NEW YORK, Feb. 24, 2014
/PRNewswire/ -- Corvex Management LP and Related Fund
Management, LLC, whose separately managed investment funds
collectively own approximately 9.6% of the outstanding shares of
CommonWealth REIT (NYSE: CWH), today released a new presentation
that details the Portnoys' record of twisting the truth and
misleading CommonWealth shareholders. The presentation can be found
at www.shareholdersforcommonwealth.com.
The new presentation illustrates classic examples of the
Portnoys twisting the truth to mislead shareholders, including:
- The Portnoys' deceptive financial analyses using cherry-picked
timeframes to skew CommonWealth stock performance;
- The Portnoys' omission of key facts in recent public
statements; and
- The Portnoys' misleading claims about their recent
window-dressing governance alterations.
Keith Meister of Corvex and
Jeff T. Blau of Related said: "Since
announcing our investment in CommonWealth almost one year ago, the
Portnoys and their Trustees have in our view continuously distorted
the truth beyond recognition. This presentation provides a sample
of such instances, and we urge shareholders to keep those examples
in mind as they assess any claim by the Portnoys in the
future."
CommonWealth has set a record date of February 18, 2014, and the consent solicitation
must be completed by March 20, 2014.
There is no Internet voting, so shareholders are urged to sign,
date and return their GOLD consent card in the pre-paid envelope
today.
If shareholders have any questions or need assistance voting
your shares, they should call today D.F. King & Co., Inc.,
our proxy solicitor, at (800) 714-3313.
About Corvex Management LP
Corvex Management LP is an investment firm headquartered in
New York, New York that engages in
value-based investing across the capital structure in situations
with identifiable catalysts. Corvex was founded in March 2011 and follows an opportunistic approach
to investing with a specific focus on equity investments, special
situations and distressed securities largely in North America.
About Related Fund Management LLC
Related Fund Management, LLC is an affiliate of Related
Companies, one of the most prominent privately-owned real estate
firms in the United States. Formed
40 years ago, Related is a fully integrated, highly diversified
industry leader with experience in virtually every aspect of
development, acquisitions, management, finance, marketing and
sales. Related's existing portfolio of real estate assets, valued
at over $15 billion, is made up of
best-in-class mixed-use, residential, retail, office and affordable
properties. For more information about Related Companies please
visit www.related.com.
Additional Information Regarding the Solicitation
Corvex Management LP and Related Fund Management, LLC have filed
a definitive solicitation statement with the Securities and
Exchange Commission (the "SEC") to (1) solicit consents to
remove the entire board of trustees of CommonWealth REIT (the
"Removal Proposal"), and (2) elect a slate of new trustees at
a special meeting of shareholders that must be promptly called in
the event that the Removal Proposal is successful. Investors and
security holders are urged to read the definitive solicitation
statement and other relevant documents because they contain
important information regarding the solicitation. The
definitive solicitation statement and all other relevant documents
are available, free of charge, on the SEC's website at www.sec.gov.
Information regarding the participants in the solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, to the extent applicable, is available in
the definitive solicitation statement filed with the SEC on
January 28, 2014 and Supplement No. 1 filed with the SEC
on February 13, 2014.
For further information, contact:
Rupal Doshi
Corvex
(212) 474-6750
rdoshi@corvexcap.com
Joanna Rose
Related
(212) 801-3902
jrose@related.com
INVESTORS:
Edward McCarthy / Richard Grubaugh
D.F. King & Co., Inc.
(212) 269-5550
SOURCE Related Fund Management, LLC