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REIT Banyan decides it can go on after all
Crain's Chicago Business, August, 1998 by Murphy, H. Lee
H. LEE MURPHY There's no end in sight for Banyan Strategic Realty Trust after all. Hatched from the remains of the bankrupt VMS Realty Partners in the 1980s, Chicago-based Banyan was conceived as a finite-life real estate investment trust (REIT), with liquidation scheduled for October 2001. At the recent annual meeting, however, shareholders voted to switch Banyan to perpetual-life status, a change that should allow Banyan to issue a secondary offering of stock later this year and to continue making buys.
'We wanted to wait and put together a track record that would prove to shareholders that allowing the company to continue to grow was a good idea,' said President and CEO Leonard Levine. 'We've demonstrated our credentials by now.' Banyan has accumulated a...
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