Hallwood Group chairman looks to liquidate assets, buy energy division

By Lisa Kerner

Charlotte, N.C., June 19 - The Hallwood Group Inc. said chairman of the board and 66% shareholder Anthony J. Gumbiner proposed a liquidation of Hallwood, including the sale of the company's interests in its Brookwood Cos. Inc. subsidiary and a disposition of all its interests in Hallwood Energy, LP.

Gumbiner also proposed that Brookwood be sold for cash, with the net proceeds distributed to Hallwood Group shareholders. The investor also wants to enter into negotiations to purchase Hallwood Group's remaining interests in Hallwood Energy for cash.

Hallwood Group's board of directors established a special committee to review the proposal, according to a company news release.

The Hallwood Group is a Dallas-based holding company with interests in textile products and energy.

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