Mercury Again Denied Access to Wilshire Board
2006年5月2日 - 10:49PM
PRニュース・ワイアー (英語)
GREENWICH, Conn., May 2 /PRNewswire/ -- Mercury Real Estate
Advisors LLC, an affiliate of Mercury Partners LLC, a real estate
investment management company based in Greenwich, CT, sent the
following letter today to Wilshire Enterprises, Inc.'s (AMEX:WOC)
Board of Directors. Mercury Real Estate Advisors LLC 100 Field
Point Road Greenwich, Connecticut 06830 May 2, 2006 Board of
Directors Wilshire Enterprises, Inc. c/o Mr. Eric J. Schmertz 1
Gateway Center 11-43 Raymond Plaza West 10th Floor Newark, NJ 07102
Mr. Schmertz: We are in receipt of a letter dated April 13, 2006
from your counsel Lowenstein Sandler PC. We find it unconscionable
that you, as the proclaimed lead independent director of Wilshire
Enterprises, Inc. ("Wilshire" or the "Company"), would refuse to
meet with the largest unaffiliated shareholder of the Company, as
we requested. Furthermore, we find it incomprehensible that you
would refuse a meeting given that we have made a public offer,
subject to customary due diligence, for the entire Company. Your
refusal as well as your lack of response to our offer just bolsters
our criticism that you and the CEO, Sherry Wilzig Izak, are clearly
entrenched and have no other goal but to continue the exorbitant
corporate waste that has perpetuated at this Company for several
years. You have continually failed at fulfilling your fiduciary
duties to the true owners of the Company, the common shareholders,
by allowing such corporate waste; allowing the CEO to remain
entrenched; not immediately distributing the cash currently on the
balance sheet and not aggressively pursuing a liquidation or sale
of the Company. As the lead independent director of the Company, we
would hope that you would be able to find the time to attend the
2006 Annual Meeting, which you failed to attend in 2005. Let us be
abundantly clear -- if the Board of Directors does not terminate
Sherry Wilzig Izak to end the squandering of corporate/shareholder
profits; distribute the cash currently on the balance sheet, which
is truly an asset owned by the shareholders; terminate the purchase
of the Arizona multifamily property and announce a liquidation of
the Company within 30 days, you will leave us no option but to
pursue all courses of action against you and the Company, which has
fiduciary responsibility to its shareholders. Again, we urge you to
change your current unfathomable posture and meet with your largest
unaffiliated shareholder to discuss the foregoing issues as soon as
possible. Very truly yours, MERCURY REAL ESTATE ADVISORS LLC David
R. Jarvis Malcolm F. MacLean IV Chief Executive Officer President
DATASOURCE: Mercury Real Estate Advisors LLC CONTACT: Malcolm F.
MacLean IV, Mercury Real Estate Advisors LLC, +1-203-769-2980 Web
site: http://www.mercuryrealestate.com/
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