| Golf Trust of America, Inc. Announces Non-Monetary Settlement of Crossley Litigation
CHARLESTON, SC, July 14, 2003 - Golf Trust of America, Inc. (AMEX:GTA - News) announced today that it reached a non-monetary settlement with the plaintiff in a suit filed last year in Baltimore Circuit Court against Golf Trust of America, Inc., its current board members, and one former board member (the "Golf Trust defendants"). On May 21, 2003, the court granted the Golf Trust defendants' motion for summary judgment and dismissed the case in its entirety. The non-monetary settlement and mutual release, reached after the court's ruling, provided that the plaintiff will not appeal the court's ruling, and that the Golf Trust defendants will not seek attorneys' fees or costs from the plaintiff.
Golf Trust of America, Inc. was formerly a real estate investment trust but is now engaged in the liquidation of its interests in golf courses in the United States pursuant to a plan of liquidation approved by its stockholders. The Company currently owns an interest in five properties (9.0 eighteen-hole equivalent golf courses). Additional information, including an archive of all corporate press releases, is available on the Company's website at www.golftrust.com.
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