Chapman Capital sells shares of American Community Properties Trust

By Lisa Kerner

Charlotte, N.C., April 28 - American Community Properties Trust investors led by Chapman Capital LLC sold 57,475 shares of the company's stock "predominantly to satisfy the funds' long-term tax planning," according to a schedule 13D filing with the Securities and Exchange Commission.

The shares were sold between April 17 and April 28 priced from $16.51 to $17.49 each.

Chapman Capital beneficially owns 329,296 shares, or 6.3%, of the company's outstanding stock.

It was previously reported in March that American Community was considering restructuring so that it may elect to be treated as a real estate investment trust for U.S. federal income tax purposes.

The restructuring was proposed by the family of J. Michael Wilson, American Community's chairman and chief executive officer, as well as by the company's majority shareholders, the Wilson family.

According to a prior news release, the Wilson family proposes separating the development assets, or land assets, from the rental properties, or investment assets. To facilitate the separation, the Wilson family has offered to purchase the land assets from the company in exchange for a portion of their existing common shares.

American Community is a diversified real estate organization based in St. Charles, Md. The company also has operations in Puerto Rico.

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