Arbor Realty Trust Ups the Ante, Again

As I guessed last week, Arbor Realty Trust (ABR) is taking its pursuit of CBRE Realty Finance (CBF) to a proxy fight. You can review Arbor's proposed slate of directors in this SC 13D/A. The filing states that "...the Nominees, if elected, intend to evaluate all strategic alternatives to enhance and maximize, stockholder value, including, but not limited to: (i) seeking a business combination or sale of the Company; (ii) reviewing the performance of CBRE Realty Finance Management, LLC, the manager of the Issuer (the "Manager"); (iii) replacing the Manager; and (iv) seeking the reimbursement of fees previously paid to the Manager, if warranted."

As a side note, Arbor apparently didn't submit its alternate slate in time, so they filed suit to prevent CBF from rejecting their slate.

For its part, CBF issued an acidic press release in response, saying:

Our board of directors decided we have better things to do with our Company's money and resources than litigating something like this...We will take Arbor at its word that it misread our bylaws, and move on. Our Board of Directors is dedicated to maximizing stockholder value and will look forward with interest to hearing what the members of Arbor's dissident slate have to say.

Disclosure: none