Whitestone REIT exposes new information on nominee Bruce Schanzer

Whitestone has received new information revealing that Erez Asset Management nominee Bruce Schanzer colluded in late 2023 with terminated Whitestone Chairman and CEO James Mastandrea in an attempt to acquire Whitestone. For context, in January 2022, Whitestone Trustees David Taylor and Nandita Berry guided the Board in terminating Chairman and CEO, James Mastandrea. They have since spearheaded an effort, along with Whitestone’s new management team, to reset the Company on a new trajectory. This newly obtained material – an investor “pitch” presentation that Erez developed in 2023 – puts a clear spotlight on the ulterior motives of Mr. Schanzer, who it is revealed “has had a number of meetings with Mastandrea” and believes that Mastandrea “will be cooperative and supportive of an Erez-led effort to acquire Whitestone”. “The willingness of …Mastandrea and…Pillarstone to be constructive regarding an Erez approach” demonstrates that Erez, Mastandrea and Pillarstone are acting in concert. It also reveals a pattern of lies and deception by Schanzer, supported by a track record of conflicted, self-dealing transactions. Schanzer and Mastandrea’s collusion could also be an attempt by Mastandrea to settle the score with those who held him accountable and terminated his employment for cause: David Taylor and Nandita Berry.