Hartman Shareholder Alliance Criticizes Silver Star Properties REIT (SSPN) for Blocking Shareholder Vote, Urges Support in Proxy Battle for Accountability
Summary
Dear Shareholders,
At the heart of any legitimate investment company—especially a REIT—is accountability to its shareholders. When we saw that Silver Star Properties, under Gerald Haddock’s leadership, was doing everything in its power to avoid transparency, avoid disclosure, and most importantly—avoid a shareholder vote—we knew we had no choice but to take legal action.
The right to vote on the direction of your investment is not optional. It’s not up for debate. It is the cornerstone of corporate governance. And yet, for nearly two years, the Haddock-led board used every legal maneuver possible to suppress, delay, and deflect from this fundamental right.
Why We Went to Court
· Because Haddock and his board refused to hold an annual meeting.
· Because they locked shareholders out of meaningful dialogue about the REIT’s strategy.
· Because they knew that if the shareholders had a say, their mismanagement would be exposed—and rejected.
The Maryland court ultimately sided with the rule of law, ordering Silver Star to convene a shareholder meeting. It should never have taken a lawsuit to do that. But this is exactly why we fought: to ensure your voice was not silenced, and your vote not stolen.
What Were They Afraid Of?
Simple: the truth. Under their leadership, the company’s net asset value fell from $412 million to $134 million as of June 30, 2024, their last public filing. That nearly $400 million in legacy assets were liquidated—many far below market value. That preferred equity was being considered to subordinate shareholders. That $4 million in performance units, per Haddock’s contract, and $2 million in share awards were handed out like bonuses while your equity evaporated.
They feared accountability because their record cannot stand the scrutiny.
What Happens Now?
Thanks to the court ruling and shareholder determination, you now have the power to vote. The proxy fight is live. You have the chance to replace a failed, entrenched board with competent, transparent leaders who understand the meaning of fiduciary duty.
Our goal is not vengeance—it is value. We want to:
· Stabilize the remaining portfolio.
· Monetize Walgreens and mini storage.
· Return capital to shareholders.
You Should Never Have Been Denied a Vote
And we will never stop defending your rights to one.
Vote with the Hartman Shareholder Alliance. Vote for accountability, transparency, and results.
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.
Sincerely,
Al Hartman
The Hartman Shareholder Alliance Team
Source:
https://www.sec.gov/Archives/edgar/data/831616/000110465925060621/tm2518334d1_dfan14a.htm
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