8/31/2023 0 Comments Helios apartments miami![]() ![]() ![]() I have objected to the manner in which a number of business decisions have been presented to the Board of Directors by management, without sufficient time for the Board to examine complex documents, to review significant transactions, or to discuss how the proposed actions fit into the Company's strategic plan. I have sought, often unsuccessfully, information about the Company's financial status and operations, and explanations of Company strategy. "As you know, for several months now, I have raised questions and expressed concerns about the corporate governance of Helios and Matheson Analytics, Inc. Though Helios' management has said the changes helped slow MoviePass' cash burn dramatically, Helios' stock price has not recovered. After subscriber outcry, MoviePass quickly reversed those changes and instead instituted a cap of three movies a month. First, MoviePass announced that it would raise prices to $14.95 and bar major blockbusters from the app, at least for the first few weeks of release. MoviePass then made drastic changes meant to bolster its business model. After the service shut off in late July because the company ran out of money, Helios took an emergency loan of $5 million to turn it back on. The company subsidizes the tickets its users buy, however, and with advertising and other anticipated partnerships failing to have a major impact it has struggled to control its monthly cash burn, which rose to an estimated $45 million in July. Over 3 million subscribers have flocked to the service, which last year began allowing subscribers to see one movie a day in theaters for $9.95 a month. The past two months have been tumultuous for MoviePass and its parent company. He'd served on the board of Helios since November 2016, a few months before the company took a majority stake in the popular movie-theater-subscription app MoviePass last summer. Schramm is a professor at Syracuse University who previously ran the Ewing Marion Kauffman Foundation, a nonprofit focused on entrepreneurship and education. "Just last week, I learned that management withheld material information from the board for several months." "These concerns have increased substantially over the past eight weeks as management apparently has made a number of important corporate decisions and executed significant transactions either without board knowledge or approval, or in board meetings initiated with only a few hours of advance notice by email (at least one of which I did not even know had been called until the meeting had concluded)," Schramm continued. He also accused management of not giving the board "sufficient time" to examine "complex documents, to review significant transactions, or to discuss how the proposed actions fit into the company's strategic plan." In Schramm's resignation letter, he said that for several months he'd raised "questions and expressed concerned about the corporate governance" of Helios, and he accused management of withholding material information from the board for months. It often indicates a user profile.Ĭarl Schramm has resigned from the board of MoviePass' parent company, Helios and Matheson Analytics, the company disclosed in a Securities and Exchange Commission filing Thursday. That deal was also brokered by Apex.Account icon An icon in the shape of a person's head and shoulders. In May, Hidrock bought into a joint venture with developer Alex Karakhanian’s Lndmrk Development for a project at 1601 North Miami Avenue in Miami’s Arts & Entertainment District. Hidrock is also still open to growing its pipeline in Miami. They include BH Group’s 30-story, 400-unit tower planned for 2261 Northeast 164th Street, and Oak Row Equities’ 26-story, 440-unit project called Venus, planned for the former AT&T parking lot at 2050 Northeast 164th Street. More than a dozen projects with close to 3,000 apartments and more than 250 condos are in the works in North Miami Beach. Pinto said rents in the area, which he called an “old and sleepy neighborhood,” have been growing at a “rapid pace” due to the increase in newly planned projects. By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.Īpex Capital Realty represented Hidrock in the joint venture deal, and Jamie Maniscalco and Thano Mazas of Apex represented Grupo Portland. ![]()
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