May 1, 2013
I am responding to the request from WGrace2007 Acquisiton I to cease publishing/filing financial information.
I purchased shares in both the Class B and the Class C preferred shares of Equity Inns Real Estate Trust in 2004.
The trading symbols for the shares changed from ENN-B and ENN-C to WGCBP and WGCCP after the company was taken private.
The company ceased paying the dividends a year or so after the leveraged buyout.
The terms of the loan were based on a two or three year round trip to an IPO. That all fell apart with the recession.
The multi billion dollar loan's terms has been extended and modified in 2009, 2010 etc.
The final result of the dealing was that Goldman Sachs became the sole shareholder of the company. We were able to secure annual reports and know how large the liability of the cumulative unpaid dividends.
In the past 12 months, a subsidiary of Goldman Sachs has purchased 40 % or more of those preferred shares.
Archon, out or Dalles, TX was the management company for the 100 + hotels that the company own. IT is now a subsidiary of Goldman Sachs.
Between the purchase of so many shares of the preferred shares at under $ 3.00 per shares and now owning 100 % of the common shares of the company, to he lawman's eye it looks like Goldman is slowly squeezing all outside interests out.
The preferred shareholders need to have the ability to monitor our investment and the status of our cumulative unpaid dividends.