Stark Ups Stake In REIT

Abstract

Milwaukee-based Stark Investments, which manages over $2 billion, has purchased 720,000 shares of Mills Corp. since late March and now controls 4.95 million shares, or 8.7% of the troubled retail real estate investment trust's stock, according to a Securities and Exchange Commission filing last week.

Milwaukee-based Stark Investments, which manages over $2 billion, has purchased 720,000 shares of Mills Corp. since late March and now controls 4.95 million shares, or 8.7% of the troubled retail real estate investment trust's stock, according to a Securities and Exchange Commission filing last week.

Milwaukee-based Stark Investments, which manages over $2 billion, has purchased 720,000 shares of Mills Corp. since late March and now controls 4.95 million shares, or 8.7% of the troubled retail real estate investment trust's stock, according to a Securities and Exchange Commission filing last week. The statement said that Stark is buying shares for investment purposes but may seek to control or otherwise influence the REIT's management. Brian Stark, portfolio manager, did not return a phone call.

Mills has been exploring a sale of the company or assets as it deals with shareholder lawsuits and an SEC investigation related to its ongoing financial restatements. The REIT has set a deadline of June 13 for letters of interest from prospective buyers and has reportedly fielded more than 30 calls.