EXHIBIT 99.22
-------------
AT THE TRUST
Robert G. Higgins Karen Dickelman
Vice President, General Counsel Investor Relations
312/683-5539 312/683-3671
[email protected] [email protected]
FOR IMMEDIATE RELEASE
THURSDAY, OCTOBER 19, 2000
BANYAN STRATEGIC REALTY TRUST
FILES LAWSUIT AGAINST SUSPENDED PRESIDENT
CHICAGO, OCTOBER 19, 2000 -- Banyan Strategic Realty Trust (Nasdaq: BSRTS)
today announced that it has filed a lawsuit against Leonard G. Levine, the
Trust's suspended president. The complaint, filed in the Circuit Court of
Cook County, Illinois, alleges violations of Mr. Levine's fiduciary duty of
loyalty owed to the Trust.
Mr. Levine was suspended and placed on leave by the Trust on August 14,
2000 at which time an arbitration proceeding was filed by the Trust in
which the Trust contends that certain actions taken by Mr. Levine
constitute "just cause" for terminating his employment agreement. The
lawsuit filed today seeks a declaratory judgment that the Trust has and had
"just cause" to terminate the employment agreement and/or Mr. Levine's
employment. The complaint also seeks an accounting and disgorgement of all
benefits received by Mr. Levine while in breach of his fiduciary
obligations to the Trust, including salary, insurance and other benefits.
Pursuant to the terms of the employment agreement, the Trust continues to
pay Mr. Levine all salary and benefits during his suspension.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns primarily office and flex/industrial properties. These
properties are located in certain major metropolitan areas of the Midwest
and Southeastern United States, including Atlanta, Georgia and Chicago,
Illinois and smaller markets such as Huntsville, Alabama, Louisville,
Kentucky, Memphis, Tennessee, and Orlando, Florida. The Trust's current
portfolio consists of 27 properties totaling 3.5 million rentable square
feet. As of this date, the Trust has 14,238,161 shares of beneficial
interest outstanding.
See Banyan's website at http://www.banyanreit.com.
For further information regarding Banyan free of charge via fax,
dial 1-800-PRO-INFO and enter "BSRTS".
- END -
