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PMC Commercial Trust, Prior to Reverse Merger with CIM Urban REIT, LLC Message Board

  • acricketeer acricketeer Mar 27, 2012 9:09 AM Flag

    Indian Creek, PCC's Biggest Investor and Holiday Inn Franchise Owner

    Perhaps PCC owns Indian Creek's loans, as their 10-K states that many of their loans are for Holiday Inn properties. It's possible that the borrower bought shares as a hedge against their position, since the shares are trading at a 40% discount to NAV. Does anyne know whether this is perfectly normal or represents a conflict of interest?

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    • I don't see any conflict of interest viz. Indian Creek, nor in their expressed opinion that sale of the company is best alternative. As I see it, by issuing the opinion statement Indian Creek is merely looking out after their interests given the announcement that "strategic alternatives" are being considered.

      They are simply saying that outright sale is preferred for their own interests, rather than an apparent merger being analyzed by PCC's hired Houlihan Lokey (@ $700k). Houlihan Lokey is no light weight...they rank #1 in mergers on firms under $1 billion. They have offices all over the planet. Thomson Reuters has them as #1 in M&A fairness opinion adviser...which puts the $700K price for their advice in perspective, yes?

 
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