Hawaii's largest indusrial landowner charged with mismanagement
As a stakeholder and an outside observer, the recent moves by the Commonwealth Fund (CWH) are disturbing and disappointing. This entity was the buyer of the former Damon Estate lands (Mapunapuna) and the former Campbell Estate industrial lands. These acquisitions make them the largest industrial landowners in Hawaii. Over the past years they have been mired in mismanagement including: 1) Creating a separate company to handle the property management which is owned by the Chairman of the Board of CWH. 2) Splitting the REIT into three entities and divesting the properties into these Trusts but NOT giving shareholders proportionate shares in the offshoot entities. 3) Altering the Trust’s Bylaws to ensure that shareholder rights are suppressed. 4) Diluting the shares of the Company to fight off shareholder advocates. 5) Ignoring a tender offer that is 25% higher than their IPO pricing they are undertaking currently. To learn more I invite you to read this blog from the Wall Street Journal: Link to Wall Street Journal Blog Aloha!
