CRI Insured Mortgage Association Inc. of Rockville said yesterday that a plan announced Nov. 15 by an affiliate of Integrated Resources Inc. was "an empty gesture designed to keep control" of four limited partnerships that invest in government-insured mortgages.
CRI is trying to wrest control of the funds from Integrated, and has offered the limited partners shares in CRI or in an CRI-affiliated real estate investment trust in exchange for their partnership units.
CRI has contended that Integrated's investment management fees for the partnerships are too high, up to 1.75 percent of the partnerships' assets each year.
Friday's announcement offered to cut the fees to just below 1 percent, but CRI spokesman James Pastore said the offered decrease was too small and that CRI has already offered even lower fees.
Two of the partnerships are traded over-the-counter.