You've gone off the deep end. Not without justification, of course, but life must go on. Whatever chance this thing had of remaining a REIT disappeared in May (but even that belies the fact that it never should have tried to be a REIT). The further travesty is that they didn't deal with it then.
Your heated retort that management can't "roll everything into a C Corp anyway" is misplaced. You're right, the shareholders have to vote on a merger. But for 1999 PZN is not a REIT. They didn't qualify. Sue 'em if you want, but that's a fact. I guess they could try again for 2000, but it's hard to qualify when you can't pay the dividends.
Sodexho and Baron are the only ones who are being made whole at OPCO. I don't have a problem with that, as they lost plenty on their PZN holdings. they were more like lenders, putting the money into OPCO to get the deal done (Doc, at the time, could be very persuasive).
I agree with you on the "early" capital - this capital is very late.
I still don't know of any stockholders or management who are lining their pockets in the Blackstone deal.