Liquidation: HARTMAN ALLEN R

Form Type: DFAN14A

Filing Date: 2025-07-03

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925065753

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement with the SEC to solicit votes for the election of directors and for the rejection of the Company’s alternate strategy proposal in favor of liquidating the Company’s assets. The document outlines the Hartman Group's criticism of the management's 'New Direction Plan', which they argue has resulted in a $278 million loss in shareholder value. The plan was characterized as reckless, yielding negative returns and leading to significant asset sales at depressed prices, culminating in calls for a structured wind-down and return of capital to shareholders. The letter to shareholders dated July 2, 2025, emphasizes the need for a shift in leadership and strategy, highlighting the financial distress and mismanagement under the current board. The Hartman Group advocates for a return to disciplined management and accountability.

Form Type: DFAN14A

Filing Date: 2025-07-01

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925064674

Filing Summary: On July 1, 2025, the Hartman Group distributed a letter to shareholders, highlighting the significant decline in occupancy and mismanagement by the current leadership of Silver Star Properties REIT, Inc. since Hartman's removal in October 2022. The letter cites catastrophic declines in occupancy at key properties, with Gulf Interstate's occupancy plummeting from 85% to 15%, and One Technology Center dropping from 90% to 45%. The Hartman Group criticizes the current board for failing to implement a comprehensive leasing strategy, leading to a $278 million (70%) drop in equity value—down from $412 million to $134 million. The letter outlines a call for liquidation of the company's assets and implies a strategy focusing on immediate sales and stabilization of property conditions. The Hartman Group seeks shareholder support for its slate of nominees and for the liquidation strategy as a means to recover capital for shareholders.

Form Type: DFAN14A

Filing Date: 2025-06-30

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925064141

Filing Summary: The Hartman Group filed a definitive proxy statement to solicit votes for the election of their nominated directors and to reject Silver Star Properties REIT, Inc.'s alternate strategy proposes, opting instead for liquidating the company’s assets. The document highlights the group’s criticism of the company's management, emphasizing financial mismanagement, as approximately $400 million in income-generating assets have been liquidated without returning capital to shareholders. The proxy statement argues against a proposed $50 million preferred equity raise, stating it would subjugate common shares and benefit new investors at the expense of existing shareholders. The Hartman Group is advocating for a wind-down of the company to return capital to shareholders, conducting a forensic audit, and ensuring greater transparency in operations. They seek shareholder support to change the current management and restore value to the company.

Form Type: DFAN14A

Filing Date: 2025-06-30

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925064143

Filing Summary: On June 30, 2025, the Hartman Group distributed a letter to shareholders of Silver Star Properties REIT, Inc., proposing a liquidation plan. The document outlines the group's frustrations with the current board's performance, citing failures over the past two years in delivering results and providing a coherent strategy. The Hartman Group advocates for an orderly liquidation of the company's assets and returning capital to shareholders, contrasting this with the existing board's approach. They argue for transparency and value recovery over speculation and high-risk strategies. The plan includes immediate actions such as halting speculative acquisitions, conducting independent asset valuations, and a broker-led monetization strategy aimed at maximizing proceeds from asset sales. The letter is part of the group's broader efforts to solicit votes against the company's alternate strategy proposal and in favor of their candidate slate for directorship at the annual meeting.

Form Type: DFAN14A

Filing Date: 2025-06-26

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925063019

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement and an accompanying BLUE universal proxy card with the SEC to solicit votes regarding the election of directors nominated by the Hartman Group and to reject Silver Star’s alternate strategy proposal in favor of liquidating the Company’s assets in an orderly manner and returning capital to stockholders. The Hartman Group expressed concerns over Silver Star's failures to comply with securities regulations, notably the absence of audited financial statements in its proxy solicitation. They accused Silver Star of engaging in a smear campaign and of misrepresenting the outcomes of previous consent solicitations. The push for liquidation is presented as a disciplined approach to return capital to shareholders as opposed to Silver Star’s alleged ineffective management.

Form Type: DFAN14A

Filing Date: 2025-06-26

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925063033

Filing Summary: The Hartman Group has initiated a proxy statement to solicit votes for the election of their nominated directors at the upcoming annual meeting for Silver Star Properties REIT, Inc. They aim to reject the Company's alternate strategy proposal and advocate for liquidating the company's assets to return capital to shareholders. The group criticizes Silver Star for poor financial management, alleging that the company misused $32.8 million of shareholder equity, resulting in significant negative cash flow. They claim that Silver Star's acquisition of Southern Star was mishandled, with lack of proper management leading to decreased occupancy and financial losses. The proxy materials, including a BLUE universal proxy card, have been filed with the SEC and are available for shareholders to consider before the meeting.

Form Type: DFAN14A

Filing Date: 2025-06-26

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925063037

Filing Summary: On June 3, 2025, the Hartman Group filed a proxy statement with the SEC to solicit votes for the election of its nominated directors at the annual meeting of Silver Star Properties REIT, Inc. Additionally, they are advocating for the rejection of the Company's alternate strategy proposal in favor of liquidating the Company's assets and returning capital to shareholders. In a letter to shareholders dated June 26, 2025, the Hartman Shareholder Alliance emphasized the importance of transparency and legal compliance in managing investor trust. They criticized the current leadership for failing to provide essential financial disclosures and violating shareholders' rights under Maryland corporate law. The Hartman Group promises rigorous transparency, legal compliance, and improved governance practices if elected. They urge shareholders to vote according to these principles to restore accountability and transparency in the REIT's operations.

Form Type: DFAN14A

Filing Date: 2025-06-24

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925061787

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement to solicit votes for the election of its nominated directors at the upcoming annual meeting of Silver Star Properties REIT, Inc. Additionally, they proposed a rejection of the Company's alternate strategy in favor of an orderly liquidation of the Company’s assets, with a commitment to return capital to shareholders. A recent letter to shareholders outlined the new board's plan to prioritize financial stewardship by suspending non-essential legal expenditures, halting unjustified executive compensations, and initiating the sale of significant company assets to facilitate a structured payout to investors. The letter criticized the previous management for poor governance and lack of transparency. The candidates pledged to evaluate financial disclosures promptly, stabilize and sell remaining assets, and maintain open lines of communication with shareholders regarding financial progress. The Hartman Group encourages shareholders to vote for their director nominees to ensure a disciplined liquidation process and a reliable return of capital.

Form Type: DFAN14A

Filing Date: 2025-06-24

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925061857

Filing Summary: The Hartman Group filed a definitive proxy statement to solicit votes for the election of its nominated directors and to reject Silver Star Properties REIT's alternate strategy proposal, opting instead for the orderly liquidation of the company's assets and a return of capital to stockholders. The letter distributed to shareholders accused Silver Star's Board of triggering a 'poison pill' to prevent a corporate takeover and failing to act in the best interests of shareholders. The Hartman Group criticized the Board's actions as an attempt to entrench themselves in power and manipulate voting shares. They emphasized the importance of fiduciary responsibility and urged shareholders to vote for their proposals in order to reclaim shareholder value.

Form Type: DFAN14A

Filing Date: 2025-06-20

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925061118

Filing Summary: The Hartman Group filed a definitive proxy statement to solicit votes for the election of directors they nominated and to reject Silver Star Properties REIT, Inc.'s alternate strategy proposal. The Hartman Group is advocating for the liquidation of the company's assets and returning capital to shareholders, citing significant operational failures following the forced exit of Al Hartman. They highlight that occupancy rates have plummeted, and assets have been sold at substantial losses, with the company's financial performance deteriorating drastically. In contrast, they present their own portfolio's robust performance as a continuation of successful management. The letter urges shareholders to support their proposals to prevent further destruction of shareholder value and restore effective leadership.

Form Type: DFAN14A

Filing Date: 2025-06-18

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925060621

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement with the SEC to solicit votes for the election of their nominated directors at the upcoming annual meeting of Silver Star Properties REIT, Inc. The proxy statement also rejects the company's alternate strategy proposal and supports the liquidation of the company’s assets, aiming to return capital to shareholders. The Hartman Group initiated legal action after the board, led by Gerald Haddock, avoided transparency and delayed shareholder votes for nearly two years. Following a court ruling mandating a shareholder meeting, the Hartman Group encourages shareholders to vote in favor of accountability and transparency, outlining severe declines in asset value and mismanagement under the current board. Their goals include stabilizing the remaining portfolio and monetizing assets while ensuring shareholder rights.

Form Type: DFAN14A

Filing Date: 2025-06-17

Corporate Action: Liquidation

Type: Update

Accession Number: 000110465925060299

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement and an accompanying BLUE universal proxy card with the SEC, aimed at soliciting votes for the election of their nominated directors at the upcoming annual meeting of stockholders for Silver Star Properties REIT, Inc. The Hartman Group is advocating for the rejection of the company's alternate strategy proposal, urging instead for the liquidation of the company's assets in an orderly manner to return capital to stockholders. On June 17, 2025, the Hartman Group communicated directly with shareholders, outlining concerns regarding the current management's decision to liquidate assets regardless of their market value, citing this approach as a case study in value destruction. The letter highlights the detrimental effects of mismanagement on property values and occupancy rates, revealing that some properties have been sold at significant losses compared to their estimated values in 2022. The Hartman Group emphasizes the importance of experienced management and financial accountability to safeguard shareholder value, urging support for their proposed director candidates who are committed to overseeing a disciplined liquidation and fair capital return.

Form Type: DFAN14A

Filing Date: 2025-06-16

Corporate Action: Liquidation

Type: Update

Accession Number: 000110465925059913

Filing Summary: On June 16, 2025, the Hartman Group distributed a letter to shareholders regarding the failure of Silver Star Properties REIT's New Direction Plan. The letter outlines a catastrophic decline in asset values, with a NAV drop from $412 million to $134 million over three years and significant sales of legacy assets well below their original costs. It criticized company leadership for a lack of transparency and accountability, claiming they concealed crucial financial information and failed to provide a viable plan for recovery. The Hartman Group proposes an orderly liquidation of assets to return capital to shareholders, emphasizing the need for new leadership and a commitment to transparency. They seek shareholder support to replace current directors with their nominated candidates at the upcoming annual meeting, aiming to stabilize the company and restore value to shareholders.

Form Type: DFAN14A

Filing Date: 2025-06-13

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925059450

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement with the SEC to solicit votes for the election of their nominated directors and to reject the Company's alternate strategy, advocating instead for the liquidation of the Company’s assets and returning capital to shareholders. The letter to shareholders outlines the Hartman Group's stance that since late 2022, over $395 million in legacy assets were sold but reinvested without shareholder consent into low-yield properties, leading to unsustainable financial risks. They propose selling underperforming assets, focusing on maximizing value, and immediately returning capital to shareholders. The Hartman Group highlights drastic declines in Net Asset Value and operational deficiencies in property management as key reasons for the proposed changes, positioning themselves as a solution to restore value. They urge shareholders to vote in favor of their proposals at the upcoming annual meeting.

Form Type: DFAN14A

Filing Date: 2025-06-12

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925058598

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement and a BLUE universal proxy card with the SEC to solicit votes for the election of their nominated directors at the upcoming annual meeting of stockholders of Silver Star Properties REIT, Inc. The Hartman Group is also advocating for the rejection of Silver Star’s alternate strategy proposal in favor of liquidating the Company’s assets and returning capital to stockholders. A letter to shareholders dated June 9, 2025, accused Silver Star’s Board of misleading shareholders regarding a consent solicitation, claiming that revocations from about 30% of outstanding shares had been received by the Hartman Group, thus questioning Silver Star’s assertion of obtaining consent from 51% of outstanding shares. The Hartman Group criticized Silver Star's Executive Board for alleged dishonesty and regulatory violations, asserting their investment had become a company run by lawyers for their own benefit.

Form Type: DFAN14A

Filing Date: 2025-06-12

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925058599

Filing Summary: The Hartman Group filed a definitive proxy statement with the SEC to solicit votes for, among other matters, the election of their nominated directors at the upcoming annual meeting of stockholders of Silver Star Properties REIT, Inc. They also advocate for rejecting the Company's alternate strategy proposal and in favor of liquidating the Company's assets in an orderly manner, aiming to return capital to stockholders. The document details stark criticisms of Silver Star's operational mismanagement and highlights a significant decline in the Company's value from $412 million to $134 million, alongside claims of concealed records of maintenance and management issues. Al Hartman argues that the collapse in value is directly due to this mismanagement and calls for a change in leadership for proper liquidation. Shareholders are encouraged to vote for the Hartman Group's leadership to facilitate this liquidation process.

Form Type: DFAN14A

Filing Date: 2025-06-12

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925058978

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement with the SEC to solicit votes regarding the election of their nominated directors at the upcoming annual meeting of Silver Star Properties REIT, Inc. and to reject the company's alternate strategy proposal. They advocate for the liquidation of the Company’s assets in an orderly manner and returning capital to shareholders, criticizing the current leadership for poor asset management and proposals that prioritize new investors over existing shareholders. On June 12, 2025, they published a letter addressing their shareholders emphasizing the need for immediate decisions regarding the sale of legacy assets, transparency in operations, and a focused return of capital to shareholders. This proposal is aimed at enhancing liquidity and performance for investors, aiming to replace the current board with candidates aligned with their vision.

Form Type: DFAN14A

Filing Date: 2025-06-05

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925056822

Filing Summary: On June 3, 2025, the Hartman Group filed a definitive proxy statement and an accompanying BLUE universal proxy card with the SEC to solicit votes for the election of directors nominated by the Hartman Group at the upcoming annual meeting of stockholders of Silver Star Properties REIT, Inc. Additionally, they are advocating for the rejection of the Company's alternate strategy proposal in favor of liquidating the Company’s assets in an orderly manner and returning capital to the stockholders, as specified in the Company’s articles of incorporation. On June 4, 2025, a letter was sent to the stockholders, emphasizing these points and encouraging them to review the proxy statement and other materials related to the annual meeting as they contain crucial information regarding the participants in the proxy solicitation.

Form Type: DEFC14A

Filing Date: 2025-06-03

Corporate Action: Liquidation

Type: Update

Accession Number: 000110465925055983

Filing Summary: On June 3, 2025, Allen R. Hartman and the Hartman Group, a significant stockholder in Silver Star Properties REIT, Inc., are advocating for stockholder support in their bid for three board seats at the upcoming annual meeting on July 7, 2025. The Hartman Group, collectively owning approximately 7.76% of the company’s shares, intends to pursue a liquidation of the company's assets, challenging the management's proposed pivot to self-storage. They assert that the current Executive Committee has failed to properly manage the company and has resisted calls for an annual meeting since 2011. They believe the company is legally obligated to initiate liquidation under Maryland law and are pushing stockholders to vote against management’s strategy. The Hartman Group's nominees are Allen R. Hartman, Brent Longnecker, and Benjamin Thomas. If the Hartman Nominees are elected, they plan to implement a liquidation strategy that prioritizes stockholder returns and appoint a new management team capable of maximizing the company’s value. Shareholders are urged to vote using the enclosed BLUE universal proxy card and reject any alternative strategies proposed by the current management that may dilute stockholder value further.

Form Type: DFAN14A

Filing Date: 2025-06-03

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925055965

Filing Summary: On June 2, 2025, the Hartman Group, led by Allen R. Hartman, issued a letter to shareholders of Silver Star Properties REIT, Inc. expressing deep concerns over the company's performance under the current Board of Directors and executive team. The letter highlighted a significant decline in shareholder value, with the stock price dropping over 66% to $2.01 per share and a reduction in net asset value from $412 million to an estimated $134 million. The group criticized the Board for poor corporate governance, lack of accountability, and misallocation of capital, exacerbated by high-interest debt and deteriorating asset conditions. The Hartman Group announced its intention to solicit votes for an alternative slate of directors committed to restoring shareholder value and implementing financial discipline. Notably, they are also seeking to facilitate the liquidation of the company in alignment with its articles of incorporation. Shareholders are urged to vote for these nominees starting June 3, 2025, to effect necessary changes for the future of the company.

Form Type: DFAN14A

Filing Date: 2025-06-02

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925055409

Filing Summary: The Hartman Group, led by Allen R. Hartman, is soliciting votes for the election of their nominated directors and for the liquidation of Silver Star Properties REIT, Inc. The group claims that the liquidation plan is designed to maximize shareholder returns and provide immediate capital. Key points include plans to sell Walgreens stores and mini storage properties to optimize asset value. The letter addressed shareholders' concerns about financial mismanagement and the declining value of properties, citing specific sale prices that illustrate losses incurred. The Hartman Group aims to hold the current board accountable, arguing that their decisions have led to severe declines in asset values and shareholder capital. The group plans to send a definitive proxy statement soon, urging shareholders to read the preliminary proxy documents carefully.

Form Type: DFAN14A

Filing Date: 2025-05-28

Corporate Action: Liquidation

Type: New

Accession Number: 000110465925053519

Filing Summary: The Hartman Group has filed a preliminary proxy statement to solicit votes for the election of directors and for the liquidation of Silver Star Properties REIT, Inc. The group criticizes current management for destroying shareholder value through poor decision-making and mismanagement, including a significant drop in the company's net asset value from $412 million in 2020 to $134 million by mid-2024. The letter to shareholders conveys a vision of selling and stabilizing the company’s assets to return capital to shareholders, in contrast to the existing management's approach, which is described as harmful and self-serving. The proxy solicitation aims to rally shareholder support for these changes amid concerns over the direction of the company and its financial disclosures. The Hartman Group claims to own approximately 7.92% of the company, amounting to over 5 million shares, and intends to prevent further dilution of shareholder interests from management practices they deem unethical.

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.

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.

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.

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.

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.

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.