Blackwells Capital Issues Open Letter to Colony Capital Board of Directors, Calling for Removal of CEO Tom Barrack and Other Urgent Steps to Reverse Continued Value Destruction
NEW YORK, March 05, 2020 (GLOBE NEWSWIRE) — Blackwells Capital LLC (together with its affiliates “Blackwells”), an alternative investment management firm with ownership representing an approximately 2% interest in Colony Capital, Inc. (NYSE: CLNY) (“Colony” or the “Company”), today issued an open letter to the Company’s Board of Directors (the “Board”). Blackwells called on the Board to urgently intervene to stop the ruinous leadership, lack of accountability, poor governance and haphazard corporate strategy that has destroyed more than $7 billion in shareholder’s equity value under Executive Chairman Thomas J. Barrack and the current Board. Previously, Blackwells announced that it will nominate five exceptional candidates for election to Colony’s Board at the upcoming 2020 Annual Meeting of Shareholders.