A process of forming a polycyclic dihydroxy compound is described. The polycyclic dihydroxy compound has Formula (I) wherein R.sup.1, R.sup.2 and R.sup.3 are independently at each occurrence selected from the group consisting of a cyano functionality, a halogen, an aliphatic functionality having 1 to 10 carbons, a cycloaliphatic functionality having 3 to 10 carbons, and an aromatic functionality having 6 to 10 carbons; and wherein each occurrence of "n", "m", and "p" independently has a value of 0, 1, 2, 3, or 4. Also described are polycyclic dihydroxy compounds of Formula (I) in which the phthalimide group is meta to the triaryl-substituted carbon.