Replies to post #152 on Presidential Realty Corp. (PDNLB)

[db7]

I guess the future change of focus (on healthcare) requires a different captain.....from first capital 8k at sec.gov:




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Item 8.01. Other Events



Palisades MOU



On December 9, 2016, as described in the Company’s Current Report on Form 8-K dated that date, the Company entered into a Memorandum of Understanding (the “MOU”) with Palisades Capital Realty Advisors LLC (“Palisades”). The MOU provided, among other things, for the Company’s retention of Palisades to provide advisory services in connection with potential strategic transactions, and asset development, among other matters. Palisades will no longer be providing advisory services as set forth in the MOU.



Consulting Agreement between Seventieth Street Asset Management LLC and First Capital Real Estate Advisors LP, the Company’s Advisor



On March 27, 2017 but effective as of March 24, 2017, First Capital Real Estate Advisors LP (the “Advisor”), the advisor to the Company, entered into a Consulting Agreement (the “Consulting Agreement”) with Seventieth Street Asset Management LLC (“Seventieth Street”). Seventieth Street was founded and is owned by Serge Kasarda, its Chief Executive Officer. Under the Consulting Agreement, Seventieth Street agreed to provide certain consulting services on behalf of the Advisor relating to the T9 Properties. The services include negotiating an extension of the T9 Loan and sales of properties located within the T9 Properties. The Advisor agreed to pay Seventieth Street $100,000, of which $50,000 was paid when the Consulting Agreement became effective and the remaining $50,000 is to be paid on April 10, 2017. The Consulting Agreement has a 90-day term.



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