Parent Capital Corp V.PAR.H

Moray and McCowan are not buying units for yield.

[stockeditor]

Its all about a strategic plan that does not have anything to with a REIT. The REIT has had proxy battles law suits against McCowan all of this cost the REIT Close to 15MM (I do not have the exact number, we probably get it from Management). That is a major reason why the distributions were cut. The future is to sell the portfolio to a Canadian real estate Company, possibly and American Company that could purchase the whole thing at a 30% discount. The highest sales price for the real estate is to sell it to real estate company. If you go back and read the analyst review (Brad Sturges) the REIT was always punished for being too leveraged with debt and as a result there was a 20% discount from NAV. This will not be a factor when all of the portfolio is sold as real estate. The Company will be successful in its RIGHTS OFFERING with the majority of units being picked up by Moray and McCowan. Between the two of them they will have absolute control if they want to use it. This REIT has very good properties given the market that they are pursuing. The one blemish is The Cornwall Mall, but they know about it and they are fixing it. There has never been any real problems with the real estate, other than Cornwall, right from the beginning. The previous group may have paid to much for the real estate, but that does not take away from the fundamental value of the real estate. This goes on and on, human greed and error have plagued this portfolio and the cash distributions. The real estate has always produced a competitive results, the overpayment does not take away the fundamental value of the real estate, with a cap rate for the whole package of 5.5%. Those people who knock the real estate, these are the people that do not have a clue, how this market works, or they are just trying to confuse you. To say that the raising of 25MM by a RO will help a little, is an understatement, why because if it is successful they can do it again for the subsequent debenture refinancing's. All in all its never been an issue of the underlying real estate, its always been there, the negative issue is that previous managers have raped the cash flow for reasons of greed and control, legal fees proxy fights reversal of acquisitions and on and on. My opinion only, "Just Saying"