Fund Warns: If Goldstein Wins, You Lose

Feb 27 2007 | 2:28pm ET

In what is becoming a weekly missive to his shareholders, the head of a closed-end fund fighting a proxy battle with hedge fund brawler Philip Goldstein pleaded with investors not to “let Goldstein and his hedge fund colleagues destroy your company so he can make a quick profit and then move on to his next target.”

Thomas O’Brien, president of the RMR Hospitality and Real Estate Fund, warned of dire consequences should Goldstein and his Saddle Brook, N.J.-based fund Bulldog Investors succeed. Preferred shareholders, O’Brien intones, will “lose the right to continue investing in the weekly rollovers,” and common shareholders are warned that Goldstein’s promise to pay a premium to current market price is predicated on “terms he knows can’t be satisfied.”

And, in a concession to those who like it short and sweet, O’Brien gave the all-caps, bold and underlined treatment to, “If Goldstein wins, you lose.”

Newton, Mass.-based RMR’s annual meeting is set for March 8.

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