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.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note