Hartman Shareholder Alliance Slams Silver Star (SLVS) Over Meeting Delay, Governance Failures, and SEC Misrepresentations
Summary
Dear Fellow Silver Star Shareholders,
Silver Star’s recent decision to postpone the shareholder meeting until October 6, 2025, is deeply concerning. While the Board claims this delay is meant to provide shareholders with “complete information,” in reality it allows the promotion of theirs lies, to continue in illegal activity and further destroy the company!
The Board's Chaotic Communication
The Board's recent letter exemplifies the very chaos they claim to oppose. Instead of addressing substantive matters, it relies on a smear campaign of personal attacks and inflammatory accusations that are totally false. Telling lies is not justification for postponing a meeting that was already noticed and scheduled.
Continued Illegal Activity
The Board states their postponement will provide shareholders with "full and accurate information." This is a lie from the pit of hell. If that were true, they would have already complied with the outstanding books and records requests required by law to be sent to the shareholders.
The Board has made false statements to the SEC regarding shareholder consent and approval processes. These misrepresentations to federal regulators constitute a serious breach of fiduciary duty and violate federal securities laws. Silver Star's Board publicly lied and misled shareholders by concealing the actual results.
On June 23rd, the SEC notified Silver Star that their proxy statement fails to comply with Securities Exchange Act requirements. According to SEC regulations, they are not allowed to solicit proxies.
Delaying the Vote Causes Further Destruction of Value
Every day this meeting is delayed, shareholder value continues to erode. This postponement serves only to devalue the company more with more fire sales and mismanagement. They don’t even staff some of the properties with leasing agents and the ones that are staffed, complain about how difficult they are to do a lease with. The delay is not about providing information, but about avoiding accountability and clinging to power at shareholders' expense.
A Constructive Path Forward
Rather than continuing a cycle of accusations and delays, we propose a constructive path forward:
· Immediate Compliance: Honor outstanding books and records requests.
· Proceed as Scheduled: Hold the shareholder meeting without further delay.
We remain committed and believe that a prompt, well-informed shareholder vote is in everyone's best interest.
We appreciate your continued attention to these important matters and will continue to communicate with you as developments warrant.
Sincerely,
Al Hartman
The Hartman Shareholder Alliance
Source:
https://www.sec.gov/Archives/edgar/data/831616/000110465925083081/tm2524413d1_dfan14a.htm
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