Core Viewpoint - Resurgent Realty Trust criticizes the management and board of Generation Income Properties, Inc. for failing to fulfill their fiduciary duties and mismanaging the company, leading to significant shareholder losses [1][3][4]. Financial Performance - Generation Income Properties has not been profitable since its IPO in September 2021, marking 3.9 years of continuous losses under the current leadership [3]. - The company's stock price has plummeted from $10 to $1.40, representing an 86% decline, indicating severe destruction of shareholder value [3]. Management and Governance Issues - The CEO, David Sobelman, and the board are accused of operating recklessly and lacking an understanding of their fiduciary responsibilities as stewards of a publicly traded company [2][4]. - There is a call for the removal of current management and reconstitution of the board to stabilize the company, which is described as a "wayward and sinking ship" [4].
Resurgent Realty Trust Issue Position Statement Regarding Generation Income Properties, Inc. (“GIPR”)