what did you expect IR to say? What bothers me is none of us have any clue as to what is holding up a Proxy announcement at this point. They do not volunteer anything. Now I expect we will go into a CC with no further info on the Proxy. Investors anxieties will just continue and that's that.
The people who run mreits have a no lose proposition. They hide their compensations so to speak via the caption Management Fees for which approximately $14 million was paid out in 2014. And that doesn't count the millions in restricted shares they got. And when the same people receiving these exhorbitant Management Fees and Free Stock are Board Members as well, what incentive is there for them to bust their chops? Whose going to shop around for New Management?
Well put. They said they expect to put the spin-off in motion in the 3rd quarter for which we are close to a month into. If it's delayed they better have a detailed explanation as to why.
I am completely miffed. This is the quarter we are allegedly supposed to proceed with a Proxy, yet the SP is heading back to 52 week lows. No one expected this.
So now we hit a 52 week low