SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): December 16, 1999
Charter Municipal Mortgage Acceptance Company
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or other Jurisdiction of Incorporation)
1-13237 13-3949418
(Commission File Number) (IRS Employer Identification Number)
625 Madison Avenue, New York, NY 10022
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 421-5333
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
On December 16, 1999, the Board of Trustees of Charter Municipal
Mortgage Acceptance Company ("Charter") accepted the resignation of J. Michael
Fried from the positions of Chairman of the Board of Trustees and Chief
Executive Officer. The Board then unanimously named Stephen M. Ross Chairman
of the Board of Trustees in Mr. Fried's place. Mr. Ross' term will expire in
2000.
The Board also unanimously named Stuart J. Boesky Chief Executive
Officer in Mr. Fried's place. Mr. Boesky is currently on Charter's Board of
Trustees and is the President and Chief Operating Officer of Charter. With
his new appointment, Mr. Boesky will cease to fill the position of Chief
Operating Officer.
A biography for Mr. Boesky is set forth in Charter's Proxy Statement
dated April 30, 1999 as well as in the press release attached as an exhibit to
this 8-K. A biography for Mr. Ross is set forth in the attached press release
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a). Financial Statements
Not Applicable
(b). Pro Forma Financial Information
Not Applicable
(c). Exhibits
99.1 December 22, 1999 Press Release
"Charter Municipal Mortgage Acceptance Company Names
Stephen M. Ross Chairman and
Stuart J. Boesky Chief Executive Officer."
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Charter Municipal Mortgage Acceptance Company
(Registrant)
BY: /s/ Stuart J. Boesky
Stuart J. Boesky
President
January 4, 1999
<PAGE>
EXHIBIT 99.1
AT CHARTERMAC AT THE FINANCIAL RELATIONS BOARD
Brenda Abuaf Paul G. Henning - General Info (212) 661-8030
Director of Pamela K. Belfor - Analyst Info (212) 661-8030
Shareholder Services Martin Gitlin - Media Info (212) 661-8030
(800) 831-4826
CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
NAMES STEPHEN M. ROSS CHAIRMAN AND
STUART J. BOESKY CHIEF EXECUTIVE OFFICER
NEW YORK, NY - December 22, 1999 - The Board of Trustees of Charter Municipal
Mortgage Acceptance Company ("CharterMac") (AMEX: CHC) today announced that
Stephen M. Ross, founder, Chairman, Chief Executive Officer and Managing
General Partner of The Related Companies, L.P., was named Chairman of the
Board of Trustees of the Company. Mr. Ross will succeed J. Michael Fried who
has resigned this position. The Board has unanimously endorsed Mr. Ross's
appointment as Chairman.
Mr. Ross began his career working for the accounting firm of Coopers & Lybrand
in Detroit as a tax attorney. Later, he moved to New York, where he worked
for two large Wall Street investment banking firms in their real estate and
corporate finance departments before founding Related in 1972. Mr. Ross
graduated from The University of Michigan School of Business Administration
with a Bachelor of Science degree and from Wayne State School of Law with a
Juris Doctor degree. He then received a Master of Law degree in Taxation from
New York University School of Law.
The Board also announced today that Stuart J. Boesky was named Chief Executive
Officer of the Company, succeeding Mr. Fried. Mr. Boesky has been the
President of CharterMac since inception. Mr. Boesky has 21 years of real
estate experience, 14 of which have been with Related Capital Company, an
affiliate of CharterMac's Manager. Mr. Boesky will continue to serve as
President of CharterMac.
Stuart Boesky commented, "We are very fortunate to have Mr. Ross on
CharterMac's Board of Trustees. Stephen brings to the Board more than 30
years of experience and is recognized nationally as a leader in the real
estate industry. His knowledge, insight and vision will be a significant
asset as we accelerate our national growth. Additionally, we wish Mr. Fried
success in his future endeavors in the field of real estate finance and
development."
CharterMac originates and acquires tax-exempt bonds, the proceeds of which are
used by borrowers to finance and refinance the development and ownership of
multifamily housing nationwide. The Company's portfolio is currently
comprised of direct and indirect ownership interests in 69 tax-exempt
multifamily bonds in 16 states as well as in the District of Columbia.
For more information, please visit us at www.chartermac.com.
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Litigation Reform Act of
1995 and as such may involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performances or
achievements of CharterMac to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this press release. CharterMac expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect
any change in CharterMac's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based.
