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Tnp Strategic Retail Trust Accuses Ceo Tony Thompson Of Issuing Inaccurate

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By Author: Stanley Bowles
Total Articles: 6
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TNP Strategic Retail Trust’s board (“TNP SRT”) has accused Tony Thompson, TNP’s founder and TNP SRT’s co-Chief Executive Officer, of issuing an inaccurate, unapproved letter to shareholders, in a disclosure filed with the Securities and Exchange Commission on April 8, 2013.
In the same disclosure, TNP SRT’s board accused its advisory firm, TNP Strategic Retail Advisor (“TNP Advisor”), which is controlled by Tony Thompson,  of misleading the TNP SRT board and engaging in dealings with third parties that were not in TNP SRT’s best interest.  As a result, TNP SRT’s board indicated it is entitled to terminate its advisor for cause and is making efforts to do so.

TNP SRT’s board also disclosed it is attempting to appoint a new CEO and Board Chairman “to ensure the prudent management of the company.”  TNP’s current co-CEO and Board Chairman is Tony Thompson.

The TNP SRT regulatory filing was only signed by its three independent directors.
The regulatory filing reviewed by securities attorneys Alan Rosca and Joe Peiffer identifies ...
... a number of payments by TNP SRT to its investment advisor, Tony Thompson-controlled TNP Advisor.  Attorneys Rosca and Peiffer also determined that TNP SRT paid over $1.2 million to a lender to settle two “events of default” related to TNP SRT’s “inability to make mandatory principal payments” to the lender and fund reserves required by the loan documents.
“The TNP SRT independent directors’ accusations of misconduct against Tony Thompson and the TNP advisor he controls are troubling,” said attorney Alan Rosca.  ”Directors and officers are fiduciaries of a company and must abide by high standards of care when they act on behalf of the company,” Rosca said.  ”The TNP SRT board’s new disclosures paint a worrisome picture of TNP SRT’s financials,” said attorney Joe Peiffer.
Attorneys Rosca, Peiffer, and McCardle  have been investigating the sales practices surrounding a number of TNP-sponsored real estate investment products that may have been unsuitable for many TNP investors.  Investors who were sold TNP-sponsored real estate investment trusts are encouraged to contact attorneys Alan Rosca, Joe Peiffer, or Lance McCardle toll free, at 888-998-0520 for a free evaluation of their matter.  For more information, visit www.tnpinvestors.com .
Disclaimer: Our clients will not be responsible for the payment of litigation-related costs if they do not recover, whenever permitted by the applicable jurisdiction's rules. Some jurisdictions mandate that the client always pays the case expenses. This page may be deemed to be attorney advertising. We handle financial fraud cases in most states. However, our firm's lawyers are not admitted to practice law in every state. Attorney Joe Peiffer is licensed to practice law in Louisiana. Attorney Alan Rosca is licensed to practice law in Ohio. In those jurisdictions in which our firm's lawyers are not admitted to practice, we will associate co-counsel from the relevant jurisdiction to assist with the matter, at no additional cost to our clients. In cases where we associate with local co-counsel, we will typically act as primary counsel. Occasionally, it is possible that the co-counsel will take the leading role. Whenever that is the case, we will obtain the client's advance, written permission. Each case is different and prior successes are not indicative of future results. Although our lawyers have experience handling various types of cases, none has be certified as an expert or specialist in any area of the law by any accrediting or licensing authority or by any bar association. Please visit tnpinvestors.com and go to Legal Disclaimer for important disclaimers.
The TNP Investor Center is a TNP default for investors. If you are searching for TNP dividend, then you have come to the right place.

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