I am 80% out of CWH the last 2 days. Some yesterday and some today. The announcement by CWH that they would continue the share offering over the objections of the large shareholders was no surprise about how RMR sees things, but it was a little surprising that the brokers backing the secondary stock offering are still on board. These brokers will be offloading shares of a company whose managers will not expose themselves to Q&A in their quarterly reports, which is subject to one class action lawsuit, is under threat of another class action lawsuit, is in the midst of a power struggle which might result in a large drop in price of the shares, has a power structure where the managers have interests not aligned with shareholders, and has a long history of underperformance for shareholders while doing quite well for the outside managers. I guess the brokers will offload these shares on brain-dead trustees of pension plans like they did tranches of subprime mortgage packages. The only way to get RMR out of control of CWH is with grenades, thompson machine guns and bayonets. I hope that the large holders will persevere, but it will not be an easy undertaking.
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