John,To me it is stunning that the CWH share price has gone up so much today, considering they just announced a secondary offering that will dilute the common by roughly 25%. As already mentioned, their use of the proceeds to repurchase debt will strengthen the preferred shares. I took profits on my CWH Preferred D shares about 9 months ago. When I sold the shares, I did so because I felt that CWH ratings would be downgraded, which they subsequently were. CWH management is trying to focus on central business district officeproperties and to sell their suburban losers. This is a good strategy but, in general, investors have not trusted the RMR managers.The common stock trading volume today is huge, reflecting confidence in the judgement of the group that has taken an almost 10% position in the company. I wonder if this group will try to oust RMR... Stephen
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