Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

RE:Iris preferred payment to Artis

[babybunny]

Some important background first   When asked point blank, Artis has refused to divulge how many IRIS preferred shares exist.  We know how many Artis holds, but crucially, we have no idea how many Koch holds.  The fear is that Artis holds just a small sliver, and that there are so many IRIS preferreds outstanding that common equity is worthless and even the preferreds may not be paid in full.

It is possible that Koch has some leverage over the other IRIS equity holders, and is able to insist that the preferreds by paid out in units rather than cash so they can grab a bigger piece of the juicy IRIS pie.  It is also possible that the other equity holders have the voting power, but have concluded that IRIS common equity is virtually worthless, so they need to play for time and hope for a sharp rebound in asset values, rather than liquidiating assets to pay preferred dividends.  Both these possibilities are conjecture, just (sickening) food for thought.

Baby Bunny