The SRT Shareholder Coalition, which includes Tony Thompson and Thompson National Properties (“TNP”) came to an agreement with Strategic Realty Trust, formerly known as TNP Strategic Retail Trust, to end the proxy battle that created much uncertainty concerning the future of TNP SRT.
As a result of the agreement, Tony Thompson will no longer be a shareholder of the company and will resign his seat on the board of directors.
Tony Thompson’s 133,333 shares in TNP SRT were purchased by an affiliate of Glenborough at a price of $8 per share as part of the agreement to end the fight for control of the company.
Andrew Batinovich, TNP SRT’s chief executive, stated the $8 per share price is a negotiated transaction price and not necessarily a valuation of the shares.
As part of the agreement to end the proxy battle, Thompson will resign as a director of TNP SRT and the SRT Shareholder Coalition will dissolve. Thompson agreed to not participate in a proxy contest until June 30, 2016.
Todd Spitzer, a Tony Thompson supporter, will be appointed to the board of directors as part of the agreement. Spitzer will replace Jack Maier, who will retire and be named chairman emeritus. Batinovich will resign as CFO of the company and be replaced by Terri Garnick. Garnick is a senior vice president at Glenborough.
The securities attorneys at the Peiffer Wolf Carr & Kane law firm represent many investors in real estate investment programs sponsored by Tony Thompson’s Thompson National Properties, such as TNP 2008 Participating Notes, TNP Strategic Retail Trust, and TNP 6700 Santa Monica Boulevard (“TNP Kodak”). They have filed several class actions and cases in FINRA arbitration against a number of entities and individuals to seek compensation for the TNP investors’ investments.
The parties the Peiffer Wolf Carr & Kane attorneys have sued and are seeking to hold liable for investor losses include a number of securities broker-dealer firms that sold the TNP investments to their customers.
The Peiffer Wolf Carr & Kane attorneys believe some of the TNP investors were sold investments that were unsuitable to them, and risks surrounded such investments were not properly disclosed.
Investors in real estate investment programs sponsored by Thompson National Properties may contact the Peiffer Wolf Carr & Kane securities lawyers, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, toll-free at (216) 589-9280 or through the contact form on this website.