Hartman Shareholder Alliance Urges Silver Star Properties (SLVS) Investors to Vote Blue, Citing Mismanagement and Loan Defaults
Restoring Integrity to Silver Star
October 8, 2025
Dear Shareholder,
A new feature published this week, "Real Estate Veteran Al Hartman's Fight to Reclaim His Company Following Hostile Usurp" lays out, in detail, what we have been telling you for months.
This confirms the depth of the mismanagement and highlights the stakes of the upcoming shareholder vote. Below are excerpts from the article:
"Real Estate Veteran Al Hartman's Fight to Reclaim His Company Following Hostile Usurp"
HOUSTON — Real estate veteran Al Hartman built his company on a simple promise: disciplined investment and steady returns for everyday shareholders. But now, after a hostile takeover and a string of alleged financial missteps under new leadership, Hartman is waging a public fight to reclaim what he says was stolen: his company, and its integrity.
The disputed company is Silver Star Properties, formerly known as Hartman Short Term Income Properties XX, Inc., a real estate investment trust (REIT) with holdings across Texas.
Since Hartman's ouster in 2023, the company has faced mounting financial strain, culminating in a series of loan defaults, allegations of deceptive communications, and accusations of discriminatory treatment toward shareholders.
"This isn't mismanagement," Hartman wrote in a recent letter to investors. "It appears to be systematic fraud that could result in legal consequences."
The article continues:
The most recent flashpoint came in early September, when Silver Star's management filed an 8-K report with the SEC confirming that the company had defaulted on a $57.8 million loan tied to a portfolio of Walgreens-leased properties.
The filing revealed that the loan matured on August 9, 2025, and that management failed to refinance or repay it. Just four days later, the lender declared a default, triggering penalty interest on roughly $50 million in outstanding debt.
For Hartman, the event confirmed what he had warned shareholders about for months — a pattern of "reckless borrowing" and "incompetent leadership" that he believes is eroding shareholder value.
The article further states:
Despite the turmoil, Hartman insists that Silver Star's underlying portfolio still holds significant value — approximately $130 million, by his team's estimate. In a detailed presentation to shareholders, he outlined a "Return of Capital Plan" that would unwind the company's debt, liquidate key assets, and deliver direct payouts to investors.
The article continues:
"Our plan is simple and clear," Hartman said. "We will return capital directly to you and put shareholders first — with transparency, accountability, and real returns."
The article concludes:
The October shareholder vote will determine more than control of Silver Star Properties. It will decide whether the company's founding principles — transparency, accountability, and faith in ordinary investors — still have a place in corporate America.
[Read the full article here]
The Choice Is Clear
Vote Blue to stop their obstruction, end the delays, and begin liquidation to return value to shareholders; or allow the Silver Star Board to bury your investment under years of litigation and misinformation.
Your voice matters and your vote counts. Send a resounding message that shareholder rights cannot be delayed or denied. Vote the Blue Card today.
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 BLUE card and for the return of your capital or vote the blue proxy from our online e-mail.
Sincerely,
Al Hartman
The Hartman Shareholder Alliance
Source:
https://www.sec.gov/Archives/edgar/data/831616/000110465925098723/tm252854d1_dfan14a.htm
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