Feldman Mall investor pushes company to sell

By Lisa Kerner

Charlotte, N.C., March 12 - Feldman Mall Properties, Inc. investor Paul J. Denby said the company should "actively pursue" a sale of the company or otherwise eliminate the expense of continuing as a public company.

Denby may seek to make changes to Feldman's board of directors, believing that the two independent current board members are unconcerned with the company's stock performance as evidenced by their lack of ownership interest in Feldman.

At the stock's current low trading price, Feldman should take action on its previously announced stock buyback program, Denby said in a schedule 13D filing with the Securities and Exchange Commission.

The investor bought 340,000 additional shares of Feldman stock between Jan. 7 and March 4 priced from $2.80 to $3.60. Denby beneficially owns 700,000 shares, or 5.4%, of the Great Neck, N.Y., real estate investment trust.

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