TSX:TNT.UN - Post by User
Comment by
CanSiamCypon Jul 01, 2023 12:05pm
171 Views
Post# 35523662
RE:RE:Very astute analysis Estevan!
RE:RE:Very astute analysis Estevan!Hi Estevan!
The GA involvement is a real head-scratcher! When he was on the outside and posting the dirty details of SLAM/Welch malfeasance on the G2S2-sponsored website, I really thought (and hoped) that he would launch a takeover bid, and rectify the multiple problems with SOT mismanagement. So ... my own fault ... I bought more units thinking it would pay off in the long run. Then he (and 1 colleague) joined the SOT board and deactivated said website, and that is the last that we heard from him. Reportedly, he continued/continues to buy units (according to info posted by investor sleuth Markopolis). Why? What is his long game? According to the same sleuth, GA has lost >$30M on his investment in SOT to date.
As for our portfolio, considering SOT's extreme debt issues and upcoming debenture maturities, I feared total bankruptcy of the REIT on the horizon ... so I exited our position at a loss. Considering SLAM malfeasance, I also exited my position in Slate Grocery REIT ... recording a gain ... cuz it is another externally-managed REIT under SLAM/Welch guidance. Not that there have been any negative indicators with SGR to date, but what is to prevent SLAM from doing the same to SGR as they have done to SOT? Apparently, there are no repercussions for SLAM and the Welches after their deliberate mismanagement of the REIT over multiple years ... despite thorough documentation of their misdeeds by GA in the 40+ page pdf that had been posted on the now-deactivated website referred to previously.
I noted with interest that very shortly after the TD bid for First Horizon in the US fell through ... there were multiple notices of a class action lawsuit launched against TD by disgruntled investors claiming losses incurred by TD mismanagement. I keep waiting and hoping that at some point there will be a class action lawsuit launched against SLAM and the Welch Bros. At least that might allow us to recoup some of our losses .... but I am not holding my breath while waiting! LOL!
Happy Canada Day everybody!