agreed to sell one of its biggest Manhattan apartment towers to real estate investor Rubin Schron, a partial owner of the Woolworth Building, according to two people with knowledge of the deal.
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New York’s Metropolitan Transportation Authority may allow Related Cos. to start work on the first tower in its Hudson Yards project on Manhattan’s west side without a formal financing deal in place.
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The towering display of quilts in the Drill Hall of the Park Avenue Armory Thursday night managed to dwarf even the 6-foot-4 frame of Citigroup Inc. Chairman Richard D. Parsons .
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CommonWealth REIT said a state court in Maryland denied a bid by investors Corvex Management LP and Related Cos. to halt the arbitration of a governance dispute with the real-estate company.
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CommonWealth REIT said a campaign by its largest shareholders to remove the board serves only those investors and would bring “harm and disruption” to the property owner’s business.
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CommonWealth REIT, the property owner criticized by its largest shareholders for its corporate governance, will use proceeds from the sale of its Government Properties Income Trust stake to pay debt, a spokesman said.
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