Mercury Real Estate Advisors again urges Feldman Mall Properties to sell

By Lisa Kerner

Charlotte, N.C., March 20 - One of Feldman Mall Properties, Inc.'s largest investors, Mercury Real Estate Advisors LLC, once again wrote to the board of directors, urging the company to engage a leading investment banking firm to immediately sell the company.

The investor had previously contacted the board on Jan. 30, according to a schedule 13D filing with the Securities and Exchange Commission.

"Approximately 50 days since our Jan. 30, 2007 letter, we have yet to receive any response from the company, including the independent members of the board, with respect to our request," David R. Jarvis, Mercury Real Estate Advisor's chief executive officer, said in a Monday letter.

"We believe this lack of response to our request and general indifference to the potential interest of third-party buyers is contrary to the fiduciary duties of the board to explore all reasonable means to maximize shareholder value," Jarvis said in the letter, which was included as part of the SEC filing.

The investor also cited the company's "continued pattern of delays in SEC filings, downward adjustment in reported FFO by a whopping 16.6%, and a reduction of earnings guidance by approximately 40%" as "extremely troubling."

Jarvis plans to contact the board to continue discussions in person.

Mercury Real Estate Advisors own 1,267,553 shares, or 9.7%, of the company's stock.

Feldman Mall Properties is a publicly owned equity real estate investment trust based in Great Neck, N.Y.

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