Panel to Put GMH on Auction Block

GMH Communities Trust, a real estate investment trust based in Newtown Square, Pa., has announced that a special committee of its board is preparing to solicit indications of interest in acquiring the company.The company added, however, that the panel may decide not to pursue any such indications. The REIT delayed the release of its earnings in March after a letter from its chief financial officer prompted an investigation by its Audit Committee. The investigation found evidence of material weaknesses in the company's internal controls and evidence that "key executives" placed "significant pressure" on the Accounting Department, GMH said. (It added, however, that the probe found no evidence that the department was pressured to falsify financial information or violate generally accepted accounting principles.) Shortly after the March announcement, GMH fired its CFO, Bradley W. Harris, and said it expected to restate certain previously reported financial results. The REIT, which provides housing to college students and members of the U.S. military services, can be found online at http://www.gmhcommunities.com.