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Supertel Hospitality, Inc. (SPPR) Message Board

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  • namll71 namll71 Aug 19, 2009 10:58 AM Flag

    CFO Leaving

    Very positive development whether he was pushed or not.

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    • Why do you say that and positive for whom?

      • 1 Reply to slcehamrick
      • Positive for the stockholders. CFO was playing with other people's money and had very, very little of his own at stake so he had no problem taking risks that didn't need to be taken. He never saw a deal he didn't like. Had no problem using short term money (the line of credit) to make long term investments. This nearly doomed the company last year when a preferred issue had to be floated to keep things going. The preferred issue wasn't a total success so the company has been selling off properties partially to make up for his buying spree. The buying spree also took place at the peak of the market, took the company into areas such as extende term stay properties where it has little expertise. Admittedly others had to approve these moves but everyone originally thought the world of Schulte. Heimes had all day every day to work on him as he grew less able to travel and see all of the properties. Schulte fell into Heimes' "let's grow this baby" mentality and the company expanded unsoundly.

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