Monday, January 21, 2013

Changing 13Ds At Trinity Place Holdings.

As I noted last week, any change in the situation at Trinity could be telling...

Here is a snippet from Esopus' latest 13D:

The Reporting Persons intend to closely monitor the Issuer’s operations and the decisions of its Board of Directors.  The Reporting Persons may be in contact with other shareholders of the Issuer from time to time.  The Reporting Persons reserve the right to propose transactions or other actions involving the Issuer; to oppose any contemplated actions by the Issuer which the Reporting Persons do not regard as in the best interests of shareholders; and/or to nominate directors and to solicit proxies for or against director elections or other matters.


Please note the difference between that and their prior 13D, after emergence from bankruptcy:

Mr. Sole serves as a director of the Issuer, and Ms. Krueger serves as President, Chief Executive Officer and Secretary. The Esopus Entities and Mr. Sole intend to facilitate the nomination of an Independent Director to the Board of the Issuer, as provided in the Joint Plan and the Certificate of Incorporation of the Issuer. The Joint Plan also calls for the ultimate disposition of the Issuer’s properties. Except as set forth above, the Esopus Entities, Mr. Sole and Ms. Krueger, have no intention to effect any of the transactions specified in Item 4 of Schedule 13D.

It seems that there may have been some tension in the board room... It will be interesting to see how this unfolds, given that Esopus has historically not been shy of litigating items related to Syms.

On a different note, I posted on Twitter, asking for someone to do some recon on the company's real estate for me:



A few days later, I got these:















To the person who took the picture (they wished to remain anonymous) "thanks very much!"

Anyway, while I am sure that there is still planning going on as to what needs to be done with the site, I am disappointed to see the building still standing, even though it may only be the case because there is still planning happening- the property would likely be much more valuable as a vacant lot than in it's present state of being a run down (vacant) department store and some other shoddy buildings. Despite appearing to have been painted since I was last there in person (~1.75 years ago) the properties are a real eyesore (bricked up windows and all! This eyesore comment is especially true for the building that connects Trinity and Greenwich, via Edgar (67 Greenwich):


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On the note of Twitter, feel free to follow me- Twitter is actually the reason why I stopped putting up so many links on here... it's an efficient micro-blog and a great way to chat with other investors.

https://twitter.com/ragnarisapirate

Disclosure/Disclaimer:  I own and represent shares of Trinity Place Holdings, but that amount is a fraction of what it once was. I reserve the right to change the positions at any time. This post is my nothing more than my thoughts/opinion. Always do a ton of your own research before so much as contemplate anything that I say, do, write, or even think about.

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