500 investors wanted to hear how David Lerner could justify his continuing $11 per share valuations in light of the $3 per share values for Apple 7 and Apple 8 on the secondary market / tender offer, the FINRA disciplinary complaint alleging that share valuations for Apple 6 through 10 reported by Lerner have been and are “inaccurate”, and Glade Knight’s recent comment to the New York Times that he “had no idea” what the Apple REITs were worth.
The investors were disappointed, and they showed it!
Lerner displayed a picture of the Mona Lisa, and asked, “What is it worth?” He attempted to answer, “No one knows until it ultimately is sold.”
The crowd didn’t buy it – after all, everything can be appraised, valued according to industry standards, and real estate is no exception. Do banks loan money (albeit with Glad Knight personal guarantees) on such a whim and a prayer? Of course not. Lerner had gone too far. In the words of an attendee, a “blood bath” ensued.
Rumor has it that Lerner has canceled the remainder of his feel-good steak dinners.
Judgment Day approaches; protect your interests now! Apple REIT investors have lost money. By filing arbitration and litigation claims now, they better can protect themselves.
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.
FinancialCounsel.com, hosted by James J. Eccleston, is a companion website to this blog, along with EcclestonLaw.com. It contains complementary material of general interest to investors and financial services professionals. Investors will find material on securities arbitration to recover investment losses; industry and financial markets intelligence; and strategies for estate planning. Professionals have access to material on broker/adviser registration, regulation, compliance and disciplinary proceedings; industry and financial markets intelligence; strategies for estate planning; and broker/adviser employment litigation and injunctions, including defamation and non-competition/solicitation issues. 
