TNP Strategic Retail Trust’s board (“TNP SRT”) has accused Tony Thompson, TNP’s founder and TNP SRT’s co-Chief Executive Officer, of issuing an inaccurate, unapproved letter to shareholders, in a disclosure filed with the Securities and Exchange Commission on April 8, 2013.

1. TNP Strategic Retail Trust Accuses CEO Tony Thompson of Issuing Inaccurate,
Unauthorized Letter to Shareholders, Charges Advisor with Misleading Board
TNP Strategic Retail Trust’s board (“TNP SRT”) has accused Tony Thompson, TNP’s founder
and TNP SRT’s co-Chief Executive Officer, of issuing an inaccurate, unapproved letter to
shareholders, in a disclosure filed with the Securities and Exchange Commission on April 8,
2013.
In the same disclosure, TNP SRT’s board accused its advisory firm, TNP Strategic Retail
Advisor (“TNP Advisor”), which is controlled by Tony Thompson, of misleading the TNP SRT
board and engaging in dealings with third parties that were not in TNP SRT’s best
interest. As a result, TNP SRT’s board indicated it is entitled to terminate its advisor for
cause and is making efforts to do so.
TNP SRT’s board also disclosed it is attempting to appoint a new CEO and Board Chairman
“to ensure the prudent management of the company.” TNP’s current co-CEO and Board
Chairman is Tony Thompson.
The TNP SRT regulatory filing was only signed by its three independent directors.
The regulatory filing reviewed by securities attorneys Alan Rosca and Joe Peiffer identifies a
number of payments by TNP SRT to its investment advisor, Tony Thompson-controlled TNP
Advisor. Attorneys Rosca and Peiffer also determined that TNP SRT paid over $1.2 million
to a lender to settle two “events of default” related to TNP SRT’s “inability to make
mandatory principal payments” to the lender and fund reserves required by the loan
documents.
“The TNP SRT independent directors’ accusations of misconduct against Tony Thompson and
the TNP advisor he controls are troubling,” said attorney Alan Rosca. ”Directors and officers
are fiduciaries of a company and must abide by high standards of care when they act on
behalf of the company,” Rosca said. ”The TNP SRT board’s new disclosures paint a
worrisome picture of TNP SRT’s financials,” said attorney Joe Peiffer.
Attorneys Rosca, Peiffer, and McCardle have been investigating the sales practices
surrounding a number of TNP-sponsored real estate investment products that may have
been unsuitable for many TNP investors. Investors who were sold TNP-sponsored real
estate investment trusts are encouraged to contact attorneys Alan Rosca, Joe Peiffer, or
Lance McCardle toll free, at 888-998-0520 for a free evaluation of their matter. For more
information, visit www.tnpinvestors.com .
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