<SEC-DOCUMENT>0000897069-21-000267.txt : 20210610
<SEC-HEADER>0000897069-21-000267.hdr.sgml : 20210610
<ACCEPTANCE-DATETIME>20210609204832
ACCESSION NUMBER:		0000897069-21-000267
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210610
DATE AS OF CHANGE:		20210609

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CIM Commercial Trust Corp
		CENTRAL INDEX KEY:			0000908311
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				756446078
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13610
		FILM NUMBER:		211006622

	BUSINESS ADDRESS:	
		STREET 1:		17950 PRESTON RD
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75252
		BUSINESS PHONE:		972-349-3200

	MAIL ADDRESS:	
		STREET 1:		17950 PRESTON RD
		STREET 2:		SUITE 600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75252

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PMC COMMERCIAL TRUST /TX
		DATE OF NAME CHANGE:	19950111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lionbridge Capital, LP
		CENTRAL INDEX KEY:			0001811419
		IRS NUMBER:				850704284
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		600 MADISON AVENUE FLOOR 15
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021
		BUSINESS PHONE:		646-741-2550

	MAIL ADDRESS:	
		STREET 1:		600 MADISON AVENUE FLOOR 15
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HFZ Lionbridge LP
		DATE OF NAME CHANGE:	20200505
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>ccw10.htm
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    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">(Amendment No. ____)</div>
    <div>Filed by the Registrant [&#160; ]</div>
    <div style="margin-bottom: 6pt;">Filed by a Party other than the Registrant [X]</div>
    <div style="margin-bottom: 6pt;">Check the appropriate box:</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Preliminary Proxy Statement</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Proxy Statement</div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Additional Materials</div>
    <div style="margin-bottom: 6pt;">[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Soliciting Material under Rule 14a-12</div>
    <div style="text-align: center; margin-top: 6pt;"><u>CIM COMMERCIAL TRUST CORPORATION</u></div>
    <div style="text-align: center;">(Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <div style="text-align: center;">LIONBRIDGE CAPITAL I, LP</div>
    <div style="text-align: center;">LIONBRIDGE CAPITAL, LP</div>
    <div style="text-align: center;">LIONBRIDGE CAPITAL GP, LLC</div>
    <div style="text-align: center;">LIONBRIDGE GP, LLC</div>
    <div style="text-align: center;">LIONBRIDGE ASSET MANAGEMENT, LLC</div>
    <div style="text-align: center;">GREGORY MORILLO</div>
    <div style="text-align: center;">THE RAVENSWOOD INVESTMENT COMPANY L.P.</div>
    <div style="text-align: center;">RAVENSWOOD INVESTMENTS III, L.P.</div>
    <div style="text-align: center;">RAVENSWOOD MANAGEMENT COMPANY, LLC</div>
    <div style="text-align: center;">ROBOTTI &amp; COMPANY ADVISORS, LLC</div>
    <div style="text-align: center;">ROBOTTI &amp; COMPANY, INCORPORATED</div>
    <div style="text-align: center;">ROBERT E. ROBOTTI</div>
    <div style="text-align: center;">THOMAS D. FERGUSON</div>
    <div style="text-align: center;">MARK C. GELNAW</div>
    <div style="text-align: center;">RAYMOND V. MARINO II</div>
    <div style="text-align: center;">JOHN S. MORAN</div>
    <div style="text-align: center;">WINTHROP REALTY PARTNERS, L.P.</div>
    <div style="text-align: center;">WINTHROP STRATEGIC REAL ESTATE FUND, L.P.</div>
    <div style="text-align: center;">WINTHROP STRATEGIC REAL ESTATE FUND GP LLC</div>
    <div style="text-align: center;">WINTHROP DEBT PARTNERS LLC</div>
    <div style="text-align: center;"><u>MICHAEL L. ASHNER</u></div>
    <div style="text-align: center; margin-bottom: 6pt;">Name of Person(s) Filing Proxy Statement if other than the Registrant)</div>
    <div style="margin-bottom: 6pt;">Payment of Filing Fee (Check the appropriate box):</div>
    <div style="margin-bottom: 6pt;">[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>No fee required.</div>
    <div style="margin-bottom: 6pt;">[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 6pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Title of each class of securities to which transaction applies:</div>
            </td>
          </tr>

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    </div>
    <div>
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              <div style="margin-left: 36pt; margin-bottom: 6pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Aggregate number of securities to which transaction applies:</div>
            </td>
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    <div>
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              <div style="margin-left: 36pt; margin-bottom: 6pt;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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              <div style="margin-left: 36pt; margin-bottom: 6pt;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Proposed maximum aggregate value of transaction:</div>
            </td>
          </tr>

      </table>
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              <div style="margin-left: 36pt; margin-bottom: 6pt;">5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Total fee paid:</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 6pt;">[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee paid previously with preliminary materials.</div>
    <table cellspacing="0" cellpadding="0" id="z3f428f084cf34aa7b920050eab9d6652" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">[&#160; ]</td>
          <td style="width: auto; vertical-align: top;">
            <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160; Identify the previous filing by registration statement number, or the Form or
              Schedule and the date of its filing.</div>
          </td>
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              <div style="margin-left: 36pt; margin-bottom: 6pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Amount Previously Paid:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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              <div style="margin-left: 36pt; margin-bottom: 6pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Form, Schedule or Registration Statement No.:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z813d49ec39904d59aa39cd9d775ff522" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt; margin-bottom: 6pt;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Filing Party:</div>
            </td>
          </tr>

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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5e61021fbf714b6099ea53f0e57d6774" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt; margin-bottom: 6pt;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Date Filed:</div>
            </td>
          </tr>

      </table>
    </div>
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    <div style="text-align: center; margin-bottom: 24pt; font-weight: bold;"><u>Press Release Regarding CIM Commercial Trust Corporation</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Lionbridge Capital, LP, Robotti &amp; Company Advisors, LLC, and Winthrop Realty Partners, L.P., together with the other participants named herein, issued a press release on June
      9, 2021, a copy of which is attached hereto.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Important Information</u></div>
    <div style="text-align: justify; margin-bottom: 12pt;">This filing is not a solicitation of a proxy from any security holder of CIM Commercial Trust Corporation, a Maryland corporation (the &#8220;<u>Company</u>&#8221;).&#160; Lionbridge Capital, LP and Robotti &amp;
      Company Advisors, LLC, together with the other participants named herein (collectively, the &#8220;<u>Participants</u>&#8221;), intend to file a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (&#8220;<u>SEC</u>&#8221;)

      to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2021 Annual Meeting of Stockholders of CIM Commercial Trust Corporation.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and GOLD proxy card when they become available, because they will contain important information about
        the Participants, the nominees, the Company and related matters.&#160; </font>Stockholders may obtain a free copy of the definitive proxy statement and GOLD proxy card (when available) and other documents filed by the Participants with the SEC at the
      SEC&#8217;s web site at www.sec.gov.&#160; The definitive proxy statement (when available) and other related SEC documents filed by the Participants with the SEC may also be obtained free of charge from the Participants.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Participants in Solicitation</u></div>
    <div style="text-align: justify; margin-bottom: 12pt;">The participants in the proxy solicitation are Lionbridge Capital, LP (&#8220;<u>Lionbridge</u>&#8221;), Lionbridge Capital I, LP (&#8220;<u>Lionbridge I</u>&#8221;), Lionbridge GP, LLC (&#8220;<u>Lionbridge GP</u>&#8221;) Lionbridge
      Capital GP, LLC (&#8220;<u>Lionbridge I GP</u>&#8221;), Lionbridge Asset Management, LLC (&#8220;<u>Lionbridge AM</u>&#8221;), The Ravenswood Investment Company L.P. (&#8220;<u>Ravenswood I</u>&#8221;), Ravenswood Investments III, L.P. (&#8220;<u>Ravenswood III</u>&#8221;), Ravenswood Management
      Company, LLC (&#8220;<u>RMC</u>&#8221;), Robotti &amp; Company, Incorporated (&#8220;<u>RCI</u>&#8221;), Robotti &amp; Company Advisors, LLC (&#8220;<u>RCA</u>&#8221;), Robotti Securities, LLC, Robert E. Robotti, Gregory Morillo, Thomas Ferguson, Mark C. Gelnaw, Raymond V. Marino II,
      John S. Moran, Winthrop Realty Partners, L.P. (&#8220;<u>Winthrop Realty</u>&#8221;), Winthrop Strategic Real Estate Fund, L.P. (&#8220;<u>Winthrop Strategic Fund</u>&#8221;), Winthrop Strategic Real Estate Fund GP LLC (&#8220;<u>Winthrop Strategic GP</u>&#8221;), Winthrop Debt
      Partners LLC (&#8220;<u>Winthrop Debt</u>&#8221;), and Michael L. Ashner.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As of the date hereof, (i) Lionbridge directly owned 60,761 shares of the Company&#8217;s Common Stock, $0.001 par value per share (the &#8220;Common Stock&#8221;), (ii) Lionbridge I directly owned 183,339 shares of
      Common Stock; (iii) Ravenswood I directly owned 293,415 shares of Common Stock; (iv) Ravenswood III directly owned 174,135 shares of Common Stock; (v) Lionbridge GP, as the general partner of Lionbridge, may be deemed the beneficial owner of the
      60,761 shares of Common Stock owned directly by Lionbridge; (vi) Lionbridge I GP as the general partner of Lionbridge I, may be deemed the beneficial owner of the 183,339 shares of Common Stock owned directly by Lionbridge I; (vii) Lionbridge AM, as
      the asset manager of each of Lionbridge and Lionbridge I, may be deemed the beneficial owner of the 244,100 shares owned directly by Lionbridge and Lionbridge I; (viii) Gregory Morillo, as the managing member of each of Lionbridge GP, Lionbridge I
      GP, LLC and Lionbridge AM, may be deemed the beneficial owner of the 244,100 shares owned directly by Lionbridge and Lionbridge I; (ix) RMC, as the general partner of each of Ravenswood I and Ravenswood III, may be deemed the beneficial owner of the
      467,550 shares of Common Stock owned directly by Ravenswood I and Ravenswood III; (x) RCA, as the investment advisor of each of Ravenswood I and Ravenswood III may be deemed the beneficial owner of the 467,550 shares of Common Stock owned directly by
      Ravenswood I and Ravenswood III; (xi) RCI, (a) as the parent of RCA, may be deemed to be the beneficial owner of the 467,550 shares of Common Stock beneficially owned by RCA, and (b) as the parent of RS, may be deemed the beneficial owner of 500
      shares of Common Stock owned in a discretionary accounts managed by RS for a customer; (xii) Mr. Robotti, as the Managing Director of RMC, may be deemed to be the beneficial owner of the 467,550 shares of Common Stock beneficially owned directly by
      Ravenswood I and Ravenswood III; (xii) Mr. Robotti, as the President of RCI, may be deemed to be the beneficial owner of the 467,550 shares of Common Stock owned directly by Ravenswood I and Ravenswood III, for which RCA acts as investment adviser,
      and the 500 shares of Common Stock owned in a discretionary account managed by RS for a customer; (xiv) Winthrop directly owned 148,978 shares of Common Stock; (xv) Winthrop Strategic </div>
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    <div style="text-align: justify; margin-bottom: 12pt;">Fund directly owned 100 shares of Common Stock; (xvi) Winthrop Strategic GP, as the General Partner of Winthrop Strategic Fund may be deemed to be the beneficial owner of the 100 shares of Common
      Stock owned directly by Winthrop Strategic Fund; (xvii) Winthrop Debt, as the sole member of Winthrop Strategic Fund GP, the General Partner of the Winthrop Strategic Fund, may be deemed to be the beneficial owner of the 100 shares of Common Stock
      owned directly by Winthrop Strategic Fund; and (xviii) Michael L. Ashner may be deemed to beneficially own the shares held by Winthrop and the Winthrop Strategic Fund.&#160; As of the date of hereof, Mr. John Moran was the direct beneficial owner of
      35,859 shares of Common Stock and none of Messrs. Ferguson, Gelnaw or Marino II beneficially owned any shares of Common Stock.</div>
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      <div>
        <div style="text-align: center; margin-bottom: 8pt; font-size: 12pt; font-weight: bold;">Lionbridge / Robotti / Winthrop Group Uncovers Serious SEC Disclosure Violations by CMCT</div>
        <div style="text-align: center; margin-bottom: 8pt; font-size: 12pt; font-style: italic;">Reveals That CMCT Has Failed to Properly Disclose its Entrenchment-Driven 6.25% Ownership Limitation Since 2019</div>
        <div style="text-align: center; margin-bottom: 8pt; font-size: 12pt; font-style: italic;">Claims That CMCT&#8217;s Failure to Comply with its Most Basic Corporate Disclosure Obligations under SEC Rules Renders the Current Rights Offering Illegal and
          Invalid</div>
        <div style="text-align: center; margin-bottom: 8pt; font-size: 12pt; font-style: italic;">Reflective of a Continuing, Troubling Pattern by CMCT to Entrench Management and the Board While Disenfranchising Stockholders</div>
        <div style="text-align: center; margin-bottom: 8pt; font-size: 12pt; font-style: italic;">Has Referred the Disclosure Violations to the SEC and Nasdaq for Independent Investigation</div>
        <div style="margin-bottom: 8pt;"><br>
        </div>
        <div style="text-align: justify; margin-bottom: 8pt;"><font style="font-weight: bold;">NEW YORK, June 9, 2021</font> &#8211; The shareholder group led by Lionbridge Capital I, LP and its affiliates, Robotti &amp; Company, Inc. and its affiliates, and
          Winthrop Realty Partners, L.P. and its affiliates, who collectively own 897,085 shares, or approximately 6.0% of the outstanding shares of CIM Commercial Trust Corporation (&#8220;CMCT&#8221; or the &#8220;Company&#8221;) (NASDAQ: CMCT and TASE: CMCT-L), today issued
          the following statement in connection with a severe disclosure omission and debilitating material misstatements by CMCT that the group has uncovered under the rules of the Securities and Exchange Commission (the &#8220;SEC&#8221;), which serves to revoke
          CMCT&#8217;s Form S-3 eligibility for its current Rights Offering:</div>
        <div style="text-align: justify; margin-bottom: 8pt;">&#8220;The Company purports to have amended its Charter at some point during the fall of 2019 to decrease the beneficial ownership limitation applicable to its stockholders from 9.8% to 6.25%. As
          recently as June 1, 2021, CMCT disclosed in its preliminary prospectus supplement for the Rights Offering that its &#8216;charter prohibits any person from acquiring or holding, directly or indirectly, shares of [our] capital stock in excess of 6.25%,
          in number of shares or value, whichever is more restrictive.&#8217; A beneficial ownership limitation of 6.25% under the Charter is also cited in numerous filings CMCT has made with the SEC since October 2, 2019, including its Annual Reports on Form
          10-K. However, CMCT failed to disclose this purported amendment to its Charter on a Form 8-K, which is a clear requirement under SEC rules. The purpose of Form 8-K is to provide investors with real time disclosure of important corporate events.
          Generally, a Form 8-K must be filed with the SEC within four business days of the event that triggers disclosure. When a company amends it charter or bylaws, Item 5.03(a) of the General Instructions to Form 8-K requires that such company disclose
          on a Form 8-K the effective date of the amendment, and a description of the provision adopted or changed by amendment and, if applicable, the previous provision. No such disclosure has ever been made by CMCT with respect to its purported Charter
          amendment, despite the fact that the Company has made multiple other corporate governance disclosures on Form 8-K.&#8221;</div>
        <div style="text-align: justify; margin-bottom: 8pt;">&#8220;There is little doubt that CMCT understands that charter amendments are required to be filed on Form 8-K with the SEC: CMCT disclosed and filed two amendments to its Charter on a Form 8-K on
          September 6, 2019, in connection with its 1-for-3 reverse stock split and reversion of the par value of its issued and outstanding common stock to $0.001 per share. Yet, nowhere to be found among its SEC filings is any Form 8-K that discloses the
          Charter amendment that purportedly lowered the beneficial ownership limitation from 9.8% to 6.25%.&#160; Similarly, we have not seen any filings made with the Maryland Department of Assessments and Taxation in connection with the purported Charter
          amendment.&#8221;</div>
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        <div style="text-align: justify; margin-bottom: 8pt;">&#8220;A material SEC filing omission such as this, where a purported Charter amendment relates to fundamental stockholder rights and attempts to limit stockholder influence, is a grave offense. As we
          have informed the SEC and Nasdaq under separate cover, the consequence of these SEC disclosure violations is ineligibility to use the Company&#8217;s shelf registration on Form S-3 for the Rights Offering. To use Form S-3, a company must, among other
          things, have been subject to reporting under the Securities Exchange Act of 1934 for at least twelve full calendar months preceding the filing of the Form S-3 and have filed all required reports during that period. Form 8-K is required to be
          filed upon the occurrence of specified material events, and failure to comply with this requirement results in loss of Form S-3 eligibility. Specifically, a company&#8217;s failure to file a Form 8-K under Item 5.03 &#8211; Amendments to Articles of
          Incorporation or Bylaws; Change in Fiscal Year, will result in Form S-3 ineligibility. We have no way of knowing the exact date of the purported Charter amendment or whether it was appropriately effected. However, because CMCT failed to file it,
          the Form S-3 must be declared ineffective.&#8221;</div>
        <div style="text-align: justify; margin-bottom: 8pt;">&#8220;These disclosure violations are extremely serious. Misleading stockholders with respect to material rights attached to their securities not only causes such investors to be misled, but also has
          a sweeping, chilling effect on the market. In our view the Company is not using the 6.25% ownership limitation to protect its REIT status, but to stifle existing and potential stockholders from participating in this flawed Rights Offering.&#8221;</div>
        <div style="text-align: justify; margin-bottom: 8pt;">&#8220;In addition to the SEC&#8217;s broad and severe enforcement options for an issuer&#8217;s failure to timely file a report on Form 8-K, there are also exchange implications for the Company under Nasdaq
          listing standards Rule 5250(b)(1) and Rule 5810(b). While all insufficient disclosure is reflective of inappropriate internal controls, we believe that CMCT&#8217;s failure to abide even by the most basic corporate disclosure requirements is indicative
          of much more pervasive governance problems and fiduciary failures at the Company.&#8221;</div>
        <div style="text-align: justify; margin-bottom: 8pt;">&#8220;We have previously detailed the many ways in which CMCT stockholders have long suffered under an unresponsive, underperforming, entrenched Board. The Board has refused to engage with us
          regarding our slate of five highly qualified director candidates, and is now delaying the 2021 Annual Meeting so that it can embark on a defensive, dilutive Rights Offering, with respect to which the Company&#8217;s own affiliates have been granted a
          waiver that privileges them with regards to oversubscription, thereby further prejudicing independent stockholders. Unfortunately, it appears that we have yet to reach the nadir of irresponsible corporate stewardship at CMCT. As it is clear to us
          that the Company has failed to file a required Form 8-K for its purported Charter amendment, we call on the Board to immediately cease its scorched-earth tactics and engage with us constructively to address the structural issues we have
          identified and work to unlock stockholder value. It is time for this Board to finally acknowledge and live up its duties to represent the best interests of the 79% majority of independent stockholders, and to stop hiding behind its obstructionist
          governance and policies.&#8221;</div>
        <div style="text-align: justify; margin-bottom: 8pt;"><u>CONTACT:</u></div>
        <div style="text-align: justify;">Greg Morillo</div>
        <div style="text-align: justify;">Lionbridge Capital LP</div>
        <div style="text-align: justify;">Email: greg@lionbridgecap.com</div>
        <div style="text-align: justify;">Tel: (212) 300-8003</div>
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        <div style="text-align: justify;">John Moran</div>
        <div style="text-align: justify;">Robotti &amp; Company Advisors LLC</div>
        <div style="text-align: justify;">Email: moran@robotti.com</div>
        <div style="text-align: justify;">Tel: (646) 442-6702</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Michael Ashner</div>
        <div style="text-align: justify;">Winthrop Realty Partners, L.P.</div>
        <div style="text-align: justify;">Email: mashner@winthropcapital.com</div>
        <div style="text-align: justify;">Tel: (516) 822-0022</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Bob Marese</div>
        <div style="text-align: justify;">MacKenzie Partners, Inc.</div>
        <div style="text-align: justify;">Email: bmarese@mackenziepartners.com</div>
        <div style="text-align: justify;">Tel: (212) 929-5500</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-bottom: 8pt; font-weight: bold;">Important Information</div>
        <div style="text-align: justify; margin-bottom: 8pt;">This filing is not a solicitation of a proxy from any security holder of CIM Commercial Trust Corporation, a Maryland corporation (the &#8220;Company&#8221;).&#160; Lionbridge Capital, LP and Robotti &amp;
          Company Advisors, LLC, together with the other participants named herein (collectively, the &#8220;Participants&#8221;), intend to file a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (&#8220;SEC&#8221;) to be
          used to solicit votes for the election of its slate of highly-qualified director nominees at the 2021 Annual Meeting of Stockholders of CIM Commercial Trust Corporation.</div>
        <div style="text-align: justify; margin-bottom: 8pt;">Stockholders are urged to read the definitive proxy statement and GOLD proxy card when they become available, because they will contain important information about the Participants, the
          nominees, the Company and related matters.&#160; Stockholders may obtain a free copy of the definitive proxy statement and GOLD proxy card (when available) and other documents filed by the Participants with the SEC at the SEC&#8217;s web site at
          www.sec.gov.&#160; The definitive proxy statement (when available) and other related SEC documents filed by the Participants with the SEC may also be obtained free of charge from the Participants.</div>
        <div style="text-align: justify; margin-bottom: 8pt; font-weight: bold;">Participants in Solicitation</div>
        <div style="text-align: justify; margin-bottom: 8pt;">The participants in the proxy solicitation are Lionbridge Capital, LP (&#8220;Lionbridge&#8221;), Lionbridge Capital I, LP (&#8220;Lionbridge I&#8221;), Lionbridge GP, LLC (&#8220;Lionbridge GP&#8221;) Lionbridge Capital GP, LLC
          (&#8220;Lionbridge I GP&#8221;), Lionbridge Asset Management, LLC (&#8220;Lionbridge AM&#8221;), The Ravenswood Investment Company L.P. (&#8220;Ravenswood I&#8221;), Ravenswood Investments III, L.P. (&#8220;Ravenswood III&#8221;), Ravenswood Management Company, LLC (&#8220;RMC&#8221;), Robotti &amp;
          Company, Incorporated (&#8220;RCI&#8221;), Robotti &amp; Company Advisors, LLC (&#8220;RCA&#8221;), Robotti Securities, LLC, Robert E. Robotti, Gregory Morillo, Thomas Ferguson, Mark C. Gelnaw, Raymond V. Marino II, John S. Moran, Winthrop Realty Partners, L.P.
          (&#8220;Winthrop Realty&#8221;), Winthrop Strategic Real Estate Fund, L.P. (&#8220;Winthrop Strategic Fund&#8221;), Winthrop Strategic Real Estate Fund GP LLC (&#8220;Winthrop Strategic GP&#8221;), Winthrop Debt Holdings LLC (&#8220;Winthrop Debt&#8221;), and Michael L. Ashner.</div>
        <div style="text-align: justify; margin-bottom: 8pt;">As of the date hereof, (i) Lionbridge directly owned 60,761 shares of the Company&#8217;s Common Stock, $0.001 par value per share (the &#8220;Common Stock&#8221;), (ii) Lionbridge I directly owned 183,339 shares
          of Common Stock; (iii) Ravenswood I directly owned 293,415 shares of Common Stock; (iv) Ravenswood III directly owned 174,135 shares of Common Stock; (v) Lionbridge GP, as the general partner of Lionbridge, may be deemed the beneficial owner of
          the 60,761 shares of Common Stock owned directly by Lionbridge; (vi) Lionbridge I GP as the general partner of Lionbridge I, may be deemed the beneficial owner of the 183,339 shares of Common Stock owned directly by Lionbridge I; (vii) Lionbridge
          AM, as the asset manager of each of Lionbridge and Lionbridge I, may be deemed the beneficial owner of the 244,100 shares owned directly by Lionbridge and Lionbridge I; (viii) Gregory Morillo, as the managing member of each of Lionbridge GP,
          Lionbridge I GP, LLC and Lionbridge AM, may be deemed the beneficial owner of the 244,100 shares owned directly by Lionbridge and Lionbridge I; (ix) RMC, as the general partner of each of Ravenswood I and Ravenswood III, may be deemed the
          beneficial owner of the 467,550 shares of Common Stock owned directly by Ravenswood I and Ravenswood III; (x) RCA, as the investment advisor of each of Ravenswood I and Ravenswood III may be deemed the beneficial owner of the 467,550 shares of
          Common Stock owned directly by Ravenswood I and Ravenswood III; (xi) RCI, (a) as the parent of RCA, may be deemed to be the beneficial owner of the 467,550 shares of Common Stock beneficially owned by RCA, and (b) as the parent of RS, may be
          deemed the beneficial owner of 500 shares of Common Stock owned in a discretionary accounts managed by RS for a customer; (xii) Mr. Robotti, as the Managing Director of RMC, may be deemed to be the beneficial owner of the 467,550 shares of Common
          Stock beneficially owned directly by Ravenswood I and Ravenswood III; (xii) Mr. Robotti, as the President of RCI, may be deemed to be the beneficial owner of the 467,550 shares of Common Stock owned directly by Ravenswood I and Ravenswood III,
          for which RCA acts as investment adviser, and the 500 shares of Common Stock owned in a discretionary account managed by RS for a customer; (xiv) Winthrop directly owned 148,978 shares of Common Stock; (xv) Winthrop Strategic Fund directly owned
          100 shares of Common Stock; (xvi) Winthrop Strategic GP, as the General Partner of Winthrop Strategic Fund may be deemed to be the beneficial owner of the 100 shares of Common Stock owned directly by Winthrop Strategic Fund; (xvii) Winthrop Debt,
          as the sole member of Winthrop Strategic Fund GP, the General Partner of the Winthrop Strategic Fund, may be deemed to be the beneficial owner of the 100 shares of Common Stock owned directly by Winthrop Strategic Fund; and (xviii) Michael L.
          Ashner may be deemed to beneficially own the shares held by Winthrop and the Winthrop Strategic Fund.&#160; As of the date of hereof, Mr. John Moran was the direct beneficial owner of 35,859 shares of Common Stock and none of Messrs. Ferguson, Gelnaw
          or Marino II beneficially owned any shares of Common Stock.</div>
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