Seeking Alpha

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 (42) | 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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