Silver Star Investor,
Al Hartman will be holding a Zoom meeting this Thursday, April 24th at 2:00 PM CST. He will be discussing the upcoming Silver Star Shareholder Meeting, currently scheduled for July 21st. This critical meeting will include a vote on whether to pivot toward a self-storage strategy or to liquidate the current holdings and return capital to shareholders. It will also include a vote on the Board of Directors.
I expect Al will go in-depth on these topics, including how he would approach leading Silver Star if given the opportunity to return to the helm. I know many of you have already spoken with Al and heard his plans. He has offered to hold multiple Zoom calls if Thursday’s time doesn’t work for everyone. You’ll find the Zoom link below.
I spoke with Lou Fox, the CFO of Silver Star, last week. Over the past several years, I’ve only received one returned call from the company—and that was from Investor Relations, which has since been eliminated as part of staff reductions. While Lou was available and answered my questions, the meeting did not provide much new information beyond what has already been shared by Mr. Haddock in his email exchanges with Al Hartman.
Here are the main points discussed:
1. Mr. Haddock’s Salary
According to SEC/EDGAR filings, Mr. Haddock’s original compensation was $25,000 per month, later increased to $58,000 per month. Lou confirmed that this was accurate at the time but said Haddock’s salary has since been reduced to $125,000 per year. However, this reduction has not yet been updated on SEC/EDGAR.
2. Equity Awards to Mr. Haddock
Haddock received between 1,000,000 to 2,000,000 shares of Silver Star, as disclosed in SEC/EDGAR filings. Lou explained these shares are subject to performance metrics tied to NAV (Net Asset Value). My concern remains the dilution of shares, especially following the NAV decline. This is on top of the stock grants the Board of Directors previously awarded to themselves.
3. Shareholder Meetings
Lou was not aware of any prior shareholder meetings for Hartman XX/Silver Star since inception. While the July 21st meeting is currently scheduled, it could be moved to an earlier date. We’ll be notified if that happens. This meeting will be virtual (likely on Zoom). Voting will be available either by proxy (mail-in ballot) or online. I’m working on getting more clarity on this.
4. Investor Sentiment
I expressed to Lou that shareholders are beyond frustrated with how this has unfolded and are eager for closure—ideally with an outcome that preserves as much value as possible. Lou acknowledged this sentiment and said he understood.
You can find the official EDGAR filings on Silver Star’s website under Corporate Information:
🔗 https://silverstarreit.com/sec-filings/
To provide you with as much relevant information as possible—from both Silver Star and Al Hartman—so you can make a well-informed decision moving forward.
If you’d like to connect before or after the Zoom call, feel free to reach out to me:
Email: [email protected]
Cell: (214) 536-5960
🔗 Zoom Link for Thursday’s Call:
https://us06web.zoom.us/j/88246669604
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