Well-known real estate investor Tony Thompson is facing some
bitter truths about the real estate holdings and note programs that he sold to
But struggling with real estate deals isn't part of the
upbeat and confident image that he likes to project.
In a recent ad in Southern California newspapers, he said:
“Join Tony "the Truth' Thompson at one of his upcoming free seminars.”
The ad continues: “Tony wants you to know what he knows:
Hear the truth about the economy, the politics of our banks' lack of lending
... the health of our commercial and residential real estate.”
The reality is, however, that Mr. Thompson's businesses have
fallen on tough times. Properties in a real estate investment trust that he
controls are in danger of default, and he has missed payments to investors in a
private-note program that he used to raise capital for a business venture,
Thompson National Properties LLC.
But just as Mr. Thompson is being swamped with debts, he
also is attempting to prime the pump for sales of his nontraded real estate
investment trust, TNP Strategic Retail Trust Inc. Meanwhile, the REIT is
negotiating to change its adviser to Glenborough LLC.
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