Liquidation: HARTMAN ALLEN R

Form Type: DFAN14A

Filing Date: 2025-05-05

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925044488

Filing Summary: The Hartman Group filed a proxy statement to solicit votes for the election of their nominated directors at the next annual meeting of stockholders for Silver Star Properties REIT, Inc. Additionally, the group is seeking shareholder approval for the liquidation of the company as per its articles of incorporation. Concerns were raised about the management of the company, specifically regarding the sale of a property, Gulf Interstate, at a significantly low price which the Hartman Group argues resulted in a loss of value. The letter emphasizes the alleged mismanagement and the importance of halting further asset sales until the upcoming shareholder meeting. The Hartman Group, holding approximately 7.92% of the company’s shares, urges stockholders to review the preliminary proxy materials carefully and indicates that they will provide the definitive proxy statement without charge upon request.

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Form Type: DFAN14A

Filing Date: 2025-04-25

Corporate Action: Liquidation

Type: Update

Accession Number: 000110465925039307

Filing Summary: The Hartman Group filed a preliminary proxy statement on March 31, 2025, to solicit votes for the election of their nominated directors and to propose the liquidation of Silver Star Properties REIT, Inc. On April 10, 2025, the group sent a letter to shareholders expressing their strong opposition to the current leadership under Gerald Haddock, revealing that a majority of the shareholders contacted were in favor of his removal. They highlighted concerns about excessive compensation awarded to Haddock and potential breaches of fiduciary duty, indicating that over half of the shareholders were ready to pursue litigation against him. The Hartman Group owns approximately 7.92% of the company's shares and intends to file a definitive proxy statement to further the liquidation proposal and director nominations.

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Form Type: DFAN14A

Filing Date: 2025-04-16

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925035391

Filing Summary: On April 16, 2025, Hartman Group filed a proxy statement to solicit votes for the election of directors and the liquidation of Silver Star Properties REIT, Inc. The group has raised concerns about the management of the company under Gerald Haddock, highlighting a significant drop in company value, occupancy rates, and alleged mismanagement. They emphasize the necessity to replace the existing board to prevent further losses and propose immediate liquidation plans to return capital to shareholders. The letter outlines six critical reasons for shareholders to support their initiative, including a recent court ruling mandating a shareholder meeting to vote on liquidation.

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Form Type: DFAN14A

Filing Date: 2025-04-11

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925034209

Filing Summary: The Hartman Group filed a preliminary proxy statement on March 31, 2025, to solicit votes for the election of certain nominated directors at the upcoming annual meeting of Silver Star Properties REIT, Inc. Additionally, they are proposing the liquidation of the Company as per its articles of incorporation. A letter addressed to shareholders on April 10, 2025, criticized the current leadership under Gerald Haddock, asserting that Haddock's recent self-award of 1 million shares exemplifies mismanagement and breach of fiduciary duty. The letter indicated overwhelming shareholder sentiment against Haddock, with a significant majority advocating for his removal. There are indications of potential litigation against Haddock by shareholders seeking recovery once he is ousted. Shareholders were urged to read the proxy materials carefully for important information regarding the proxy solicitation and the proposed liquidation.

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Form Type: DFAN14A

Filing Date: 2025-04-02

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925031214

Filing Summary: On March 31, 2025, the Hartman Group filed a preliminary proxy statement with the SEC to solicit votes for the election of directors and for the liquidation of Silver Star Properties REIT, Inc. The Hartman Group critiques the current management, led by Mr. Haddock, for a significant loss of net asset value, estimated at $278 million, under their stewardship since a failed New Direction Plan. The company's net asset value has declined from $412 million in 2020 to $134 million by June 2024. The Hartman Group accuses the current management of financial misrepresentation and neglecting their fiduciary responsibilities, highlighting a court ruling that mandates the company must hold a shareholder vote on the choice between liquidation and an alternate strategy within six months. The Hartman Group seeks to sway shareholder opinion in favor of their proposal to replace current board members and ultimately opt for liquidation as per the company's articles of incorporation.

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Form Type: PREC14A

Filing Date: 2025-03-31

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925029957

Filing Summary: The Hartman Group, which holds approximately 7.92% of Silver Star Properties REIT, Inc.'s common stock, is urging shareholders to support their nominees for the board of directors at the upcoming annual meeting. The Hartman Group advocates for the election of Allen R. Hartman, Brent Longnecker, and Benjamin Thomas, aiming to reconstitute the board and ensure that the company is effectively managed with a focus on maximizing shareholder value. They are pushing for a vote on whether to liquidate the company's assets versus deferring liquidation in favor of an unapproved alternative strategy proposed by the Executive Committee. The Hartman Group emphasizes the urgency of holding the annual meeting due to noncompliance with Maryland law that mandates a liquidation if certain conditions are not met within ten years. Their attempts to convene an annual meeting have faced significant resistance from the Executive Committee, which has entangled the company in legal disputes. Recent court rulings compel the company to hold the annual meeting by July 21, 2025, providing shareholders the opportunity to elect new directors and decide on the future strategy of the company, including the potential liquidation of its assets, as it has been suggested that the assets may yield little to no return if left unmanaged.

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