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Subject:  CWH-D Date:  7/21/2013  10:50 PM
Author:  Prophet43M Number:  35036 of 36218

I have made it clear that I despise RMR, the manager of CommonWealth REIT and several other "offspring" REITs.

Despite my feelings about RMR, I still find myself with 1100 shares of the hugely broken CWH-D convertible preferred. These are leftover shares purchased at bargain prices at or near the height of the credit crisis. I've been looking to unload the last of the shares but never have for whatever reason.

Interesting enough, I'm now planning to hold the shares long enough to see what happens with the struggle between Corvex/Related and RMR. The shares carry a 6.5% coupon and trade at $23.22 which calculates to just shy of a 7.0% current yield. Where things get interesting.....the prospectus contains a Fundamental Change/Change of Control clause. If I am reading the prospectus correctly, the CWH-D shareholders (and probably other preferreds) are going to get the opportunity to cash their shares in for $25 cash plus accrued and unpaid dividends.

That's enough to keep me interested. By no means am I recommending the purchase of any of the CWH preferreds, just thought I would mention it.
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