Real Estate New Jersey

NEWARK-Mercury Real Estate Advisors has called for a quickersale or liquidation of properties for locally based WilshireEnterprises, as well as the termination of its CEO, Sherry WilzigIsak. The Greenwich, CT-based Mercury, whose 14.6% stake of sharesmakes it Wilshire's largest single shareholder, has written threepublicly aired letters since November claiming Wilshire's actionsare not maximizing shareholder value. For previous coverage,click here.

In this latest missive, Mercury CEO David R. Jarvis andpresident Malcolm F. MacLean IV write that they approve of Wilshirecanceling a planned multifamily buy in Avondale, AZ, as well as itsplans to sell individual properties in its portfolio. But it wantsthe process to move quicker, believing the real estate market to besoftening. "We believe that if management was truly committed torealizing shareholder value and not simply interested inperpetuating the existence of a company to earn record salaries andbonuses, the company would have already been sold or all assetswould have been liquidated," they write.