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Post by nemesis on Jan 25, 2020 0:28:52 GMT
That letter is old news. Many investors received a letter today that proposed an alternative solution - the 2 MIC proposal Watch this space .... up dates to follow.
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Post by nemesis on Jan 25, 2020 12:59:38 GMT
I'm a senior with over $600,000 invested in HE at inception. I rightfully share the concerns expressed in this forum.
I'm not sure that you do share the concerns of many other investors - you had a good ten year run with excellent returns. You do realize that many other investors who invested just as much as you (or more) may have only been invested for a year or two before the MIC hit the wall. What would you say to them. They did not make the big returns that you did but still have the same amount of money tied up in this fund. You also speak of a 4% return during recovery. This is in fact incorrect if the management plan comes to fruition. You will be receiving 6% on 55% of your investment. Do the math. That's about a 3% return overall. And of course, we have NO IDEA how long it will take the company to recover - especially on all the real estate - and who knows how much that real estate is really worth.
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Post by Moderator on Jan 25, 2020 16:02:31 GMT
I'm a senior with over $600,000 invested in HE at inception. I rightfully share the concerns expressed in this forum. I believe Mr. Wallace's assertion that no form of liquidation, oppression law suit, or shareholder revolt will net you over 50-60% of your investment. That is not okay. objectivitynow, as a new member you might want to take some time and read the alternative proposals to the POA posted on this Forum. You'll find out that no investor wants a forced liquidation. Speaking about Mr. Wallace's letter is waste of time: stating that some investors push for forced liquidation is simply fear mongering. You have to understand that part of shareholders totally lost confidence in HE directors and their team; others still have faith in HE. For each side is hard to understand the other; hard but not impossible. The outcome of this standoff depends on our will and good faith to find a solution that truly aligns interests of all investors. Two MIC ProposalLevel-The-Field to align the interests of All Shareholders
Opt-In/Opt-Out Investors
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Post by analyst on Jan 25, 2020 16:45:54 GMT
rationalinvestor I'm surprised at your statement "I agree on all points" when referring to Mr. Wallace's letter. Mr. Wallace writes that "...they (LD and associates) have proven their ability to resolve any issues.." and will "...get us all out of this mess with most, if not all, of our money and even more" and goes on to assert HE is "...ahead on liquidations and showing profits". These words may sound encouraging but I am unable to find any evidence in support of these claims. If any of this were true the results would reflect in a net decrease in shareholders' deficiency. Shareholders' deficiency has remained flat from YE16 through YE19. It has in fact increased in the past 6 months but that's another story. If anyone is able to provide evidence in support of Mr. Wallace's claims I'm more than happy to consider them
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Post by disgustedbeyond on Jan 25, 2020 17:02:56 GMT
I agree w u , however as I reluctantly stated in a previous post if !!!! There is any common ground better to split 2 ways rather than 4 w lawyers . It will become evident shortly , next few months when to find every lawyer โ tall enuff to carry a pencil โ. We are still in the play w us stage IMHO . ๐
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Post by thebigshort on Jan 25, 2020 22:21:55 GMT
I agree w u , however as I reluctantly stated in a previous post if !!!! There is any common ground better to split 2 ways rather than 4 w lawyers . It will become evident shortly , next few months when to find every lawyer โ tall enuff to carry a pencil โ. We are still in the play w us stage IMHO . ๐ Splitting the fund 2 way is obviously better for all, but how can we agree on what is the common ground? For me it starts with what all parties have in common (HE and investors): fear of forced liquidation. With every passing day that aggravates our differences and poisons the air, we all are getting closer to that. And then the vultures arrive to take their part... You seem to know better the HE managers, any idea on their possible motivation to sit down and find a solution to split assets between the investors that want to Leave and investors that want to Stay ( HEXIT - HE Exit)?
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Post by disgustedbeyond on Jan 25, 2020 22:56:08 GMT
So many things come to mind . A long standing relationship w both LD and TD back in the simpler days when we could look each other straight in the eyes . Iโm more than confident we are pegged as a bunch of whiners that should be grateful for the money we made initially . I have witnessed it many times , anyone that criticizes , constructively , honestly , is painted w the same brush as a dissident, and enemy . The attitude โ itโs my way or the highway โ is all fine n dandy if your not depending on support or public feedback or more to the point , faith . I know personally many playahโs that are so pissed at the break in the faith ๐ that just out of toxic masculinity ๐ they are ready to let her go to H in a hand basket and litigate to the Stone Age . Iโve softened somewhat as good points have been made here and Iโm willing to wait n see . Waiting for a come to Jesus moment where the principals reverse course and do whatโs right for all . Iโm not optimistic โ itโs just business โ ๐
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