May 28, 2013
In a report filed with securities regulators last week, TNP Strategic Retail Trust (“TNP SRT”), a Thompson National Properties-sponsored REIT, announced that it would terminate its Chief Financial Officer, Dee R. Balch, no later than August 15, 2013, after less than a year on the job.
TNP SRT stated that the CFO’s termination is the result of its decision to transition accounting functions and duties to an outside company, Glenborough LLC. Dee Balch has been employed as TNP SRT’s Chief Financial Officer since November, 2012, according to a regulatory report filed with the Securities and Exchange Commission.
Pursuant to a Transition Agreement between TNP SRT and its CFO, the CFO will stay on board until August 15, 2013 at the latest, to assist with the transition and certain other accounting and/or financial functions, in exchange for bonuses that could total as much as $150,000.
Recently, TNP SRT terminated its accounting firm and hired a new firm. Earlier, TNP SRT’s Board of Directors indicated its intent to terminate its advisory firm and replace it with an outside firm. Earlier this year, TNP SRT suspended distribution payments and has not indicated when such payments would resume.
Securities attorneys Jason Kane and Joe Peiffer have been investigating several TNP-sponsored investments, including TNP Strategic Retail Trust, TNP 12% Notes, TNP “Kodak,” and TNP 2008 Participating Notes (“TNP”). Attorneys Rosca and Peiffer are preparing to take action on behalf of a number of TNP program investors against securities broker-dealer firms that may have failed in their duties to adequately vet the TNP products prior to recommending them to their customers. TNP investors are encouraged to contact attorneys Jason Kane or Joe Peiffer for a free case evaluation at (216) 589-9280.