If the prospect of adding a famous corporate raider Gary Weiss Cromwell’s board of directors doesn’t attract Cromwell’s shareholders, perhaps Joe Gersh Will it sweeten the deal?
The Melbourne corporate attorney, currently stuck, is the latest high-profile figure to be involved in the international and very bitter conflict between the Singapore-owned investor and the Cromwell real estate group. In short, ARA owns 25.07% of Cromwell and wants the board position he should be entitled to. But Cromwell claims he is a competitor who tries to secretly replace him.
Joe Gersh, for his sins, sits on the ABC board. Jesse Marlow
Well, no more secretly. ARA recently launched a hostile partial acquisition of Cromwell, at 88.2 ¢ shares a stake. Her bidder’s statement was filed on Tuesday, along with her latest criticism of Cromell’s “irregular and unruly” behavior.
In addition, ARA has stated that it intends to call its third EGM, in which Gersh’s name will appear along with Weiss’ at the vote as his representative. Gersh, for his sins, sits on the ABC board, so surely any position on Cromwell will be a breeze, relatively speaking.
Presumably he was drawn to his ties to the ARA law firm, Arnold Block Leibler, where Gersh was a former senior partner. He has a lot of experience in commercial property, including through his eponymous real estate investment company Gersh Investment Partners. Mind you, Weiss is extremely well credentialed (if very busy), and this hasn’t done him much good in the last two EGMs.
