Maryland
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74-2123597
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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In the Settlement Agreement, the Company and Collins resolved any and all disputes between them, including the settlement and dismissal, with prejudice, of the lawsuit filed by Collins in the Circuit Court of Hinds County, Mississippi and the injunction action filed by the Company against Collins in Madison County, Mississippi. A copy of the Joint Statement Regarding a Settled Dispute is attached hereto as Exhibit 99.1.
The Company estimates it will record an expense related to these matters of approximately $500,000 in the fourth quarter of 2011. This estimate includes amounts attributable to the Company's unreimbursed fees, expenses and payments in connection with all related litigation to-date and the Settlement Agreement. The Company does not anticipate it will incur any further material expenses related to these matters.
99.1 Joint Statement Regarding a Settled Dispute
Parkway Properties, Inc.
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Date: December 22, 2011
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By:
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/s/ Mandy M. Pope
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Mandy M. Pope
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Executive Vice President and Chief Accounting Officer
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Exhibit No.
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Description
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EX-99.1
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Joint Statement Regarding a Settled Dispute
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Exhibit 99.1
Joint Statement Regarding a Settled Dispute
We have resolved our differences and have forgiven each other for the associated hurts. We have prepared this joint statement to explain to outsiders why we had such a heated dispute.
Mitch Collins and Parkway now recognize that their accusations and statements against the other were based on a number of assumptions. Neither of us adequately considered the other's perspective and neither was correct.
Mitch Collins and Parkway apologize to the other for all the accusations made. Mitch knows of no SEC filings, budgeting, accounting and financial disclosures which have not complied with applicable laws and professional and ethical standards.
Parkway Properties states that, despite their announcement on the same date, Parkway's decision to reduce its dividend in early 2010 was not due to any failure of performance by Mitch Collins. On the contrary, Mitch Collins was a fully competent public company CFO.
We parted company because we were just not a good fit for each other at that particular time. It's just that simple. We regret anything and everything that we have done that may have caused others to believe otherwise.
Mitchell Collins |
Charles T. Cannada |
/s/ Mitchell Collins |
/s/ Charles T. Cannada |