Of all the accusations made by an aggrieved group of REIT investors against Goldman Sachs, perhaps the most surprising is how stingy the bank can be.
A Goldman fund that manages the REIT, formerly known as Equity Inns Inc, requires investors to pay 10 cents per page for print copies of its financial reports. Those reports are not available online, nor are they released publicly — a fact that has led this long-running feud to spill into public view in comment letters to the SEC.
“When I asked for financial reports they said, ‘Can you send a check?,” Art Chandler, an investment advisor at Wedbush Securities, said in an interview. “And I said, I would be glad give you $6 out of the $150,000 in accrued dividends you owe me.”
Another investor, Joseph Sullivan was not allowed to use a personal check or money order. He was required to get a cashier’s check.