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Sovereign Capital Management Group Issues Stop, Look and Listen Letter to Shareholders
Sovereign Capital Management Group today announced that they issued an open letter urging ATA shareholders to STOP, LOOK and LISTEN before responding to any proposals by the Board of Directors regarding the future of the company.
Mr. Todd Kiehnau, a Sovereign Capital Management Group representative, urges shareholders to carefully review this letter, stating, “Our letter is intended to respond to some misguided accusations from ATA’s Board, and also draw attention to the ATA’s mismanagement, poor financial condition and the potential losses that shareholders may face.”
An excerpt of the letter to shareholders follows:
The Committee to Protect ATA Investors believes that ATA’S current management is in active negotiations exploring the liquidation of ATA’s assets that we believe will result in substantial losses to the ATA stockholders. We expect that ATA’s Board of Directors will present a liquidation plan and/or a request to extend the listing deadline to the stockholders in the very near future. Upon presentation of current management’s plan, we encourage the ATA stockholders to STOP, LOOK and LISTEN for a counter-proposal from the committee before taking any action. The committee believes ATA has great potential that should not be wasted by ongoing mismanagement by ATA’s current management or by any unfavorable liquidation plan.
About Sovereign Capital Management Group, Inc.
Headquartered in San Diego, CA, Sovereign Capital Management Group, Inc. and its closely held affiliates have grown to include nationwide asset management, property management, advisory services, private equity syndications and various property holdings across the United States. Operating with the mission of providing value and long-term stability through real estate investment, Sovereign has been directly involved in the successful development and management of multi-family units, attached single family condominiums, medical office buildings, general office, flex-industrial properties, retail properties and specialized use buildings. For more information, visit www.sovcapital.com, or contact Todd Kiehnau at todd.kiehnau@
ALL STOCKHOLDERS OF APARTMENT TRUST OF AMERICA, INC. ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION BY THE COMMITTEE TO PROTECT ATA INVESTORS, SOVEREIGN CAPITAL MANAGEMENT GROUP, INC. AND TODD MIKLES (COLLECTIVELY, THE “PARTICIPANTS”)
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN EXHIBIT 2 TO THE SCHEDULE 14A FILED BY THE PARTICIPANTS WITH THE SEC ON JULY 27, 2012. THESE DOCUMENTS CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.