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Sun Communities Inc. Message Board

  • garfroggy garfroggy May 1, 2007 1:51 PM Flag

    Proxy arrived

    received it and was astounded by the pay packages.

    stock is one of the worse performing reit stocks, but
    2006 compensation
    $1.855 Mil for the president in total compensation
    $1,163 mil for the cfo

    What did they do above an beyond their job duty to deserve such ridiculously high comp?

    Feasting at the dinner table with shareholder funds.

    Loans to chief exec officer page 23

    ceo owes us $9 million. loan outstanding since 1995!
    How about paying it back? keep extending the maturity dates.

    One board of director made $173,867 comp. $100,000 for some special litigation committee pg 9. Special litigation committee for what?

    All in all the reit holders have made terrible returns against othe reits which are hitting record levels.

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    • page f-29 annual

      the company made an investment in origen 2003, 5,000,000 shares at $10 a piece. Current price is $7.10 a share.

      So far after nearly 4 years down $14.50 Mil.

      Now i ask who is responsible for this?
      why are head honchos getting extravagant pay of 1.8 mil and 1.1 mil?

      • 1 Reply to garfroggy
      • WHITE OAK WILL MAKE THE NEWS "YET". IT'S GONNA HAPPEN!!!!Be AWARE things are not as Sun Communities would have all believe. The community in which I reside was wonderful, up kept and on site mgmt. enforced all rules and regulations with consequence, the result a safe orderly community with happy homeowners and buyers wanting to live in the community $$$$. Then the property was sold to Sun Communities and everything has went downhill. On site mgmt. is terrible to deal with. The community rules and regulations are not enforced with consequences. General rule of thumb, violations are sent out and there is no enforcement behind them. This is common knowledge. Residents do as they please with no regard to the community rules and regulations or laws and with the growing number of rented and leased homes that do bring in riff raff, its continually getting worse. Crime, vandalism, illegal activities, home sites not kept up garbage stored outside and debris lying about, no enforcement of speed limit or traffic laws. There is only one speed bump on the whole White Oak property,LOL. Tents pitched, RV's (emptying @#$%ers in sewers), at times people living in RV's on empty lots or in streets, semi trucks in and out, vehicles with expired tabs, no license plates, flat tires, up on jacks, stored cars, large car parts lying all over lots, subleasing, people renting in their homes, you never know who your neighbors are or if their wanted by the law, this is a great way to avoid any type of criminal background check. Management NOT responding to complaints and telling residents that they would never live in the community themselves. These past two winters the roads were not plowed and salted as needed. Residents slip on ice at the mailboxes and vehicles slide on the streets due to the lack of maintenance. There have even been times residents couldn't get out of the park because the roads were not plowed! So if we couldn't get out how could emergency vehicles get in? Many streetlights have been out for years and others just don't work properly due to sensor problems and teens breaking them. There is no curfew enforcement. Dogs bark in excess, pets run free, defecation, chained outside unattended for long periods, loud home, car stereos (BOOM BOOM) and loud mufflers are tolerated. Guns, break ins to homes and vehicles, soliciting, Underage teens joy riding through the community in ma and pa's car, standing water is allowed in wading pools and containers, late night parties, A ongoing problem of unsupervised children and teens. At times residents can't get down the streets due to children refusing to move out of the way. Elderly residents are bullied by teens. Residents that file complaints are harassed by management, and the list goes on. The condition of the park changes on a daily basis. Many residents are upset and very unhappy with the direction the community has taken since SUN (current mgmt.) has taken over. Residents are moving or threatening to move if things don't get better. On site mgmt. doesn't care and even when corporate management is contacted nothing is done. SHAREHOLDERS, NEED TO START GOING THROUGH THESE COMMUNITIES TO "REALLY TAKE A GOOD LONG LOOK" AND TALK (REALLY STOP & TALK) TO SOME OF THE RESIDENTS TO SEE HOW THEIR INVESTMENT IS TAKEN CARE OF, GETTING THE WHOLE PICTURE. Upset in WHITE OAK ESTATES, MOUNT MORRIS, MICHIGAN and looking to MOVE!

    • "Why are you pretending to be a stockholder, dope. "

      Why are you pretending to be White Oak trailer trash? We can see right through it. You never broke down into ALL CAPS WITH NO GRAMMERR AND LOTZ OF MISSPELLINGSSS....

      Give it up, you are not real trailer trash. Wannabe...

    • scram.

      stating facts listed in a proxy is criticism?

      $54,200 a month for exec offices...this can be cut in half at least.

      As for the $9 million stock loan to the exec. this needs to be paid back.

      $1.8 million in total comp for the ceo is way to much for one of the worse performing reit stocks.

    • why r u on this board dope?

      page 23 of proxy.

      Lease of executive offices

      the president together with family members indirectly own a 21 % equity interest in American Center LLC, the entity in which the company leases office space for its principal exec offices at $54,200 per month. Lease ends May 1 , 2008.

      Yo Board of Directors it is time to renegotiate down the cost of this lease with such a weak economy in michigan or find a new location. Why does this company need to spend $54,200 a month for exec offices?

      Time to get less expensive location with such poor performance.

    • "ceo owes us $9 million. loan outstanding since 1995!
      How about paying it back? keep extending the maturity dates."

      It's amazing how these guys abuse the company. He probably used the $9 million to buy a home in Costa Rica, or maybe to invest the money in a quality REIT that he can make money on? Does he pay any interest on that money?

      Meanwhile, some good trailer folk up in Flint are having their mail burned and living with blue tarps around every corner.

      • 1 Reply to jdawg2k6000
      • the company loaned the ceo money in 1995 to buy stock 400,000 shares. he pays libor + 175 basis pts. Says on page 23 of proxy.

        This is the same bs Worldcom did with Ebbers as did Conseco. Loan money to buy stock.
        The loan is for $9 million now and was extended in 2002. The first 1/3 of the loan is payable dec 2008. Lets see if he starts paying up. The shareholders do not want to fund exec gambling habits of buying stock. let him buy his own stock with his own money. It should be paid back.

        Also see the company had to writedown $18 miilon worth or origen value. They paid i believe $50 mil for the investment that is worth less today. who takes the losses? reit holders again while execs like president get paid total pay of over $1.8 million. one of the worse performing reit stocks.

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