discussion of management strategy by outsiders is futile): you're partially right, in the sense that Doc doesn't wake up in the morning and read this message board, looking for good ideas. But it's kind of like editorials in the newspaper. Each editorial, in its own right, does nothing. But cumulatively they sometimes influence opinion and sometimes even impact the behavior of the subjects of the editorials.
This board is pretty good. It has a number of long-time posters, and it has attracted bright new thinkers recently. Over time, it has also attracted investment managers, directors of the company, employees, and analysts (none of which is me, but I know the principals).
I spent most of the past year questioning the REIT, but praising Doc, and telling people to trust him. Now I'm questioning not just the REIT, but my trust in his vision (and execution). At this point I hold little hope for much appreciation in the stock value. So I'd happily settle for the dividends and never sell another share. Thus I should be here shilling for the company and cheering every step that will preserve the REIT status.
But it goes against my conscience. The posts related to the LOC seem like deja vu compared to what was posted with regard to the bond offering. What happens when the LOC (currently delayed from the original schedule) gets delayed again or trimmed back? I believe the market has discounted the stock for the possibility of not getting it done, and by implication for a de-REITing.
My view is that the REIT strategy failed and it is costly and futile to stubbornly pursue it. Getting the LOC will buy time, but will not guarantee adequate access to the capital markets in the future. I REALLY hope I'm wrong. I don't trust Doc anymore to effectively evaluate the best options for pursuing his vision. And I hope he doesn't pay another $15MM to Bradford and Stephens to advise him.