I agree with you 100%. I have prior experience with a stock which did a 17 for 1 reverse split and lost substancially.

I bought a number of shares of WSR at $0.35. Recently I bought more and averaged down to $0.20. I believed that this was good because I was averaging down (it is always good to average down). So far, if we use the 52 week low of $0.02 for WSR (which occurred recently), my original investment is now worth only 10% of its original value.

If the consolidation goes through at say $0.02 per share (again the 52 week low), my shares are still worth only 10% of their original value (x/10 x $0.20/share).

But this is the part you discussed that scares me: after consolidation, the market continues to preform poorly, the value per share goes down to say around $0.02 - $0.03 again or whatever, and then the company decides to do a private placement of several million shares further reducing the value of my investment.

I invested in WSR because of its jv with NOT, believing that it was a solid company picked for a jv by Richard himself. I am not blaming Richard here in any way; I believe in him wholeheartedly. WSR has excellent land holdings through jvs with NOT, BMK, and MTX.

But I am now disappointed and disillusioned with the management of WSR in the following:

not because I supported them with my investment dollars to the point where my investment with them is now worth 10% of its original value (mainly market conditions), but because they want to take what little value I have left in my shares, consolidate them and quite likely do a financing /private placement and FURTHER reduce the value of my investment.

They are trying to take MORE money (by reducing the value of the shares) out of the very hands of the share holders who supported and helped them get established in the first place!

Quite frankly, I find this unacceptable!

Instead of consolidating the shares, why not just do a private placement right now, and help their shareholders (supporters up until this point in time) preserve what little value they have left? I know this will reduce shareholder value as well, but it is not as bad as a share consolidation followed by a private placement.

Also, they may say they will not do a private placement in the future, but there is no gaurantee.

Spider (SPQ) tried to do a share consolidation but the shareholders voted against it and it did not go through. I would like to see all the shareholders vote against this share consolidation as well.

I believe there are better ways to raise finances than to dig deeper into the very pockets of those who supported you in the first place! Not a good way to make friends and raise support.

Anyone have any suggestions?

Disappointed with WSR at this point. All IMHO.

EE