Criimi Mae Inks Recap Pact; Dockser Out

Criimi Mae Inc., Rockville, Md., has announced an investment agreement to recapitalize the real estate investment trust under which William B. Dockser will be replaced as chairman.Under the investment agreement with an affiliate of Brascan Real Estate Financial Partners LLC, BREF will purchase shares of common stock at $8.22 per share, or at the 10-day average of the closing prices as of the closing date of the transaction, whichever is lower. The pact provides that Criimi Mae will name Barry Blattman as chairman and chief executive officer, and that Mr. Dockser will resign as chairman and H. William Willoughby will resign as president and board member. Separately, Criimi Mae reported a net loss of $25.1 million ($1.80 per share) for the third quarter, compared with a net loss of $724,000 ($0.06 per share) a year earlier. The net loss includes approximately $30 million of impairment charges on the company's subordinated commercial mortgage-backed securities. Criimi Mae's website address is http://www.criimimaeinc.com.