Trinity Place Holdings Inc (TPHS)

[56Chevy]

So whats the plan? Take over a bankrupt asset and develop it or expand into other real estate developments?

[....]

Trinity has a unique collection of real estate and other assets that have the potential to create great shareholder value,” stated Messinger. “With the addition of Third Avenue as a significant investor, the already strong shareholder base gets even stronger. Trinity now has more resources to invest appropriately in these assets. I also look forward to the prospect of using the Trinity platform to consider new opportunities as the company’s creditor obligations are met.”

Michael Winer, co-lead portfolio manager for Third Avenue, commented: “We have been interested in Trinity Place Holdings and its unique collection of properties since it emerged from bankruptcy in 2012. We believed that with the right capital structure and a highly-skilled management team, there is potential to create significant value by redeveloping its existing properties and taking advantage of other opportunities. Under the new leadership of Matt Messinger and with a group of strong and supportive equity owners, we are confident that Trinity will succeed in creating value for shareholders.”

http://finance.yahoo.com/news/trinity-moving-forward-announces-ceo-141000081.html