Links to "Traditional" Media Stories on DLA Complaint/Suits

How much longer?
User avatar
REIT Wrecks
Site Admin
Posts: 415
Joined: Wed Jan 27, 2010 2:31 pm
Contact:

Links to "Traditional" Media Stories on DLA Complaint/Suits

Post by REIT Wrecks » Sun Jun 19, 2011 3:54 pm

A number of people have commented that the lack of "traditional" media coverage somehow fails to validate, or maybe even discredits, what has been written about David Lerner and Apple here on REIT Wrecks. Well, that's completely understandable. "Bloggers" have been known to exaggerate, and it's nearly impossible to verify the credibility of the blogger, or the veracity of what's being written. Still, "traditional" media have not always been eager to run controversial stories until the relevant controversy is incontrovertible. [url=http://www.reitwrecks.com/forum/viewtopic.php?f=12&t=185#p569]And then there are publications like the Long Island Business News, which appear to be thoroughly conflicted and lacking courage under almost any circumstance.[/url]

The first post scrutinizing David Lerner and the violation of FINRA 09-09 occurred here in January 2010, eighteen months before FINRA filed its formal complaint. Long before anyone in the traditional media took note, and well before FINRA filed its formal complaint on May 27th, numerous posts here chronicled the valuation issues in great detail, the REITs' habitual inability to fund their dividends with cash flow, and the tactics employed by Apple/Knight/Lerner to make up the difference between the REIT's actual cash flow and the 7-8% payouts made to investors. And the attempts by Lerner to cover it all up with misleading marketing.

Of course, this scrutiny was not welcomed by David Lerner, who [url=http://www.reitwrecks.com/forum/viewtopic.php?f=12&t=107#p316]sent his Chief Compliance Officer here on a futile mission to intimidate people into silence[/url]. That didn't work, and now Lerner can think of nothing more creative than to call the posters here as "a bunch of cockroaches on the internet."

It's not clear how he refers to Floyd Norris of the New York Times, who is among several "traditional" reporters now writing critically about David Lerner and Apple:

[url=http://www.nytimes.com/2011/06/01/business/01broker.html]Regulator Says Firm Mislead Investors[/url] The New York Times, May 31, 2011

[url=http://www.bloomberg.com/news/2011-05-31/lerner-associates-misled-reit-investors-finra.html]David Lerner Associates Misled Investors in REIT, Finra Says[/url] Bloomberg, May 31, 2011

[url=http://online.wsj.com/article/SB10001424052702304563104576357900556843890.html?mod=googlenews_wsj]Finra Sues David Lerner Firm[/url] The Wall Street Journal, June 1, 2011

[url=http://www.nytimes.com/2011/06/03/business/03norris.html]Statements Skip Over REITs Woes[/url] The New York Times, June 2, 2001

[url=http://www.kiplinger.com/features/archives/krr-dangers-lurk-in-real-estate-trusts.html?topic_id=31&si=1#ixzz1PLuHYje0+trusts+danger+lurks&aq=f&aqi=&aql=&oq=&pbx=1&bav=on.2,or.r_gc.r_pw.&fp=a5c23bd35793b2d9&biw=1366]Dangers in Unlisted Real Estate Trusts[/url] Kiplinger, June 2, 2011

[url=http://www.richmondbizsense.com/2011/06/03/ny-times-bruises-apple-reit/]New York Times Bruises Apple REIT[/url] Richmond Biz Sense, June 3, 2011

[url=http://www.virginiabusiness.com/index.php/news/article/brokers-sales-of-apple-reit-shares-prompts-disciplinary-complaint/312719/]Broker’s sales of Apple REIT shares prompts disciplinary complaint[/url] Virginia Business, June 3, 2011

[url=http://www.richmondbizsense.com/2011/06/13/monday-qa-%E2%80%98apple-is-playing-games%E2%80%99/]Monday Q&A: "Apple is playing games"[/url] Richmond Biz Sense, June 13, 2011

[url=http://www.investmentnews.com/article/20110615/FREE/110619961]Apple REIT Takes a Hit After Pricing Gap is Revealed[/url] Investment News, June 15th, 2011

[url=http://www.palmbeachdailynews.com/business/david-lerner-associates-fiduciary-compliance-on-apple-reits-1548040.html?cxtype=rss_columnists_300796]David Lerner Associates’ Fiduciary Compliance on Apple REITs Under Investigation[/url] Palm Beach Daily News, June 18, 2011

[url=http://www.investmentnews.com/article/20110619/REG/306199983]Investors in Lerner REITs May Find No Redemption[/url] Investment News, June 19, 2011

[url=http://online.wsj.com/article/BT-CO-20110620-708585.html]Brokerage Firm Sued In Two Class Actions Suits Involving Troubled REITs[/url] The Wall Street Journal, June 20, 2011

[url=http://www.investmentnews.com/article/20110717/REG/307179973]'Not priced' REITs Rattle Lerner Clients[/url] Investment News, July 17, 2011

[url=http://online.wsj.com/article/SB10001424052702303627104576414132610932502.html]Non-Traded REITs Put On Notice By the SEC[/url] Wall Street Journal, July 29, 2011

[url=http://money.cnn.com/2011/08/10/retirement/protecting_parents.moneymag/]Protecting Your Parents: Keep The Sharks At Bay[/url] CNN Money, August 10, 2011

[url=http://www.investmentnews.com/article/20110929/FREE/110929916]Tough FINRA proposal aims to bring nontraded-REIT pricing up to par[/url] Investment News, September 29, 2011

[url=http://www.advisorone.com/2011/10/04/finra-issues-alert-on-public-nontraded-reits]FINRA Issues Alert on Public Nontraded REITs[/url] Advisor One, October 4, 2011

[url=http://www.investmentnews.com/article/20111016/REG/310169971]Lerner resorted to tricks to plump up Apple distributions: Suit[/url] Investment News, October 16, 2011

[url=http://www.investmentnews.com/article/20120201/FREE/120209992]Targeting ‘yield chasing,' Finra issues watch list[/url] Investment News, February 1, 2012

[url=http://www.forbes.com/sites/johnwasik/2012/02/17/when-will-finra-get-serious-about-unlisted-reits/]When Will FINRA Get Serious About Non-Traded REITs[/url] Forbes, February 17, 2012

[url=http://www.investmentnews.com/article/20120401/REG/304019993]Non-Traded REITs: A Cautionary Tale[/url] Investment News, April 1, 2012

[url=http://blogs.wsj.com/developments/2012/04/05/new-york-broker-faces-trouble-with-regulator-again/]New York Broker Faces Trouble With Regulator Again[/url], Wall Street Journal, April 5, 2012

[url=http://compliancesearch.com/compliancex/finra/david-lerner-associates-fined-2-3-million-for-excessive-markups/]David Lerner Associates Fined $2.3 Million for Excessive Markups[/url] Compliance Search, April 5, 2012

[url=http://www.investmentnews.com/article/20120408/REG/304089991#]Non-Traded REITs Need More Regulation[/url] Investment News, April 8, 2012

[url=http://registeredrep.com/investing/could_non_traded_411/?imw=Y]Could Non-Traded REITs Start to Sink?[/url] Registered Rep April 11, 2012

[url=http://online.wsj.com/article/SB10001424052702304543904577396532828346206.html]SEC Probes Inland REIT[/url] The Wall Street Journal May 11, 2012

[url=http://www.investmentnews.com/article/20120329/FREE/120329894]Nontraded REITS should be a nonstarter for clients: Green Street[/url] Investment News March 29, 2012

[url=http://online.wsj.com/article/SB10001424052702303877604577382440508960620.html]The New Nontraded REITs[/url] The Wall Street Journal May 4, 2012

[url=http://www.investmentnews.com/article/20120506/REG/305069968#]Nontraded REIT rules roiled by appraisal issue[/url] Investment News May 6 2012

[url=http://www.investmentnews.com/article/20120523/FREE/120529959]First Apple REIT case goes against Lerner[/url] Investment News May 23, 2012

[url=http://blogs.wsj.com/developments/2012/05/23/finra-arbitrator-orders-david-lerner-to-pay-damages/]Finra Arbitrator Orders David Lerner To Pay Damages[/url] Wall Street Journal May 23, 2012

[url=http://www.browardbulldog.org/tag/david-lerner/]Radio pitchman’s investment empire under siege by financial regulators[/url] Broward Bulldog July 9, 2012

[url=http://seekingalpha.com/instablog/1771021-robert-rex/977471-major-nontraded-reits-have-not-fared-well-values-down-sharply]Major Non-Traded REITs Down Sharply[/url] Seeking Alph, August 17, 2012

If this isn't enough "traditional" media coverage for you, don't worry. There's more coming.

Update: And here it is:

[url=http://www.investmentnews.com/article/20121022/FREE/121029999]FINRA Hammers David Lerner Associates, Suspends "Poppy"[/url] Investment News, October 22, 2012

[url=http://www.bloomberg.com/news/2012-10-22/david-lerner-banned-by-finra-for-misleading-on-reits.html]David Lerner Banned by FINRA for Misleading on REITs[/url] Bloomberg, October 22, 2012

[url=http://www.advisorone.com/2012/10/22/finra-suspends-david-lerner-forces-12m-payback-on]FINRA Suspends David Lerner, Forces $12M Payback on Apple REITs[/url] Advisor One, October 22, 2012

[url=http://www.nytimes.com/2012/10/23/business/david-lerner-associates-ordered-to-pay-14-million.html?_r=0]David Lerner Associates Ordered to Pay $14 Million[/url] New York Times, October 22, 2012

[url=http://online.wsj.com/article/BT-CO-20121022-709960.html]FINRA Sanctions David Lerner Associates $14M for 'Unfair Practices'[/url] Wall Street Journal, October 22, 2012

[url=http://economix.blogs.nytimes.com/2012/10/22/poppy-thumbs-his-nose-at-finra-again/]Poppy Thumbs His Nose at FINRA. Again.[/url] New York Times, October 22, 2012

[url=http://www.nypost.com/p/news/business/poppy_big_push_znHuEHM0e1ZEoqamiYVueM]Poppy's Big Push, Lerner Hit Over Sale$ to Seniors[/url] New York Post, October 23, 2012

[url=http://www.investmentnews.com/article/20121104/REG/311049964]Bizarre War of Words[/url], investment News, November 4, 2014

[url=http://www.oregonlive.com/finance/index.ssf/2012/11/not_all_reits_are_worth_the_ri.html]Not All REITs Are Worth the Risk[/url] The Oregonian, November 24, 2012

[url=http://www.reuters.com/article/2013/05/03/us-finra-reits-idUSBRE9420LE20130503]FINRA warns about misleading investors in non-traded REITs[/url] Reuters, May 3, 2013

[url=http://online.wsj.com/article/SB10001424127887324266904578459361112149372.html]Finra: Some Brokers Mislead in Pitching Non-Traded REITs[/url] Wall Street Journal, May 2, 2013

[url=http://www.investmentnews.com/article/20130721/REG/307219987]B-Ds taking a break from nontraded REITs[/url], investment News, July 21, 2013

[url=https://www.sec.gov/investor/alerts/ib_fees_expenses.pdf]How Fees and Expenses Affect Your Investment Portfolio[/url], U.S. Securities & Exchange Commission, February 14, 2014

[url=http://www.investmentnews.com/article/20140917/FREE/140919927/nontraded-reits-stack-up-well-compared-with-traded-reits]Non-Traded REITs Stack up well Compared with Traded REITS[/url], Investment News, September 14, 2014

[url=http://www.richmondbizsense.com/2014/03/06/a-fruitful-deal-for-local-ceo/]A Fruitful Year For Local CEO[/url], Richmond Biz Sense, March 6, 2014

[url=http://www.reuters.com/article/2015/06/09/us-wealth-summit-reits-idUSKBN0OP2C320150609#fZtGqMoJz68mVvm7.97]Non-traded REITs cost investors $50 billion: consultant[/url], Reuters, June 9 2015

[url=http://nreionline.com/reits/non-traded-reits-bdcs-paid-out-59-billion-2014]Non-Traded REITs, BDCs Paid Out $5.9 Billion in 2014[/url], National Real Estate Investor, June 10 2015

[url=http://www.richmondbizsense.com/2015/03/13/reit-preps-to-go-public-unloads-18-hotels/]REIT Preps to go Public, Unloads 18 Hotels[/url], Richmond Biz Sense, March 13 2015

[url=http://www.sec.gov/oiea/investor-alerts-bulletins/ib_nontradedreits.html]SEC Investor Bulletin on Non-Traded REITs[/url], United States Securities & Exchange Commission, August 31 2015

[url=http://thereformedbroker.com/2015/11/03/simon-lack-on-non-traded-reits/]Non-Traded REIT Murderholes[/url], The Reformed Broker, November 3 2015

rodreed22
Posts: 133
Joined: Thu Jan 13, 2011 7:59 pm

Palm Beach Daily News

Post by rodreed22 » Mon Jun 20, 2011 4:46 am

http://www.palmbeachdailynews.com/business/david-lerner-associates-fiduciary-compliance-on-apple-reits-1548040.html?cxtype=rss_columnists_300796" onclick="window.open(this.href);return false;

GeorgiaGulf
Posts: 595
Joined: Mon Feb 28, 2011 8:21 pm

Re: Palm Beach Daily News

Post by GeorgiaGulf » Mon Jun 20, 2011 6:07 am

The Palm Beach area was so devastated by Madoff, the place had the same sense of loss and shock as Manhattan did after September 11th. The losses were horrific, as the Palm Beaches had a concentration of Madoff investors. He was a resident, and a member of the Palm Beach Country Club where people must have begged to invest with him.

Can you imagine living through that, with millionaires pawning their wedding rings, and a voice comes on the radio and says:

"Hi! This is David Lerner! Don't gamble your money!"

rodreed22
Posts: 133
Joined: Thu Jan 13, 2011 7:59 pm

Re: Palm Beach Daily News

Post by rodreed22 » Mon Jun 20, 2011 6:11 am

The office is FL for DLA does no where near the business the NE offices do.

9/11 and Madoff were 2 very different events. Us in the NE can atest to that... I will leave it at that cause I like ya Georgia. ;)

GeorgiaGulf
Posts: 595
Joined: Mon Feb 28, 2011 8:21 pm

"Apple REIT Owners May Find No Rememption"

Post by GeorgiaGulf » Mon Jun 20, 2011 6:26 am

Sorry to ruin your Monday folks- posted 8 minutes ago:

Investors in Lerner REITs may find no redemption
By Bruce Kelly

June 19, 2011
Investors who want to redeem their shares in the Apple family of non-traded REITs marketed by David Lerner Associates Inc., which has become the target of a regulatory action, may be out of luck.

Redemption requests for nontraded real estate investment trusts normally are processed at the end of each quarter.

“I think there's a flood of redemptions coming in” when the second quarter ends June 30, said Jacob Zamansky, a plaintiff's attorney who said that he has had conversations with 25 of David Lerner's clients about the matter.

But the Apple REITs marketed by the firm have strict annual limits on the amount of shares that can be redeemed in any year, and a spokeswoman for the sponsor said there are no plans to change those limits.

Nontraded REITs such as these also have the option of suspending redemptions, as many did during the 2008 financial crisis.

One lawyer is skeptical about the chances of clients who are looking to sell their shares back to the sponsor.

“My suspicion is that if the Apple REITs have too many requests from clients, that could force a suspension of the redemption program,” said Daxton White, a plaintiff's attorney. He said that he has spoken to about 10 David Lerner clients who bought the Apple REITs.

Attorneys said that investors are anxious about selling their shares in the wake of charges brought by the Financial Industry Regulatory Inc. that David Lerner brokers recommended and sold more than $300 million in shares of the Apple REITs without performing adequate due diligence, violating the firm's suitability obligations.

Investors were attracted to the REITs, which held about $2 billion in assets and invested in extended-stay hotels and motels, because of their steady dividends of 7% to 8%.

The question potentially facing David Lerner and its 370 representatives is how the REITs were sold, and how much of the conversation between the broker and the client focused on how the REITs' underlying assets were performing in a troubled real estate market, industry attorneys and observers said.

(Where's my f*cking finders fee, you ambulance chasers??)

Investors typically “are not aware that there are limitations [on redeeming shares], and they're not being advised” by David Lerner brokers about the issue, Mr. Zamansky said.

Mr. White said that he hasn't filed any arbitration complaints against the firm, but “the calls just keep coming.”

“We currently have no plans to alter the unit redemption program,” Kelly Clarke, director of investor services for the Apple REIT companies, wrote in an e-mail. “We encourage shareholders to carefully review the unit redemption program as outlined in our prospectus and other filings.”

“I'm waiting to see what happens at the end of the month — whether or not they can get their money out or not,” he said.

Having such a cap on redemptions is typical for nontraded REITs, which are illiquid investments. When the real estate market began its slide during the financial meltdown, many such REITs cut back on their redemption programs and slashed their dividends as a way of conserving cash. The Apple REIT Ten, for example, limits redemptions to 3% a year of all outstanding shares.

The Apple REIT redemption programs will not change, even in light of potential heavy demand, a spokeswoman said.


Another problem potentially facing investors is the value of the Apple REITs' shares, industry observers said.

(Ya think?")

The price of one of the REITs sold exclusively through David Lerner Associates Inc. took a hit last week when management from Apple REIT Eight Inc. said that its book value was $7.57 per share at the end of March, according to a filing with the Securities and Exchange Commission.

That's in contrast to the $11-per-share price that Apple REIT Eight posted this month in a separate SEC filing and also had consistently listed as an estimated share price on client account statements.

According to last week's filing with the SEC, Apple REIT Eight restated its value in order to recommend that the owners of the REIT not sell shares in response to a $3 tender offer by a series of pooled-investment funds managed by Mackenzie Patterson Fuller LP, which buys illiquid real estate investments at deep discounts.

“The board of directors believes that the offer price represents an opportunistic attempt by the bidders to purchase units at an unreasonably low price and, as a result, deprive the stockholders who tender the units of the potential opportunity to realize the long-term value of their investment in the company,” the company said in the filing.

“It would virtually be impossible for [Apple REIT Eight] to be valued at $11 per share,” Mr. White said. “Most investors are not aware this investment has declined in value.”

GeorgiaGulf
Posts: 595
Joined: Mon Feb 28, 2011 8:21 pm

And Now, Richmond Virginia Reports....

Post by GeorgiaGulf » Mon Jun 20, 2011 6:53 am

Law firms next to swing at Apple REIT

Posted By Michael Schwartz On June 20, 2011 @ 6:20 am In News | No Comments


Now the lawyers are getting involved.

Apple REITs Nine and Ten, two local REITs whose sister funds are under increasing scrutiny, are seeing some of the controversy spill over in their direction.

A class action suit was filed Friday in federal court in New York against Apple REITs Nine and Ten, their founder Glade Knight, the firm that sells their shares and several of their directors.

The lengthy suit, filed on behalf of all parties that invested in shares of Apple REITs Nine and Ten, alleges that the defendants failed to disclose information about the true financial state of its previous funds, thereby painting a misleading picture and violating securities rules.

Apple REIT Ten is the newest REIT in the company’s portfolio. Its shares are still being sold to investors by David Lerner Associates, a New York firm that made headlines last week after federal regulators accused it of misleading investors when selling shares of Apple REIT Eight and Seven. The firm is also one of the defendants in the suit.

Apple REIT Ten launched in January and has raised $307 million. Its goal is to sell $2 billion worth of shares.

The suit says that the models around which Apple REITs were designed were “guaranteed to lose investors capital.”

It claims the REITs models don’t allow them to generate enough cash to support the dividends and commissions that are built into their system. “Thus the operational shortfalls were virtually guaranteed,” the suit claims.

The suit also claims that because Apple REITs Six through Ten have never become profitable enough to consistently fund the dividends they were paying, they paid those distributions using the money raised from new investors and from borrowing on lines of credit.



The suit points out that the market value of shares of Apple REITs Six, Seven and Eight had fallen well below the $11 at which they were being sold.

A California investment fund made an unsolicited offer this month to the shareholders of the two REITs to buy their shares for $3 apiece.

Apple REIT said in SEC filings last week that the book value of the units in question is $7.57 each.

The law firms of Chimicles & Tikellis LLP, Labaton Sucharow LLP, Eccleston Law Offices, P.C., and Stoltman Law Offices, P.C., filed the class action suit with the lead named plaintiff being Nancy Kowalski, a Palm Beach County, Fla., resident who purchased 1,81 shares of Apple REIT Nine.

(the share price must be a typo-GG)

The suit estimates that the class members for the suit number in the tens of thousands.

Meanwhile, on June 9, Ronald A. Rosenfeld, an Apple REIT Ten director who was named as a defendant in the suit, resigned from his position on the REIT Ten board.

But it still seems to be business as usual at Apple REIT Ten.

On June 8, the fund closed on the purchase of three hotels for a total of $36 million. The previous week it closed on closed the purchase of five hotels for a total of $62.5 million.

Messages left last week for Glade Knight were not returned. Kelly Clark, head of investor relations at Apple REITs, said that because Apple REIT Ten is in the midst of a public offering, the company couldn’t comment because of the SEC-mandated quiet period.

(Oh, you're in a "quiet period all right! LOL)

Michael Schwartz is a BizSense reporter. Please send news tips to Michael@richmondbizsense.com.

rodreed22
Posts: 133
Joined: Thu Jan 13, 2011 7:59 pm

Re: "Apple REIT Owners May Find No Rememption"

Post by rodreed22 » Mon Jun 20, 2011 6:55 am

"STEP RIGHT UP AND GUESS WHAT THE % OF REDEMPTION RECEIVED FOR THE END OF JUNE!"

I say if you requested all of you money back, this redemption period you will get 15% back

Closest to the actual number wins!

rodreed22
Posts: 133
Joined: Thu Jan 13, 2011 7:59 pm

Re: And Now, Richmond Virginia Reports....

Post by rodreed22 » Mon Jun 20, 2011 7:16 am

Quiet period is right. Kelly wont answer her phones for nobody!

GeorgiaGulf
Posts: 595
Joined: Mon Feb 28, 2011 8:21 pm

New Wall Street Journal Article

Post by GeorgiaGulf » Mon Jun 20, 2011 10:04 am

This is probably the worst Monday of David Lerner's life!! :lol:


By Suzanne Barlyn
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Two class action suits have been filed against brokerage David Lerner & Associates over its sales of Apple REITs, a family of real estate-based securities that has been questioned by regulators.

A suit filed Monday in a New Jersey federal court says the Syosset, N.Y.-based firm is "engaged in an ongoing scheme to sell more than $6 billion of shares" of the securities to many elderly, retired and unsophisticated investors.

The lead plaintiffs are Stanley and Debra Kronberg of Mahwah, N.J., who invested in a series of Apple REIT offerings that are now closed to investors, known as Apple REIT Six through Apple REIT Nine. Now being offered by Lerner is Apple REIT Ten.

The Financial Industry Regulatory Authority, Wall Street's self-watchdog, filed a regulatory complaint against Lerner on May 31, saying the firm is misleading some customers about Apple REIT Ten. The regulator also suggested that Apple REIT Ten shares may be overpriced at $11 each. Lerner has denied the allegations, saying it is a scapegoat for regulators' failures to detect investor fraud by Bernard Madoff.

Lerner has been the sole underwriter of Apple REITs since 1992, according to Finra, selling nearly $6.8 billion of the securities into some 122,600 customer accounts.

The Kronbergs, in their federal court suit, allege that offering documents from Lerner misstated the REITs' basic business model, omitting important details about how they operate and failing to disclose some risks. It says Lerner also misrepresented the value of Apple REIT shares and investors' returns, and asks for financial compensation, among other things.

Another class action suit, filed in a Manhattan federal court on Friday, focus on Apple REITs Nine and Ten. The lead plaintiff, Nancy Kowalski of Palm Beach, Fla., bought 1,818 shares in Apple REIT Nine, according to the complaint. Kowalski is seeking monetary damages and has asked the court to rescind the purchase of her REIT, among other things.

(1818 shares? You're the "lead plaintiff?" Jeez....)

The suit alleges that the REIT's profits don't cover its 8% annual distribution, which is funded "in the manner of a Ponzi scheme" by returning some investor capital and by borrowing. This tactic has "seriously impaired the value" of the REITs, the suit says. Also, investors "were never informed about the dismal financial performance of and significant loss of value" of earlier Apple REITs, the complaint says.

Both cases list numerous defendants in addition to David Lerner & Associates, including Glade Knight, chairman and chief executive of the Richmond, Va.-based Apple REIT Companies, Inc. and other Apple REIT management.

A lawyer for David Lerner & Associates called the class action suits "frivolous." :lol: :lol: :lol:

"The allegations are baseless and rife with falsehoods, distortions, and misleading statements and we look forward to the opportunity to be vindicated in a court of law," said Joseph C. Pickard, the brokerage firm's senior vice president and general counsel, in a statement.

(Oh, no doubt you are, Joe. :roll: )

A spokeswoman for the Apple REIT Companies, Inc. didn't immediately return a call requesting comment.

GeorgiaGulf
Posts: 595
Joined: Mon Feb 28, 2011 8:21 pm

Quick Note by Bloomberg News

Post by GeorgiaGulf » Mon Jun 20, 2011 12:18 pm

Oddly short article, perhaps more detalls to follow (not that this lot needs any)

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=a.lZ9ByUmgMI" onclick="window.open(this.href);return false;

Note Newark NJ office location for the reporter- perhaps related to the Mahwah case.

Post Reply