After more than a year of being cajoled, pushed with unsubstantiated threats, while given no alternative route other than the one our Supervisors dreamed up to roll lots of properties together to form an REIT, we are now being offered attractive bids on the Empire State Building alone (which should have been solicited by management at the beginning of this fiasco). Bidders are coming up with excellent plans for dealing with the complications of this ownership.
Why is management so silent? There are deadlines on these bids. Will this stall endanger the bidding process as (one assumes) efforts are being made to save the REIT, which is now not the only option for owners to consider?
It seems to us that a straight up sale of the Empire State Building is simple enough, fair enough and in the best interests of all of the owners of this investment, yet the deal is again being manipulated by our management team. Presumably they and their friends in high places who'd like some of what they haven't earned nor deserve.
Just watched the movie Inside Job about the financial debacle ... is this more of that?
Just think how this investment could flow into the needs of its many investors (college educations, retirement funds, charities, and so much more), rather than staying in the hands of the already very wealthy.
We, along with many, demand an accounting of this unusual process.
1 comment:
Thank you for this blog and all your posts! I agree wholeheartedly and am most concerned about how investors are being treated. Can we, as a group, share our thoughts with the conventional media to get the word out about what is happening?
Also want to let other investors know that while I love my sister (Lesley) very much, I do not agree with the viewpoint expressed in the letter she sent to investors. I have a different point of view.
Post a Comment