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Silver Star (SLVS) Faces Hartman’s Challenge: Activist Cites 70% Value Loss, Legal Violations, and Board Reform Drive

Summary

Al Hartman blasted Silver Star’s current leadership for destroying 70% of shareholder value through mismanagement, fire-sale asset disposals, and declining occupancies, while accusing CEO Haddock of self-dealing by tripling his stake via a 3:1 “flip-in” that excluded certain shareholders. He alleged legal violations, including proxy solicitation without audit and withholding shareholder records, and urged immediate sale of loss-making storage assets to pay down debt. To restore accountability and value, Hartman proposed a new slate—himself, governance expert Brent Longnecker, and operator Benjamin Thomas—committed to disciplined asset management and returning capital to shareholders.

Company Name: Silver Star Properties Reit Inc
Symbol: SLVS
Filing Date: Aug-18-2025
Filer Name: Hartman Allen R

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Source:

https://www.sec.gov/Archives/edgar/data/831616/000110465925079797/tm2523756d1_ex99-1.htm

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