Silver Star Properties (SLVS): Hartman Shareholder Alliance accuses board of “value destruction” after court denies meeting delay

The Pattern Continues: More Value Destruction

November 17, 2025

Dear Shareholder,

After six postponements of your court-ordered shareholder meeting and over a year of watching your investment value decline, I want to make sure that you receive all the information about Silver Star Properties that you deserve to know as a shareholder.

Court Denies Silver Star's Latest Delay Tactic

On November 13, 2025, the Maryland Circuit Court denied Silver Star's “Emergency Motion” to further extend the deadline for the annual meeting of stockholders. The court’s order confirms that Silver Star’s Board of Directors had no valid basis for cancelling the annual meeting scheduled for October 20, 2025.

Walgreens Properties and Legacy Assets at Risk

The Walgreens lender has taken aggressive collection actions against Silver Star. According to Silver Star's own filings the lender is exercising "cash management" rights that threaten the company's ability to operate. Silver Star had to obtain a temporary restraining order just to retain $1.5 million in operating capital.

What Silver Star has not clearly disclosed to shareholders: that legacy assets have been pledged as additional collateral to the Walgreens lender, putting additional properties at risk beyond the Walgreens portfolio itself.

Silver Star Board Members - The Handwriting is on the Wall

Jack Tompkins and Jim Still need to resign before it is too late. With Gerald Haddock, they have presided over the destruction of shareholder value and continued to delay the court-ordered annual meeting.

Haddock's actions demonstrate a clear pattern: he is willing to destroy shareholder value to avoid accountability. His "burn the house down" mentality is evident in every decision. Rather than admit mistakes and work to preserve what remains, he continues to spend shareholder money fighting legal battles designed solely to maintain his control and avoid personal liability.

This is not leadership - this is desperation from someone willing to sacrifice shareholder value to benefit himself.

The Pattern is Clear

• Destruction of shareholder value: 75% of the value lost in 33 months
• Refusal to hold court-ordered annual meeting
• Fire-sale of properties as occupancy collapses from 83% to 56.7%
• Concealment of material information from shareholders
• No audited financial statements provided for fiscal years 2023 and 2024

Demand Accountability

Contact the board members and demand they comply with the court's order.

Gerald Haddock
Email: Gerald@haddockinvestments.com
Phone: 817-307-5146

Jim Still
Email: jim.still@rdcadvisors.com
Phone: 267-226-0241

Jack Tompkins
Email: jtompkins@artaequity.com
Phone: 713-817-3515

In December of 2022 the value of the company was $412M and according to Silver Star’s call on October 6, 2025, the current value has dropped to $92M in September 2025, totaling a $320M decline in value.

Board members need to resign today while there is still value left.

Sincerely,

Al Hartman
The Hartman Shareholder Alliance

Source:

https://www.sec.gov/Archives/edgar/data/831616/000110465925113185/tm2531504d1_dfan14a.htm