As a result of the transaction, A-III is now the largest shareholder of the Company, owning approximately 47% of the Company's outstanding shares of common stock, or approximately 40% on a diluted basis assuming conversion of the outstanding units of limited partnership interest in the Company's operating partnership into Company common stock and assuming no exercise of the warrants.
Gellert and Lieber are affiliated with A-III, and Messrs.
The Company is now externally managed by A-III Manager LLC, which is a wholly-owned subsidiary of A-III, pursuant to a management agreement between the Company and A-III Manager that was executed at the closing.
The Company's current management would be replaced by A-III Manager LLC, an external management company owned by A-III, pursuant to a management agreement between the Company and A-III Manager.
If the actual net sales proceeds of the four properties are less than the estimated amount used to calculate the closing date net asset value, the Company will issue to A-III, as a purchase price adjustment, an additional number of shares of common stock, and the exercise price of the warrants will be reduced to be equal to the adjusted purchase price per share.
Mortgage pass-through certificates Series Class Rating 1993-4 P, X-1, X-2, M, B-1, B-2 AAA 1993-6 A-7, A-8, X, M, B-1, B-2 AAA 1993-12 2-A, 3-A AAA 1993-14 A-2, A-3, A-6, A-7, AF-10, AS-11, AIO, P AAA 1995-1 1-A, 1-M, 1-B1, 2-A4, 2-P, 2-X, 2-M, 2-B1 AAA 1995-1 1-B2 AA+ 1996-1 A-7, A-8, X AAA 1996-2 A-1 AAA 1996-3 A-9, A-10, A-11, PO, X AAA 1997-4 A-I, A-II, A-III
, A-IV, B-1 AAA 1997-4 B-2 AA 1997-4 B-3 A 1998-1 A-7, A-8, A-18, P, X, 2-A-5, 2-A-6, 2-A-7 AAA 1998-1 2-A-8, 3-A AAA 1998-5 A-1, A-2, A-4 AAA