Tnp Strategic Retail Trust Terminating Chief Financial Officer

TNP Strategic Retail Trust Terminating Chief Financial Officer

by

Stanley T. Bowles

In a report filed with securities regulators last week, TNP Strategic Retail Trust ( TNP SRT ), a Thompson National Properties-sponsored REIT, announced that it would terminate its Chief Financial Officer, Dee R. Balch, no later than August 15, 2013, after less than a year on the job.

TNP SRT stated that the CFO s termination is the result of its decision to transition accounting functions and duties to an outside company, Glenborough LLC. Dee Balch has been employed as TNP SRT s Chief Financial Officer since November, 2012, according to a regulatory report filed with the Securities and Exchange Commission.

Pursuant to a Transition Agreement between TNP SRT and its CFO, the CFO will stay on board until August 15, 2013 at the latest, to assist with the transition and certain other accounting and/or financial functions, in exchange for bonuses that could total as much as $150,000.

Recently, TNP SRT terminated its accounting firm and hired a new firm. Earlier, TNP SRT s Board of Directors indicated its intent to terminate its advisory firm and replace it with an outside firm. Earlier this year, TNP SRT suspended distribution payments and has not indicated when such payments would resume.

Securities attorneys Alan Rosca, Joe Peiffer, and Lance McCardle have been investigating several TNP-sponsored investments, including TNP Strategic Retail Trust, TNP 12% Notes, TNP Kodak, and TNP 2008 Participating Notes ( TNP ). Attorneys Rosca, Peiffer, and McCardle are preparing to take action on behalf of a number of TNP program investors against securities broker-dealer firms that may have failed in their duties to adequately vet the TNP products prior to recommending them to their customers. TNP investors are encouraged to contact attorneys Alan Rosca, Joe Peiffer, or Lance McCardle for a free case evaluation at 888-998-0520.

Disclaimer: Our clients will not be responsible for the payment of litigation-related costs if they do not recover, whenever permitted by the applicable jurisdiction\’s rules. Some jurisdictions mandate that the client always pays the case expenses. This page may be deemed to be attorney advertising. We handle financial fraud cases in most states. However, our firm\’s lawyers are not admitted to practice law in every state. Attorney Joe Peiffer is licensed to practice law in Louisiana. Attorney Alan Rosca is licensed to practice law in Ohio. In those jurisdictions in which our firm\’s lawyers are not admitted to practice, we will associate co-counsel from the relevant jurisdiction to assist with the matter, at no additional cost to our clients. In cases where we associate with local co-counsel, we will typically act as primary counsel. Occasionally, it is possible that the co-counsel will take the leading role. Whenever that is the case, we will obtain the client\’s advance, written permission. Each case is different and prior successes are not indicative of future results. Although our lawyers have experience handling various types of cases, none has be certified as an expert or specialist in any area of the law by any accrediting or licensing authority or by any bar association. Please visit tnpinvestors.com and go to Legal Disclaimer for important disclaimers.

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