Inland American Real Estate Trust, Inc. today issued the following statement:
"We are pleased with the Agreed Order entered by Judge Basil Lorch in this case, which we believe puts us on a path to maximizing value of our investment for our stockholders, including:
- The appointment of a Special Mediator, who has the authority to negotiate directly with all interested parties regarding the plan of reorganization, which is a key and positive outcome for Inland American. The Special Mediator will report directly to the Court on the progress of those plans, and has the authority to submit his or her own plan of reorganization. The Judge ordered that all parties bound by the Order would (agree that they will not challenge the authority of the Special Mediator…). Furthermore, with the termination of the debtor's right to exclusivity, Inland is also entitled to present its own plan of reorganization.
- The Lauth Principals lost any and all rights outlined in the indemnity agreements entered into shortly before filing for bankruptcy, which have now been deemed null and void. Further, Inland American now has full and complete ownership of LIP Holdings, LLC and the 8 properties owned by the LIP Holdings subsidiaries.
- The Agreed Order also makes it clear that Inland American may communicate directly with the lenders, creditors and other parties, which the Lauth Principals had previously argued that Inland American was prohibited from doing.
Inland American looks forward to working with the Special Mediator."
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2009, Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 944 properties, representing approximately 42 million square feet of retail, industrial and office properties, 9,481 multi-family units and 15,121 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
Contacts:
For Inland American Real Estate Trust, Inc.
Matt Tramel, Director,
Media Relations
630-586-4896 or tramel@inlandgroup.com
