- Blackwells Capital, which owns ~2% stake in Colony Capital (NYSE:CLNY), calls on the REIT's board to remove CEO and Chairman Thomas J. Barrack after the decline in shareholder equity value since the company's merger with NorthStar entities in January 2017.
- Blackwells also points to a more than 80% decrease in share price since Colony's April 2015 internalization.
- “Colony shareholders have endured ‘short-term pain,’ as Mr. Barrack calls it, continuously for five years as Colony has destroyed nearly $7B in shareholder equity,” said Blackwells Chief Investment Officer Jason Aintabi.
- Blackwells also calls for the board to return capital to shareholders through a stock buyback, cut costs, replace its directors, impose a moratorium on related-party transactions, and start an independent investigation of the company's transactions and operations, among other actions.
- Previously, Blackwells said it will nominate five candidates for Colony's board at the upcoming 2020 annual meeting.
- Previously: Colony Credit shareholder calls for changes (Feb. 27)