In December 2014, Thompson National Properties, LLC (“TNP”) announced the successful restructuring of debt held by over seven hundred accredited investors and its primary bank.
The note holders exchanged their debt for both preferred and common securities in TNP. The press release from TNP states that “[t]his exchange completes a significant restructuring and improvement of TNP’s balance sheet,” says Tim O’Brien, EVP and TNP equity owner. O’Brien further states, “TNP can now acquire new management contracts, reduce interest expense, and attract capital for new acquisitions.” These proclamations run counter to the reports in August 2014 that TNP was on the brink of bankruptcy.
Headquartered in Costa Mesa, California, TNP was founded in April 2008 and has three regional offices. TNP manages a portfolio of over 74 commercial properties in 14 states, totaling approximately 9 million sq. ft., on behalf of over 5,000 investors.
Notwithstanding this restructuring, there is still concern that these investments have not played out the way that investors had hoped. TNP contracted with a number of brokerage firms to sell its various offerings, including TNP Strategic Retail Trust, TNP 12% Notes and TNP Participating Notes Program LLC.
The White Law Group continues to investigate the liability that these firms may have for recommending TNP investments. Brokerage firms are required to perform adequate due diligence to ensure that the investment has a reasonable likelihood of success and that the investment is suitable for each individual. When brokerage firms fail to uphold their fiduciary duty or misrepresent an investment they may be liable for investment losses in a FINRA arbitration claim.
If you feel that your broker-dealer misrepresented your TNP investment, the securities attorneys of The White Law Group may be able to help you recover your losses. For a free consultation please call 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
To learn more about The White Law Group, visit www.WhiteSecuritiesLaw.com.
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