Abelman, EVP Asset Management, to Depart CRIIMI MAE
September 09 2005 - 12:07PM
PR Newswire (US)
ROCKVILLE, Md., Sept. 9 /PRNewswire-FirstCall/ -- CRIIMI MAE Inc.
(NYSE:CMM) today announced that Executive Vice President Stephen M.
Abelman will leave to pursue other interests effective September 9,
2005. During Mr. Abelman's tenure at the Company, which began
almost two years ago, the Company's portfolio of specially serviced
assets declined by 47% and is now at its lowest level since March
2001. Mr. Abelman has entered into a consulting agreement with the
Company through June 30, 2006, and will continue to assist the
Company in its ongoing review of strategic alternatives, as well as
other key asset management tasks. Mark R. Jarrell, the Company's
President and COO, will assume the responsibilities formerly
handled by Mr. Abelman. CRIIMI MAE Inc. is a commercial mortgage
company structured as a REIT. CRIIMI MAE owns and manages a
significant portfolio of commercial mortgage- related assets.
Historically, CRIIMI MAE's primary focus was acquiring high-
yielding, non-investment grade commercial mortgage-backed
securities (subordinated CMBS). For further information about the
Company, see the Company's Web site: http://www.criimimaeinc.com/.
Shareholders and securities brokers should contact Susan Railey at
(301) 255-4740, e-mail , and news media should contact James
Pastore, Pastore Communications Group LLC, at (202) 546-6451,
e-mail . Note: Forward-looking statements or statements that
contain the words "believe," "anticipate," "expect," "contemplate,"
"may," "will" and similar projections contained in this release
involve a variety of risks and uncertainties. These risks and
uncertainties are set forth from time to time in the Company's SEC
reports, including its Annual Report on Form 10-K for the most
recent year and Quarterly Report on Form 10-Q for the most recent
quarter. Such statements are subject to these risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. CRIIMI MAE assumes no obligation
to update or supplement forward-looking statements that become
untrue because of subsequent events. DATASOURCE: CRIIMI MAE
CONTACT: For shareholders and securities brokers: Susan B. Railey
of CRIIMI MAE Inc., +1-301-255-4740; or for news media: James T.
Pastore, +1-202-546-6451, for CRIIMI MAE Inc. Web site:
http://www.criimimaeinc.com/
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