| Latest Forum Topics / Eagle HTrust USD Last:0.137 -- |
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Wilton Resources (5F7)
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reitorreap
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29-Aug-2021 08:48
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during 2017 sabana manager vote out, jerry low got a pro bono lawyer to help the 66 unitholders.
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reitorreap
Member |
28-Aug-2021 22:55
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remember liew mun leong? just need a pro bono lawyer
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reitorreap
Member |
27-Aug-2021 23:18
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of coz regulators love to delist this trust as it will no longer be a sgx problem and who ever grant them cms license should resign in mas! anyway seat moey of dbs is happily counting her bonus as dbs will get more than half of the USD17,853,000 Underwriting, Selling and Management Commission
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FrancisLim
Elite |
23-Aug-2021 14:45
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Could look at the action taken by Hyflux shareholders. EHT is a newly listed IPO and one could look at the issue manager(DBS), the sponsor and the auditor' s role in this IPO.
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FrancisLim
Elite |
23-Aug-2021 12:17
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Shareholders could consider initiating the same process for EHT
I received a request to post the message below. Having written extensively about the lack of investor protection in Singapore and the difficulty that investors face in seeking recourse, it is the least I can do. Even trying to reach out to fellow investors is challenging here. In the U.S., a law firm will openly advertise to get affected investors to participate in a class action. A contact email is provided in the message for those who may be interested in finding out more. ____________________________________ Dear fellow Hyflux Preference shareholders and perpetual securities holders (PnPs), A group of volunteers have formed a litigation committee and this email is an invitation to fellow PnPs who are interested in joining. We currently have a legal firm ready to commence on the legal opinion. With this legal opinion and the aid of the legal firm, we plan to source for litigation funders subsequently. The legal firm has not commenced on their work, pending this fund raising exercise. We are seeking $50 from each PnP who chooses to join. The legal fee charged by the lawyer for the legal opinion is capped at SGD20,000. Hence, we need at least 400 PnPs to join before we proceed. Subsequently, only those who have funded, registered with complete, accurate details and shown their proof of holdings with their full name shown will be updated on the progress. More details are provided below: 1) PnP letter https://drive.google.com/file/d/1cczagzb0-IIdKR2PZxeOs1BYW9KUzWC3/view 2) FAQs https://drive.google.com/file/d/1OerGZMPTzYx8IigP-hTibrJwClA3BGv7/view?usp=sharing Do contact [email protected] for your enquiries. Thank you Litigation Committee (Stephen Lim, Johnson Zheng, Simon Sim, Max Sze, Francis Teo and Lee Eng) |
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moonsun
Veteran |
23-Aug-2021 11:48
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The rot have spread and the ans is obvious..
For years, authorities here have taken a lax & lenient approach. These have attracted less than ideal companies and scams to be listed here knowing fully well that they will not be taken to task .. independent directors that not independent.. accounts that are cooked? conflict of interest.. interested party transactions are seems to be the norm and accepted practice here as evident in stocks like EHT, Kitchen , Sabana etc etc and many more.. There?s a business times article that was published recently that just touches on the SGX state of mkt now.. Dyodd before u play & pray ?. Gd luck
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RickyCheng
Member |
23-Aug-2021 10:55
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What was once an " o S-chip problem" has spread to the rest of the market over the past few years. Big companies like Hyflux and Noble, Singapore-based companies like Best World and Trek 2000, and Eagle Hospitality Trust are some of the names that have outstanding issues or collapsed, wiping out investors' money along with them. Yes, Eagle Hosp will be a must history teaching lesson for stocks investment posterity. 
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prophetjul
Master |
21-Aug-2021 12:44
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Yet they are getting away scot free.
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FrancisLim
Elite |
21-Aug-2021 12:08
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DBS Bank is the issue manager amonst the other roles it performed for EHT listing. | ||||
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FrancisLim
Elite |
21-Aug-2021 12:05
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What was once an " S-chip problem" has spread to the rest of the market over the past few years. Big companies like Hyflux and Noble, Singapore-based companies like Best World and Trek 2000, and Eagle Hospitality Trust are some of the names that have outstanding issues or collapsed, wiping out investors' money along with them. Mom-and-pop investors also have limited protection in the market, notes Prof Mak, and may not have the resources to make up for losses. As such, the bourse regulator needs to do more to protect the interests of these investors in terms of holding relevant parties responsible for stock market scandals. These include the likes of company directors, issue managers, sponsors and auditors. " While SGX Regco has strengthened certain rules and improved its surveillance, and there are signs of them and other regulators stepping up, we have yet to see results," says Prof Mak. |
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Joelton
Supreme |
03-Aug-2021 09:37
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What do EHT securityholders have to look forward to after expected delisting?
IT has been clear for some time that stapled securityholders of Eagle Hospitality Trust (EHT) would have to write their investment off. But for any still holding on to some hope, a recent announcement has put their plight in no uncertain terms.
On July 30, it was announced that an agreement has been made to sell the Crowne Plaza Dallas Near Galleria-Addison to the original owner Lockwood Development Partners for US$15.5 million.
With this sale, EHT will have offloaded 15 of its 18 hotel properties. The 14 hotels already sold have raked in net proceeds of US$478.6 million.
But the cash is not going to be sufficient to repay all the claims on EHT. In a recent update to investors, EHT' s trustee said: " The sale proceeds are therefore not expected to result in a recovery for stapled securityholders."
The trustee, DBS Trustee, further clarified that it would most likely have to work with its professional advisers and the regulators to facilitate a delisting and winding-up of EHT.
A delisting would bring to a close one chapter of the sad tale for EHT investors. But it should not be the end of the story.
Even if investors are unable to recoup their money - and two are already trying to do that in a lawsuit against six of EHT' s former and current directors - they will want some justice. As evidenced in questions submitted by the Securities Investors Association (Singapore) to DBS Trustee, investors are baying for blood.
They have already begun to point fingers at DBS and the Singapore Exchange (SGX). One of the questions asked was about the " level of due diligence" - on both market reputation and financial resources - done by DBS and SGX on the sponsor at the time of the IPO.
Investors also asked: " Even prior to the Covid-19 effect on the US hospitality market, it would appear that the sponsor has insufficient financial resources to support the master lease rental payments, which is the key supporting point for the asset valuations injected into the Reit (real estate investment trust) at IPO. Many feel that insufficient due diligence was conducted. Could the situation have been avoided?"
EHT is a stapled trust comprising Eagle Hospitality Real Estate Investment Trust (EH-Reit) and the dormant Eagle Hospitality Business Trust. Trading of EHT units has been suspended since March 24, 2020, after EH-Reit defaulted on a loan of US$341 million.
From the get-go, EHT received a lukewarm reception from the Singapore market. Its IPO saw less than half of its stapled securities subscribed under the public offer, resulting in the joint bookrunners and underwriters having to take up the bulk of the allotment of unsubscribed stapled securities. The counter fell 6.4 per cent on its mainboard debut on May 24 to close at US$0.73.
As the debacle unfolded, the stock tumbled as investors took flight. EHT shares last traded at 13.7 US cents before the suspension, down by a whopping 82.4 per cent from its IPO price of US$0.78 - all in less than a year.
Questions of valuations
DBS was the sole financial adviser and issue manager for the initial public offering of EHT in May 2019. It was also a joint global coordinator, as well as a joint bookrunner and underwriter, alongside a number of other banks.
The adopted valuation of the 15 properties that have been sold or are in the process of being sold totalled US$983.6 million, according to EHT' s IPO prospectus. This valuation was done by HVS, a consultancy that specialises in the hospitality industry.
EHT has not been able to fetch anywhere near that price in its sale. This is undoubtedly in part attributable to the Covid-19 pandemic, which has roiled the hospitality and tourism segment. The conditions under which EHT is selling the assets now also make it a price taker rather than a price setter.
Investors will wonder, however, how much of the fall in value is attributable to non-pandemic reasons.
One of EHT' s assets has been dogged by controversy almost since its listing. The Queen Mary in Long Beach, a former ocean vessel-turned-floating hotel, was valued in EHT' s prospectus at US$159.4 million. That made it the second most valuable property after the Holiday Inn Resort Orlando Suites - Waterpark, which was valued at US$162.8 million.
The property' s deteriorating condition due to neglect was first highlighted in August 2019 by an inspector employed under a contract with the City of Long Beach in California. It was also revealed, around that time, that EHT' s sponsor Urban Commons had submitted a proposal to the city for critical repairs, including the removal of corroded lifeboats and the repair of peeling areas of the ship' s exterior.
None of these issues were disclosed in EHT' s prospectus. A reference to the Queen Mary in the prospectus merely highlighted that it is " subject to damage associated with ships such as the ordinary wear and tear of the ship" . In commentary on the performance of each asset in EHT, there was a reference to a " large-scale capital improvement plan" in conjunction with the City of Long Beach. But the property was portrayed as having been recently renovated, and likely to enjoy higher revenue as a result.
When DBS Trustee put EHT assets up for sale, the Queen Mary did not receive any bids from the stalking horse bidder Madison Phoenix or other bidders in the auction. On June 4, the ship was surrendered to the City of Long Beach.
Waiting for action
After EHT began to unravel, the Monetary Authority of Singapore (MAS) stepped in to order the removal of the incumbent manager of EH-Reit.
It is currently conducting an investigation alongside the Commercial Affairs Department (CAD) into the current and former directors as well as officers responsible for managing EHT.
The six current and former Singapore-based directors of the previous Reit manager were arrested and released on bail on October 1, 2020.
There may be little that MAS can do, however, about Howard Wu and Taylor Woods, the founders of EHT' s sponsor Urban Commons and former directors of EH-Reit' s manager.
Mr Wu and Mr Woods were allegedly involved in several non-disturbance agreements and prejudicial interested-person transactions that were prejudicial to the interests of EHT and its minority unitholders, according to findings by EHT' s audit and risk committee during a review.
In response to queries from The Business Times, an MAS spokesperson reiterated that investigations are still ongoing, and updates will be provided to the public " when appropriate" .
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PhillipTan
Supreme |
31-Jul-2021 00:17
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Eagle Hospitality Trust' s Dallas hotel to be sold to at lower price to buyer that made earlier, aborted offerEMBATTLED Eagle Hospitality Trust (EHT) is set to sell one of the last three hotels in its portfolio for a lower price, after an earlier attempt was aborted in May.Crowne Plaza Dallas Near Galleria-Addison (CPDG) will be sold to original buyer Lockwood Development Partners for US$15.5 million, Eagle Hospitality Real Estate Investment Trust (EH-Reit) trustee DBS Trustee announced on Friday. The seller-owner and buyer resumed negotiations after an US$18.5 million deal fell through, with Lockwood Development Partners then submitting the revised offer. The company that will acquire CPDG counts Frank Yuan and Jerome Yuan among its investors, according to the bourse filing. Mr Frank Yuan and his related parties had originally indirectly owned CPDG. They later sold the freehold 428-room hotel to affiliates of EHT' s original sponsor Urban Commons, who ultimately sold it to EH-Reit. Still, the sale and purchase agreement for CPDG provides for warranties that neither the buyer nor any of its affiliates is tied to sponsor entities, the trustee added. The sale will close on Aug 27, unless seller and buyer agree in writing on a fresh date. The latest move comes as EH-Reit - which is part of EHT - and other entities that had earlier filed for Chapter 11 bankruptcy in the United States found that the revised offer was the best for CPDG. The four competing bids that had been submitted to broker CBRE were described as either lower in value or " not viable" , with a longer closing date. The independent director of the seller-owner' s parent also believed the revised bid " the most attractive combination of price and timing for any proposed sale of CPDG" , with a fast execution dubbed " critical" amid debt issues and capital needs, the trustee said. The sale value, which is to be satisfied in cash, comprises an initial deposit of US$100,000 by July 23 an additional deposit of US$900,000 by July 27 and the rest by one business day before the closing date of Aug 27. EH-Reit' s wholly-owned subsidiary had previously also held on to initial deposits of US$1.45 million from the earlier, unsuccessful transaction. Sale proceeds are expected to repay sale-related expenses, the net outstanding amount on CPDG' s mortgage loan, and unsecured claims against the seller-owner. Any net proceeds will be distributed to the Chapter 11 entities, and will become part of the assets subject to the Chapter 11 process. However, the sale of CPDG must first be approved by the US Bankruptcy Court. The Reit trustee said that it will update stapled securityholders on any material developments " as and when appropriate" . Trading in EHT stapled securities has been suspended since March 2020. |
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TA_Expert
Supreme |
29-Jul-2021 20:17
Yells: "The World has changed" |
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Don' t mean to be blunt. DBS does not need your money. Look at how much profits DBS has made quarterly and the fat dividends issuing.
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seanthebean
Member |
29-Jul-2021 17:27
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An alliance of Santa Monica-based Beachpoint Capital Management and Pasadena-based ASAP Holdings bought the hotel, according to the documents filed with the Recorder&rsquo s Office. &ldquo We were drawn to the hotel&rsquo s great location in Silicon Valley,&rdquo said Frank Yuan, chief executive officer with ASAP. &ldquo This is a top market.&rdquo https://www.siliconvalley.com/2021/07/27/san-jose-hotel-lands-back-sales-block-covid-bankrupt-real-estate-tech/ The second relates to an US$89 million loan by EHT US1, another debtor unit, from Lodging USA Lendco. The debtors said they have not been able to determine why the loan was taken. The principals of Lodging USA Lendco and its parent company ASAP Holdings include Frank Yuan, Norbert Yuan and Jerome Yuan. https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-units-get-court-nod-to-investigate-urban-commons-founders
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seanthebean
Member |
29-Jul-2021 17:21
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wow. wasn' t ASAP Holdings and Frank Yuan part of the interested persons transactions pre-IPO? https://www.siliconvalley.com/2021/07/27/san-jose-hotel-lands-back-sales-block-covid-bankrupt-real-estate-tech/ double dip into same pot. sinkie really got screwed. |
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salesman1
Member |
24-Jul-2021 08:22
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Everyone complained about DBS but one want take action. I will move my saving/checking account to other banks. Action speak louder than words |
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shk363
Elite |
19-Jul-2021 07:59
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sure they will pay themselves 1st among the creditors
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TA_Expert
Supreme |
19-Jul-2021 05:37
Yells: "The World has changed" |
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Did DBS manage to recover the $341m loan?
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ipolaris
Senior |
17-Jul-2021 14:01
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Akan datang....how can there be only one lawsuit by the 2 investors?
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RickyCheng
Member |
16-Jul-2021 13:22
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Washed hand. 
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