I Don't Get It
Tony Thompson has resigned as Chairman of Grubb & Ellis. The resignation is effective February 8th. There has to be a story behind this news. He orchestrated the merger of NNN and Grubb & Ellis, became Chairman in early December. Now he is resigning - strange. He still owns almost 14% of Grubb & Ellis stock. (This is probably why NNN merged with Grubb & Ellis and not a REIT because REIT rules do not allow an individual to own that much.) I wonder it it has something to do with GBE's stock price dropping from about $13 at the time of the merger announcement last May to under $5 today.