Snowball Research
Snowball Research
Sub $5B US stocks research hub
⌘K
Subscribe Sign in
activistletters

Hartman Shareholder Alliance Reveals SEC Rejection of Silver Star Properties REIT (SSPN) Proxy Filing, Cites Legal Violations and Urges Board Removal

by Snowball Research Team

Summary

On June 25, 2025, the Hartman Shareholder Alliance disclosed that the SEC found Silver Star Properties REIT’s proxy statement non-compliant with federal securities laws. The letter accuses Silver Star of repeated regulatory violations, including failing to provide audited financials, denying lawful document requests, and misrepresenting prior consent solicitation results. Hartman also criticized the board’s smear tactics and resistance to a 2022 liquidation plan that could have preserved value. He urged shareholders to support his alliance to end mismanagement and pursue capital return, warning of potential legal consequences for Silver Star's actions.

SEC FINALLY CAUGHT SILVER STAR

June 25, 2025

Dear Shareholders,

On June 23rd the Securities and Exchange Commission notified Gerald Haddock and Silver Star Properties REIT that its review of Silver Star’s definitive proxy statement indicates that the proxy statement fails to comply with the requirements of the Securities Exchange Act of 1934, the rules and regulations thereunder and the requirements of the form. You can read SEC’s letter in full here. This would not be the first of Silver Star’s regulatory violations. Silver Star has been recklessly lying and engaging in a smear campaign to hide their irresponsibility as fiduciary to the investor.

Silver Star Engages in Unbridled Disregard For the Law and Regulatory Constraints

· Silver Star has not included audited financial statements with its proxy solicitation, a violation of securities rules and regulations.

· A “Documents and Records” request, required by law, was denied by Silver Star.

· During the current proxy solicitation, Silver Star suddenly alleges victory in the January 2024 Consent Solicitation. There is no record of the Hartman Group revocations having been counted, audited, or factored into their falsified Consent Solicitation results filed with the SEC. For more detail, read the June 9, 2025 letter sent to Broker-Dealers and Advisors.

Disciplined Return of Capital vs. Unrestrained Legal Warfare

I have no vendetta against the Silver Star Executive Board. However, they seem to have one against me. They have as their modus operandi this type of assault to cover their ineffectiveness in creating value to your investment. I proposed in August 2022 a strategic liquidation that would have preserved value. They preferred a takeover and a scorched earth campaign to ensure their entrenchment. Read the letter I sent in August 2022 outlining a disciplined strategy for liquidation that would have preserved shareholder value.

Silver Star In Violation of Proxy Rules

Silver Star continues to amass legal and regulatory violations while they continually and aggressively mount a misinformation and deflection campaign. What arrogance! What hubris! Silver Star is paving their own way for a class action lawsuit against them.

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/831616/000110465925063019/tm2519251d1_dfan14a.htm

Member discussion

More like this

Hartman Shareholder Alliance Blasts Silver Star Properties REIT (SSPN) for Mismanagement, Urges Liquidation and Board Overhaul

Summary On July 1, 2025, the Hartman Shareholder Alliance accused Silver Star Properties REIT’s board of severe mismanagement since

Hartman Shareholder Alliance Opposes $50M Equity Raise at Silver Star Properties REIT (SSPN), Slams Board for Reckless Asset Sales and Dilution Plan

Summary On June 27, 2025, the Hartman Shareholder Alliance accused Silver Star Properties REIT of financial mismanagement, highlighting the $395.

Hartman Shareholder Alliance Urges Silver Star Properties REIT (SSPN) Liquidation, Slams Board for Value Erosion and Pushes Capital Return Plan

Summary On June 30, 2025, the Hartman Shareholder Alliance urged Silver Star Properties REIT shareholders to support its Monetization and

Phoenix Insurance and Value Base Demand Shareholder Meeting at Perion Network (PERI), Seek Rights Plan Cancellation and Board Accountability

Summary Phoenix Insurance and Value Base Fund, holding a combined 11.48% of Perion Network's shares, have formally

Hartman Shareholder Alliance Slams Silver Star Properties REIT (SSPN) for Reckless Acquisitions and Mismanagement, Urges Shareholders to Remove Current Leadership

Summary On June 24, 2025, the Hartman Shareholder Alliance criticized Silver Star Properties REIT for reckless capital deployment, highlighting the

Hartman Shareholder Alliance Accuses Silver Star Properties REIT (SSPN) of Transparency Failures and Legal Violations, Calls for Board Overhaul

Summary On June 26, 2025, the Hartman Shareholder Alliance accused Silver Star Properties REIT of serious transparency failures and legal