NYSE halts trading in Gerova

Michael Hlavsa, Gerova's CFO, said: "After a discussion with the NYSE, we concur that the best decision was to halt the trading of our securities. The added time will enable the Company to disseminate to the market in an orderly way a comprehensive update on its recent developments and its strategic direction." 

Gerova has suffered a series of setbacks this year.

Two weeks ago Gerova accepted the resignation of four members of its board of directors, including Joseph J. Bianco, Keith Laslop, Arie Bos and Leonard de Waal.  

In addition, the board has accepted the resignation of Dr. Gary Hirst as chairman and president and earlier accepted the resignation of Joseph J. Bianco as acting CEO.  

Dennis Pelino was then set to become be chairman and president, but he withdrew his name from consideration.

Gerova had previously announced that Keith R. Harris, CEO of Seymour Pierce Holdings, Ltd., would be appointed as chairman and CEO of the Company effective as of January 1, 2011, but he decided to delay that. 

Gerova's shares on the NYSE had plummeted with the series of resignations from top management.