PRESS RELEASE
New York July 3, 2000 -- Opportunity Partners L.P.
announced today that the recent decision by the Board of
Directors of Captec Net Lease Realty, Inc. (CRRR) to retain
Prudential Securities to study strategic alternatives to
maximize shareholder value is not in the best interests of
shareholders.
In a statement issued today, Phillip Goldstein, portfolio
manager of Opportunity Partners said: "Prudential is the
very same advisor who recommended the disastrous de-REITing
plan that was eventually abandoned due to massive
shareholder opposition. Prudential also owns warrants in
and is the main creditor to Captec Financial Group, an
affiliated company of dubious value that Prudential
recommended as a merger partner for Captec. It is
unconscionable that the Board would again seek to retain a
firm that so many shareholders believe provided it with
poor advice and that has a clear conflict of interest."
As previously announced, at Captec's 2000 annual meeting of
stockholders, Opportunity Partners intends to nominate an
independent slate of directors and will seek shareholder
approval for an independent investigation into the
circumstances that led to the proposed and subsequently
aborted restructuring plan.
Opportunity Partners L.P. is a New York based investment
partnership with assets of $44 million.
Contact: Phillip Goldstein at (914) 747-5262 or
[email protected].
