Tom Barrack, the real estate tycoon who helped his ally Donald Trump win the White House, has agreed to explore a reorganisation of his Colony Capital business after pressure from a little-known activist investor.
Colony, which has lost more than half of its value since a disastrous merger with rival Northstar at about the same time that Mr Trump took office in January 2017, said it had reached agreement with Blackwells Capital to appoint two new directors to its board.
Both will sit on a special committee “tasked with reviewing . . . issues related to the company’s assets and business configuration”.