Another Portnoy company in play

"During the past five weeks, we have witnessed a sickening series of events unfold whereby the Select Income REIT (SIR +2.3%) trustees have deliberately taken multiple steps to protect their own interests at the expense of shareholders," writes Lakewood Capital, a 5.8% owner of the company. "We have spoken with several other significant SIR shareholders and they share our outrage."

Lakewood demands an immediate cessation of further equity offerings, an expansion of the board, and the repurchase of stock from CommonWealth REIT (CWH -1.2%), Select Income's largest shareholder (and no longer under Portnoy control).

The Select Income board and management notes receipt of the letter.

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Comments (1)
  • dave403
    , contributor
    Comments (43) | Send Message
    they drove me out of CWH... the regulators are a joke when everybody knows how these guys disregard fiduciary obligations and wantonly enrich themselves at shareholder expense... watch out for GOV, same problem there..
    12 Jun 2014, 10:29 AM Reply Like
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