Pillarstone Capital REIT (EM) (PRLEQ)

Effective March 6,2024 PRLE will change to PRLEQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Nice news. Adds $84 million in assets to the books and NYSE: WSR now owns 84% of the company and will be consolidating them to their financials. Also puts the outstanding share count at around 2.8 million shares and the float is obviously unchanged and around 180,000 shares.

https://finance.yahoo.com/news/pillarstone-capital-reit-completes-acquisition-221740874.html

Paragon Real Estate Equity changed to Pillarstone Capital REIT.

http://otce.finra.org/DLSymbolNameChanges

not sure.. check the filings.............

Any update here?
What they plan on doing? Timing? Etc

Well it's more sophisticated of a guess than that... Their other company is listed and large, they own the majority of the shares AND they already stated the intent here in a round-about way by nature of the new name. The writing is on the wall IMO-

LOL - sounds like the dart throw landed on 10

pure guess... $10+

So where do you think PRLE is heading?

My guess is Mastandrea and team reverse merge with another real estate company that has a footprint somewhere else that is outside WSR footprint. Masty still keeps some of the action and rides any upside the new reit creates.

So who is Pillarstone Capital and why are they setting up a new REIT?

Now 'this' filing is interesting

ok.. not as interesting as I first thought.. jumped the gun after reading the sc13... it's really just money for notes to keep things going


Form 8-K for PARAGON REAL ESTATE EQUITY & INVESTMENT TRUST


20-Nov-2015

Entry into a Material Definitive Agreement, Unregis



Item 1.01 Entry into a Material Definitive Agreement
Five trustees of Paragon Real Estate Equity and Investment Trust ("Paragon") loaned funds to Paragon, each pursuant to a Convertible Note Purchase Agreement (the "Agreement"). Each trustee loaned the following amounts, which can be converted into Common Shares of Paragon, as follows:




Trustee Amount Convertible into Common Shares
Daryl J. Carter $ 28,888 21,703
Daniel G. DeVos $ 47,780 35,897
Paul T. Lambert $ 51,112 38,401
James C. Mastandrea $ 52,224 39,236
John J. Dee $ 17,776 13,355




The convertible notes were issued effective November 20, 2015, have a maturity date of three years, and accrue interest at 10% per annum.

The convertible notes can be called by Paragon after six months, at which time the noteholder can choose to receive either the amount of the note plus any accrued but unpaid interest or the number of Common Shares determined by dividing the amount of the note plus any accrued but unpaid interest by the conversion price of $1.331. The noteholder has the option at any time to convert the note plus any accrued but unpaid interest into Common Shares based on the conversion price of $1.331.

The foregoing description of the form of the Agreement is not complete and is qualified in its entirety by reference to the full and complete terms of the Agreement, which is attached to this current report on Form 8-K as Exhibit 10.1.





Item 3.02 Unregistered Sales of Equity Securities.
The Convertible Notes issued to each trustee pursuant to the Agreements, each as disclosed in Item 1.01 of this report, which Item 1.01 is incorporated herein by reference, were not registered under the Securities Act of 1933, as amended (the "Act"), in reliance on the exemption from registration provided by Section 4(2) of the Act.

interesting filings!

I wouldn't be surprised if WSR starts using PRLE for some off balance sheet deals. This way they can buy a property with "hair", get it cleaned up and then have WSR make the purchase

from recent 10k, "Presently, we are dependent on our existing cash, which was provided by three independent trustees contributing $500,000 in exchange for Class C Convertible Preferred Shares to maintain the Company as a corporate shell current in its SEC filings so that it may be used in the future for real estate transactions or sold to another company. We have kept the public entity available for value-added real estate opportunities, including acquisition and development of retail, office, office warehouse, industrial, multifamily, hotel, other commercial properties, acquisition of or merger with a REIT or real estate operating company, and joint venture investments"

Our "Chairman, Chief Exec. Officer and Pres", Mr. James C. Mastandrea IV is also "Chairman, Chief Exec. Officer and Pres" of NYSE: WSR Whitestone REIT which as a MC of $346mil

from 10k, 93.8% insider ownership assuming pfd are converted to common

This stock has been inching upwards for the last few months. Very clean shell right now with a nice tax loss carry forward. Probably getting ready to have a new company merge into the shell

Time & Sales

Price Size Mkt Time
$3.00 200 OTO 14:48:11
$2.75 200 OTO 14:13:40
$2.10 3,000 OTO 13:33:30
$2.00 100 OTO 03/20
$2.00 100 OTO 03/20
$2.00 1,000 OTO 03/20
$2.25 100 OTO 03/18
$2.50 100 OTO 03/11
$1.70 807 OTO 03/11
$1.99 107 OTO 03/11
$1.50 1,000 OTO 02/24
$1.45 500 OTO 02/24
$1.00 305 OTO 02/20
$1.00 2 OTO 02/13
$1.00 100 OTO 02/03
$1.00 100 OTO 01/31
$1.00 200 OTO 01/31
$0.95 266 OTO 01/29
$1.00 314 OTO 01/09
$1.00 186 OTO 01/09
$1.00 700 OTO 01/09
$1.00 300 OTO 01/09
$0.80 73 OTO 01/09
$0.86 1,100 OTO 12/31
$0.98 500 OTO 12/31
$0.90 3,200 OTO 12/26
$0.90 40 OTO 12/26
$0.88 1,000 OTO 12/23
$0.88 73 OTO 12/23
$0.71 1,000 OTO 12/19
$0.72 360 OTO 12/18

I'd guess something is coming here 'shortly'...

It is my opionion that with the recent delisting and hopefully soon to be announced new market makers we will this move very soon.