Investors in a California mortgage company are so dissatisfied with its returns that theyre demanding the company liquidate itself, according to a news release.
In an open letter to Owens Realty Mortgage, Freestone Capital Management which, together with its affiliates, owns about 7.6% of Owens outstanding shares slammed Owens management for questionable decisions and its continued destruction of shareholder value.
We believe that Management should explore the immediate liquidation of the Company to close the value gap between the Companys current market price and our estimated liquidation value, thereby returning capital to the Companys long-suffering investors, wrote Gary I. Furukawa,…
Read the full article at: http://www.mpamag.com/news/mortgage-company-investors-demand-its-liquidation-69384.aspx