Disgruntled Investor Becomes Pitcairn's New Chair

Law360, New York (September 21, 2010, 5:04 PM EDT) -- The powerful investor who threatened to take over Pitcairn Properties Holdings Inc. — prompting the real-estate developer to seek shelter in Chapter 11 — has become its new chairman.

Investor Eric Blum issued a statement Monday announcing a happy end to a bitter legal dispute in the Delaware Court of Chancery with Pitcairn, and identified himself as the developer's newly appointed chairman of the board. Blum also said that the development company was withdrawing its attempt to revive the dismissed bankruptcy case.

“I am pleased we...
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