Trinity Place Holdings Announces Update on Review of Strategic Alternatives
March 28 2023 - 08:40AM
Business Wire
Engages Houlihan Lokey and Ackman Ziff as
Advisors in Strategic Review Process
Trinity Place Holdings Inc. (NYSE American: TPHS) (the
“Company”) announced that it is providing an update on its ongoing
review of potential strategic alternatives. As previously
disclosed, the Company has been engaged in a process to review and
evaluate potential strategic alternatives to maximize shareholder
value. To that end the Company has engaged from time to time with
various parties who have expressed interest in the Company’s assets
and attributes, and has considered a range of potential strategic
transactions, including financing alternatives, a potential
financial restructuring or a reorganization, merger, reverse
merger, sale or other strategic transaction, with the goal of
maximizing the value of the assets and attributes of the
Company.
The Company has retained Houlihan Lokey and Ackman Ziff as its
financial advisors to assist with its evaluation of potential
strategic alternatives.
There can be no assurance that the strategic review process will
result in any strategic alternative, or any assurance as to its
outcome or timing. The Company has not set a timetable for
completion of the review process and does not intend to disclose
developments related to the process unless and until the Company
executes a definitive agreement with respect thereto, or it
otherwise determines that further disclosure is appropriate or
required.
About Trinity Place Holdings
Trinity Place Holdings Inc. is a real estate holding,
investment, development and asset management company. The Company’s
largest asset is a property located at 77 Greenwich Street in Lower
Manhattan, which is nearing completion as a mixed-use project
consisting of a 90-unit residential condominium tower, retail space
and a New York City elementary school. The Company also owns a
105-unit, 12-story multi-family property located at 237 11th Street
in Brooklyn, New York as well as a property occupied by retail
tenants in Paramus, New Jersey. In addition to its real estate
portfolio, the Company also controls a variety of intellectual
property assets, including Filene’s Basement and related
trademarks, focused on the consumer sector, a legacy of its
predecessor, Syms Corp. The Company also had approximately $268.0
million of federal net operating loss carryforwards as well as
approximately $232.9 million of state and local net operating loss
carryforwards at September 30, 2022, which can be used to reduce
its future taxable income and capital gains.
Forward Looking Statements
This press release includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on current
expectations and projections about future events and are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified, and,
consequently, the actual performance of the Company may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include the risk that the
Company may not identify one or more strategic alternatives or
ultimately pursue a strategic alternative, the risk that the
Company’s exploration of strategic alternatives or the public
announcement thereof may be disruptive to the Company’s business
operations or cause the Company’s stock price to fluctuate
significantly, the risk that the Company’s exploration of strategic
alternatives may be time consuming and involve the dedication of
significant resources and may require the Company to incur
significant costs and expenses, the risk that the Company’s
exploration of strategic alternatives could divert the attention of
the Company’s management and its board of directors from existing
business operations, negatively impact the Company’s ability to
attract, retain and motivate key employees, and expose the Company
to potential litigation in connection with the process of exploring
strategic alternatives or any resulting transaction, among other
risks and uncertainties, as well as the factors described in more
detail in the Company’s most recent Annual Report on Form 10-K, as
well as to its subsequent filings with the Securities and Exchange
Commission. The forward-looking statements contained herein speak
only as of the date hereof, and we assume no obligation to update
any forward-looking statements, whether as a result of new
information, subsequent events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230328005603/en/
Linda Flynn, (212) 235-2191 Linda.Flynn@tphs.com
Trinity Place (AMEX:TPHS)
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