Timberland
Wells Timberland REIT just filed an 8-K. It does not look like the German capital has arrived. Timberland issued $10.7 million in Series B preferred stock to Wells Real Estate. I will summarize and comment on the 8-K over the weekend. You can access the 8-K on the SEC's website.
1 comment:
Guessed right on 5/21/08 post. What now? The German fund may let Wells twist in the wind a bit and renegotiate outright purchase of the timberland rather than the stock. Sales of raw timberland in the area where Well's holds these properties is dead in the water right now. Lots of sellers but few buyers. Suspect Wells would like to find an exit soon. The common stock holders may well get hosed.
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