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Stock Market & Financial Investment News

News Breaks
March 17, 2014
08:09 EDTCWH, SIRCommonWealth REIT confirms notified SEC of Zell's apparent conflict of interest
CommonWealth REIT (CWH) released additional information concerning the previously undisclosed conflict of interest of Sam Zell, who recently joined the consent solicitation to remove the entire CWH Board that is being conducted by Related Fund Management and Corvex Management. According to CommonWealth, last week, Jeff Blau, CEO of the Related Companies, revealed during a television interview that Zell was motivated to join Related/Corvex’s consent solicitation because of a dispute involving property in Hawaii which is owned by Select Income REIT (SIR), a 44% owned subsidiary of CWH. CWH believes this motivation is the type of conflict of interest which must be disclosed in consent solicitation materials. CWH has notified the Securities and Exchange Commission of this apparent violation and requested that the SEC take appropriate actions, the REIT announced.
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