The Question facing Apple REIT investors is how much they have lost – what is the share valuation of Apple REITs?
Here are the Answers to that Question to date:
1. Glade Knight, promoter of Apple REITs, statement to the New York Times: “Who knows what the value is?” http://www.nytimes.com/2011/06/03/business/03norris.html.
2. Securities regulator FINRA, disciplinary complaint against David Lerner Associates: $11 share price is “constant” and “artificial”. $11 per share value for Apple REITs 6 through 9 “is currently inaccurate and has been inaccurate in the past.” (http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=17059).
3. MacKenzie Patterson Fuller, L.P., tender offer for Apple REIT 7 and 8: $3 per share. http://www.sec.gov/Archives/edgar/data/1102946/000110294611000018/applereitsevenltr611.htm and http://www.sec.gov/Archives/edgar/data/1102946/000110294611000017/applereiteightltr611.htm
4. Apple REIT 7 and Apple REIT 8, own SEC filings: $7.83 and $7.57 per share, respectively.
Unfortunately with losses as high as 70% (Answer #3), Apple REIT answers no longer can believe the David Lerner Associates fantasy value of a constant $11 per share. Investors should act now to protect whatever value they have in Apple REITs, by seeking counsel as to their available rights of rescission (voiding investment and returning money) and damages.
Investors in all Apple REITs should act quickly and contact one of our attorneys at 312-332-0000. Our attorneys already are representing investors who have suffered losses investing in the Apple REITs along with those who are seeking to rescind (get out of) their investment in these products.
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