Mercury Presses for Liquidation
2006年6月5日 - 11:00PM
PRニュース・ワイアー (英語)
GREENWICH, Conn., June 5 /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 June 5, 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
Ladies and Gentlemen: As the largest independent shareholder of
Wilshire Enterprises, Inc. ("Wilshire" or the "Company"), we are
disturbed by Sherry Wilzig Izak's defensive, self-aggrandizing tone
and inaccurate characterizations in her speech at the 2006 annual
meeting. The comments made by Ms. Izak are those of a Chief
Executive Officer attempting to deflect attention in any way
possible from her countless failures over the years as the supposed
steward of the Company. For example, Ms. Izak cited the performance
of the Company's stock price since September 2004 as evidence of
her ability to create value for shareholders. However, we are all
aware that Ms. Izak became CEO in May of 1991 - not September 2004
- and that if we look at Wilshire's stock price when Ms. Izak took
control relative to the current price, it has provided a pathetic
annualized total return of approximately 4.5%, or nearly six
percentage points below the annualized return of the S&P 500
over this time period. We view this dramatic underperformance
relative to the general market over the last 15 years as evidence
of Ms. Izak's inability to create value for shareholders and we
consider her attempt to use the very recent performance of the
stock price to presumably justify her existence as extremely
disingenuous. Further, we have never urged Wilshire to conduct a
'fire sale' of its assets, as Ms. Izak repeatedly and incorrectly
noted during her speech. In truth, we have asked the Company to
pursue an intelligent liquidation process in one of the strongest
seller's market in the history of commercial real estate. As
discussed in our last letter, the Company's lack of commitment to
its value maximization strategy is evident in the significantly
delayed cash distribution as well as the delayed decision to
conduct a sale of some of its assets, which we first suggested
approximately 7 months ago. It is abundantly clear that without
pressure from Mercury, Ms. Izak would still be attempting to grow
the Company through acquisitions, paying herself outrageous
compensation, and not paying out special dividends. It is glaringly
obvious that Ms. Izak is attempting to spin our comments to cover
up her part-time work ethic and perpetuate this underperforming
company as long as possible. We are also astounded that our
proposal to acquire the Company for $8.50 per share in cash, which
was made on February 27, 2006, was completely ignored. Management's
continued unwillingness to explore a premium bid for the entire
Company, as well as its refusal to publicly issue its evaluation of
our offer, is a dereliction of its fiduciary responsibility to
shareholders. Also, we again demand that Wilshire increase the
announced cash distribution to $4.00 per share - another proposal
to which Wilshire has not responded - and return this cash to the
long-suffering shareholders of the Company. Ms. Izak's speech at
the 2006 annual meeting is simply an attempt to divert attention
from her historically poor track record and the excessively high
G&A expense at Wilshire. At this critical time for the Company,
we need to immediately eliminate the 'pay-for-pulse' compensation
of Ms. Izak, who has failed to demonstrate an ability to create
value for shareholders during her tenure with the Company. In fact,
we believe the most value would be created for shareholders if all
the senior members of the management team were terminated and the
Company's assets were placed into a liquidating trust. This would
eliminate the prohibitively high G&A expense and place control
of the assets with experienced liquidating agents that could sell
the remaining properties, either individually or as a portfolio, in
an efficient and timely manner. Again, we urge the Board of
Directors to recognize that Ms. Izak's track record demonstrates
that she is clearly unfit to lead the company through this critical
stage and must be terminated. We look forward to immediately
discussing this issue along with our proposed liquidation strategy
at a meeting with Ms. Izak and Mr. Schmertz. Sincerely, David R.
Jarvis Malcolm F. MacLean IV Chief Executive Officer President
DATASOURCE: Mercury Real Estate Advisors LLC CONTACT: Malcolm F.
MacLean IV of Mercury Real Estate Advisors LLC, +1-203-769-2980 Web
site: http://www.mercuryrealestate.com/
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