All MREITS are dead money until the FED discloses the specifics of its tapering ramp. What JMI has going for it is that it trades at a deeper discount to book than other REITS, and than Bulldog is agitating.
Most recent 13D/A says:
-Bulldog has 7.65% our 13.5MM shares.
-Bulldog: "we intend to present a proposal recommending that the Company's previously authorized program to repurchase shares be completed as soon as practicable provided such repurchases are effected at a discount to book value. The purpose of this proposal is to increase Javelin's book value per share."
-Bulldog: "Please note that we are also submitting, via a separate letter, a rule 14a-8 proposal to liquidate the Company. "
-Bulldog: "Investors paid $20 per share to buy Javelin shares in its IPO in October 2012. By November 18, 2013, the share price had sunk to $11.68, down more than 40% and far below the September 30, 2013 book value of $14.69. Also, over that time span, the dividend has been slashed by 35% from $0.23 per month to $0.15. "
-Bulldog: " It is clear that Javelin has been an unqualified failure for investors. We think the best course of action now is for the board to acknowledge that failure and to salvage what it can for shareholders by proposing a plan of liquidation. Liquidation will at least allow shareholders to recoup some of their losses. Specifically, closing the difference between Javelin's stock price and its book value will allow shareholders to realize a gain of about $3 per share or 25% over the current market price.
If you agree that the Company should be wound up, please vote for this proposal. "