Portnoy: Zell is a diversion

|By:, SA News Editor

"An obvious attempt to divert shareholder attention from Related's abysmal historical track record of operating public real estate companies," says CommonWealth REIT (CWH) President Adam Portnoy, responding to yesterday's announcement of Sam Zell and lieutenant David Helfand joining the dissident shareholders.

"I am surprised that Mr. Zell and Mr. Helfand have joined the efforts by Related/Corvex in their pursuit of full control of CWH without first approaching CWH to fully understand the Company's business plan and the Board's commitment to governance enhancements," continues Portnoy, the clock ticking loudly on his time in control of the company.