Pitcairn Enters Ch. 11 To Fend Off Investor Takeover

Law360, New York (September 2, 2010, 5:42 PM EDT) -- Real estate developer and property manager Pitcairn Properties Holdings Inc. has sought Chapter 11 protection in an effort to ward off investor Eric Blum, who controls the company's preferred stock and is seeking to gain control of its board of directors.

Pitcairn said the value of its assets exceeded its liabilities by a “wide margin,” but that it filed a bankruptcy petition Wednesday in the U.S. Bankruptcy Court for the District of Delaware to prevent Blum from exercising board stacking rights that would lead to a...
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