Hartman Group Accuses Silver Star Properties (SLVS) Board of Insider Enrichment, Urges Shareholders to Restore Accountability
Summary
On July 7, 2025, the Hartman Group distributed the following letter to shareholders:
SELF-DEALING, INSIDER ENRICHMENT & MISALIGNED INCENTIVES – HOW SILVER STAR BOARD REWARDED ITSELF AT SHAREHOLDERS’ EXPENSE
Dear Shareholders,
There is perhaps no greater betrayal in business than leadership enriching itself while those they serve suffer. Unfortunately, that’s precisely what has unfolded under the current board and executive leadership of Silver Star Properties REIT, Inc.
While you, the shareholders, have watched your investment decline, Silver Star insiders have awarded themselves millions in cash compensation, equity, and long-term incentive plans—with no performance metrics, no personal risk, and no alignment with your interests.
A SHAMELESS GRAB FOR PERSONAL GAIN
Let’s review what insiders gave themselves:
· 1,000,000 shares worth $2 million dollars – issued directly to Haddock without vesting, without cost, and without any demonstrated value creation.
· Millions in long-term incentives – distributed despite the company operating at a loss and asset values declining.
· Millions in cash salaries paid far in excess of the market.
This isn’t just poor stewardship—it’s exploitation.
WHERE IS THE SKIN IN THE GAME?
Time and again, SSP leadership claims to be “aligned with shareholders.” But the facts tell another story:
· Not a single executive or board member except one, has made any personal investment in the company.
· Every dollar they’ve received has come from your capital—without risk, without transparency, and without oversight.
Their compensation is structured to reward presence, not performance.
ARROGANCE, NOT ACCOUNTABILITY
This public display of arrogance isn’t just unbecoming—it’s a distraction from the truth:
· They have failed to preserve value.
· They have failed to protect shareholders.
· And they have failed to lead with integrity.
A BETTER WAY FORWARD
The Hartman Shareholder Alliance believes in accountability, not enrichment.
We believe board service is a duty—not a personal compensation vehicle. Our nominees, Benjamin Thomas and Brent Longnecker, will:
· Cancel the stock issued to the executives;
· Forensically investigate and publicly report all insider compensation and conflicts.
We cannot allow this pattern of insider enrichment to continue unchecked.
This vote is not just about replacing a board—it’s about restoring integrity to the heart of this company and returning capital to shareholders.
Vote for transparency. Vote for fiduciary responsibility. Vote to get your money back. Vote for the Hartman Shareholder Alliance.
See the attached proxy letter for more details. Click here to read the full letter.
Call us directly at (619) 664-4780 to vote for the return of your capital or vote the blue proxy from our online e-mail.
Thank you for your trust and support.
Sincerely,
Al Hartman
The Hartman Shareholder Alliance Team
Source:
https://www.sec.gov/Archives/edgar/data/831616/000110465925066190/tm2519896d3_dfan14a.htm
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