GREENWICH, Conn., May 2 /PRNewswire/ -- Mercury Real Estate Advisors LLC, an affiliate of Mercury Partners LLC, a real estate investment management company based in Greenwich, CT, sent the following letter today to Wilshire Enterprises, Inc.'s (AMEX:WOC) Board of Directors.
Mercury Real Estate Advisors LLC
100 Field Point Road
Greenwich, Connecticut 06830
May 2, 2006 Board of Directors
Wilshire Enterprises, Inc. c/o Mr. Eric J. Schmertz
1 Gateway Center
11-43 Raymond Plaza West
10th Floor
Newark, NJ 07102 Mr. Schmertz: We are in receipt of a letter dated April 13, 2006 from your counsel Lowenstein Sandler PC. We find it unconscionable that you, as the proclaimed lead independent director of Wilshire Enterprises, Inc. ("Wilshire" or the "Company"), would refuse to meet with the largest unaffiliated shareholder of the Company, as we requested. Furthermore, we find it incomprehensible that you would refuse a meeting given that we have made a public offer, subject to customary due diligence, for the entire Company. Your refusal as well as your lack of response to our offer just bolsters our criticism that you and the CEO, Sherry Wilzig Izak, are clearly entrenched and have no other goal but to continue the exorbitant corporate waste that has perpetuated at this Company for several years.
You have continually failed at fulfilling your fiduciary duties to the true owners of the Company, the common shareholders, by allowing such corporate waste; allowing the CEO to remain entrenched; not immediately distributing the cash currently on the balance sheet and not aggressively pursuing a liquidation or sale of the Company. As the lead independent director of the Company, we would hope that you would be able to find the time to attend the 2006 Annual Meeting, which you failed to attend in 2005.
Let us be abundantly clear -- if the Board of Directors does not terminate Sherry Wilzig Izak to end the squandering of corporate/shareholder profits; distribute the cash currently on the balance sheet, which is truly an asset owned by the shareholders; terminate the purchase of the Arizona multifamily property and announce a liquidation of the Company within 30 days, you will leave us no option but to pursue all courses of action against you and the Company, which has fiduciary responsibility to its shareholders.
Again, we urge you to change your current unfathomable posture and meet with your largest unaffiliated shareholder to discuss the foregoing issues as soon as possible.
Very truly yours, MERCURY REAL ESTATE ADVISORS LLC David R. Jarvis Malcolm F. MacLean IV
Chief Executive Officer President
DATASOURCE: Mercury Real Estate Advisors LLC CONTACT: Malcolm F. MacLean IV, Mercury Real Estate Advisors LLC, +1-203-769-2980 Web site: http://www.mercuryrealestate.com/
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