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

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note