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TNP Strategic Retail Trust Discloses Limited Capital Resources, Expected Reduction of Investment Activities for Foreseeable Future

In its most recent quarterly Report with the Securities and Exchange Commission, TNP Strategic Retail Trust disclosed ongoing cash problems that are expected, according to the Company, to result in reduced investment activities for the foreseeable future, unless it is able to orchestrate another offering of securities or to identify some other significant sources of financing. In its 10-Q form filed on May 20, 2013 (the Report), TNP Strategic Retail Trust stated: The Companys cash and cash equivalents is likely to fall further and may remain significantly limited until the Company finds other sources of cash, such as from borrowings, sales of equity capital or sales of assets. Although no assurances may be given, the Company believes that its current cash from operations will be sufficient to support the Companys ongoing operations , including its debt service payments, other than the required payment on the Companys credit agreement with KeyBank following the expiration of the Companys forbearance agreement with Key Bank . (emphasis supplied). TNPs 10-Q form indicates that the KeyBank loan referenced above, which must be repaid on July 31, 2013, had a balance of $36.5 million as of March 31, 2013. TNP SRTs cash balance on March 31 was $1.1 million and it held assets for sale of $1.2 million, according to the balance sheet it filed with the SEC. On March 31, 2013 TNP SRTs assets totaled $273 million and its liabilities $204 million. For the three months ended on March 31, 2013, TNP SRT posted a loss from continuing operations of $3.5 million. Readers of this blog should read the entire 10-Q Report before making any judgment as to TNP SRTs financial and business position. This blog posting is for informational purposes only and should not be relied upon in any way for investment-related decisions. The 10-Q Report is available here: http://www.sec.gov/Archives/edgar/data/1446371/000114420413030591/v 343768_10q.htm . Securities attorneys Alan Rosca, Joe Peiffer, and Lance McCardle have been investigating several TNP-sponsored investments, including TNP Strategic Retail Trust, TNP 12% Notes, TNP Kodak, and TNP 2008 Participating Notes (TNP). Attorneys Rosca, Peiffer, and McCardle are preparing to take action on behalf of a number of TNP program investors against securities broker-dealer firms that may have failed in their duties to adequately vet the TNP products prior to recommending them to their customers. TNP investors are encouraged to contact attorneys Alan Rosca, Joe Peiffer, or Lance McCardle for a free case evaluation at 888-998-0520.

Disclaimer: Our clients will not be responsible for the payment of litigation-related costs if they do not recover, whenever permitted by the applicable jurisdiction's rules. Some jurisdictions mandate that the client always pays the case expenses. This page may be deemed to be attorney advertising. We handle financial fraud cases in most states. However, our firm's lawyers are not admitted to practice law in every state. Attorney Joe Peiffer is licensed to practice law in Louisiana. Attorney Alan Rosca is licensed to practice law in Ohio. In those jurisdictions in which our firm's lawyers are not admitted to practice, we will associate co-counsel from the relevant jurisdiction to assist with the matter, at no additional cost to our clients. In cases where we associate with local co-counsel, we will typically act as primary counsel. Occasionally, it is possible that the co-counsel will take the leading role. Whenever that is the case, we will obtain the client's advance, written permission. Each case is different and prior successes are not indicative of future results. Although our lawyers have experience handling various types of cases, none has be certified as an expert or specialist in any area of the law by any accrediting or licensing authority or by any bar association. Please visit tnpinvestors.com and go to Legal Disclaimer for important disclaimers.
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