The Parking REIT’s Board of Directors Announced a Suspension of the Company’s Cash Distributions & Stock Dividends to Common Stock Holders
The Board of Directors of The Parking REIT, Inc. unanimously authorized a suspension of the company’s cash distributions and stock dividends to holders of its common stock.
The Board of Michael Shustek’s Parking REIT also claims that is working to preserve capital with the goal to maintain sufficient liquidity to continue to operate the business and maintain compliance with debt covenants, including minimum liquidity covenants, and to seek to enhance the value of the Company for stockholders through potential future acquisitions, according to a March 23, 2018 press release from the Parking REIT under review by attorney Alan Rosca.
Shustek, who merged MVP REIT I and MVP REIT II into The Parking REIT last year, set up the trust in order to buy and lease parking and storage properties across the United States, according to a Securities and Exchange Commission filing under review by attorney Alan Rosca. The Merger was previously approved by REIT I’s stockholders, with over 83% of the votes cast being voted in favor of the Merger.
Following the merger, The Parking REIT also entered into a $50 million senior secured revolving credit facility with Keybank National Association to help expand the business, the SEC states.
Attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm in the Philadelphia area, is investigating activity related to Michael Shustek and his Parking REIT’s alleged excessive losses and securities laws violations. Investors who believe they may have lost money in activity related to Michael Shustek and his Parking REIT’s alleged securities laws violations are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
The Original Purchase Price of the Parking REIT Illiquid Shares was $25; The McKenzie Group’s Recent Tender Offer from The McKenzie Group was Only $12.17 Per Share
The original purchase price of The Parking REIT illiquid shares was $25.00 per share, according to the aforementioned SEC filing under review by attorney Alan Rosca.
However, the McKenzie Group’s recent tender was only $12.17 per share, the SEC notes. Investors who want to sell any of their shares will, by all accounts, lose money, should they decide to take the opportunity to liquidate. The Parking REIT is suggesting that investors do not liquidate their shares.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Shustek and his Parking REIT’s alleged securities laws violations and excessive losses. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Michael Shustek and his Parking REIT’s alleged securities laws violations may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at firstname.lastname@example.org, or through the contact form on this webpage.