MPG Hires New CEO

Real estate investment trust MPG announced the appointment of David L. Weinstein as president and chief executive officer, to replace Nelson C. Rising, whose resignation became effective Nov. 15. Rising resigned saying he did not share the Board of Directors’ vision for the strategic direction of the company, and the capital structure necessary to achieve it. MPG Trust is trying to turn itself around from a crippling debt load which it incurred during the boom years to finance acquisitions. MPG owns office buildings in Glendale and throughout the Los Angeles area. Weinstein currently serves as a partner at Belvedere Capital, a real estate investment firm based in New York. He has served as an independent director on MPG’s Board since August 2008 and served as a member of the Audit Committee and Nominating and Corporate Governance Committee. Weinstein also currently serves, and will continue to serve, on MPG’s Finance Committee. Weinstein’s experience includes serving as managing director of Westbridge Investment Group, a real estate investment fund focused on hospitality. He also worked at Goldman Sachs & Co., initially in the real estate investment banking group (focusing on mergers, asset sales and corporate finance), and then in the Special Situations Group focused on real estate debt investments. MPG Trust also announced that it has engaged Frederick E. Chin and his firm Atalon Management Group, LLC to provide restructuring advice to the Company. MPG has been focused on reducing debt, eliminating repayment and debt service guarantees, extending debt maturities and disposing of properties with negative cash flow.