Corvex did all CWH, now EQC shareholders a favor. RMR the outside manager of CWH was a horrible manager.. self serving, buy #$%$ assets just to inflate management fees, mediocre to return over many years. RMR and whatever that family that controls RMR should be indicted for malfeasance and locked up. This is the reason the CWH was selling so low that allowed Corvex to come in and most shareholders agreed.. fire RMR and CWH, now EQC will do much better. Corvex put in a decent management and did not strip asset or do self serving deals. While Corvex is raider or hedgy fund.. it gives me confidence that VER is cheap if they are in the deal. Things should only get better. Heck.. I just sold some Jan 18 Puts at 7, getting $1.40 .. VER will never get to 7 come Jan 2018.. think it will be free money or I will get VER at 5.60, which I will take all day long.
RMR and portneys are a horrible outside manager. With this deal they have just locked us into a20 year deal. At least before, there was a chance that we could get away from RMR, now there is little chance. So the market is speaking, rmr sucks and SNH will be with RMR , so sell now or take #$%$ management for 20 years.
One more convoluted move to entrench themselves for another 20 years. Portney retained 10X voting rights on shares of RMR retained.. so effectively they still control RMR. Nothing changed.. but now if SNH, or SIR or Gov or .. wants to get rid of them or if hedge fund wants to get rid of them.. they harm themselves. So, we are stuck with portney for long haul. These stocks are only trading at a price that one says is tolerable with the stink from Portney.. yes, a little better yield but no real growth.. and rate of overall returns have been lower than comparable reit market.. not a good deal overall.,.. but what did you expect from a Portney.