ARI Board Decides to Dissolve Company and Liquidate Assets
The company announced that following an extensive review of potential strategic alternatives for ARI, the board of directors determined that the dissolution of the company, the liquidation of its assets and the winding down of its business and affairs are advisable and in the best interest of the company and ARI stockholders. To effectuate a dissolution, ARI must receive the approval of the company's stockholders. ARI intends to file a preliminary proxy statement with the SEC detailing a plan of complete liquidation and dissolution, which would authorize the company to sell its remaining properties, wind down ARI's affairs and distribute net proceeds to stockholders. The board of directors, in its discretion, may, at any time, terminate, modify or amend the plan of complete liquidation and dissolution, without stockholder approval, and authorize the company to dispose of its assets through a merger, business combination or other strategic alternative. Stuart Rothstein, CEO and President of ARI, said: "Following the successful completion of the loan portfolio sale in April, our board of directors, in consultation with management, has conducted an extensive and thorough review of strategic alternatives for ARI, with the goal of identifying a path that would deliver attractive risk-adjusted returns on a go-forward basis. After carefully evaluating a broad range of real estate-related strategies and potential transactions, the board has determined that the dissolution of the company, the liquidation of its assets and the winding up of its business and affairs are advisable and in the best interest of the company and ARI stockholders. The board is confident this decision reflects a rigorous and comprehensive assessment of all available alternatives. We remain committed to executing this process efficiently and returning capital to stockholders in a timely and orderly manner."
