Melohn is majority partner to da joint venture I believe that part is true. Also just read this
"In addition, we and Reliance Holdings plan to conduct future transactions in order to transfer additional assets to us, with the final goal of transferring most of the desirable properties, excluding assets that Reliance Holdings owns via joint venture or with third parties."
So they seem to excluding joint venture properties from their transaction plan with the holdings company. I have no idea which properties belong to who but I recall most of them being joint venture? I could be wrong there.
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