Even more recently, the day after Ms. Krueger stepped down, the company announced in a single filing that it had elected Mark Ettenger to be the Chairman of the Board and is now basically the Interim CEO. TPHS also announced that the day after, Andrew Sole (of Esopus Creek) resigned, effective immediately... There was no mention of Esopus aiding the company in it's transition, which was noted just a month or so ago.
Given what as stated in the filing, it would seem that Mr. Ettenger has an impressive resume:
"Mr. Ettenger, 56, has been an independent consultant and private investor since 2006. He served from 2004-2006 as President of Mills Corporation (“Mills”), a publicly traded real estate investment trust. In this role, he chaired the Operating Committee of Mills among other responsibilities. Before joining Mills, Mr. Ettenger was a Managing Director in the Real Estate Department of Goldman, Sachs & Co. Mr. Ettenger holds an LLM in tax from New York University School of Law, a Juris Doctor from the University of Virginia School of Law and a Bachelor of Arts degree from Duke University."
Effective August 11, 2006, Mark Ettenger’s service as President of The Mills Corporation terminated, but he remains employed by The Mills Corporation and continues to receive salary and benefits as provided in his employment agreement dated as of February 2, 2004. No determination has been made as to any payments or benefits to which Mr. Ettenger may be entitled under the terms of his employment agreement.
To what role did Ettenger have in the project's ultimate demise? It's hard to say, and often, good and capable people can get caught up in ill-fated projects. However, this is a touch more bothersome because Trinity Places' main asset is a piece of land in a prime area of Manhattan, needs to be developed- and is presently headed by a person with a less than stellar recent history.
Furthermore, given that at the time of the last 13D filing for Trinity, the entity that Ettenger is associated with, which owns over 1/4 of outstanding shares, had this to say:
"...the Reporting Persons currently have no plans or proposals that would relate to or would result in: (a) any extraordinary corporate transaction involving the Issuer; (b) a sale or transfer of a material amount of assets of the Issuer; (c) any change in the present Board of Directors or management of the Issuer; (d) any material change in the present capitalization or dividend policy of the Issuer; (e) any material change in the operating policies or corporate structure of the Issuer; (f) any change in the Issuer's charter or by-laws; (g) the Shares ceasing to be authorized to be quoted in the over-the-counter security markets; or (h) causing a class of equity securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934.
The Reporting Persons reserve the right, at a later date, to effect one or more of such changes or transactions in the number of Shares they may be deemed to beneficially own."
This struck me as odd language to put into a 13D, however may have been added because of the history of the parties involved, due to time served at Goldman Sachs where these items were routine. Still, it seems odd. I think that the following months could potentially be quite telling as to what may unfold for the company.
All this said, the people running the company are heavily incentivized to do well, as they are essentially the majority owners. I just hope that there isn't some sort of moon shot that happens with the companies real estate, which could turn it into the next Xanadu. Trinity Place seems to have a lot of low hanging fruit that it can take advantage of too easily.
As with most things, time will tell.
Disclosure: I own and represent shares of Trinity Place Holdings, but that amount is a fraction of what it once was. I reserve the right to change the positions at any time. This post is my nothing more than my thoughts/opinion. Always do a ton of your own research before so much as contemplate anything that I say, do, write, or even think about.