Silver Star Properties REIT Appoints General Counsel and Corporate Secretary
Silver Star Properties REIT, a publicly registered non-traded real estate investment trust formerly known as Hartman Short Term Income Properties XX Inc., appointed Adrienne Collins as general counsel and corporate secretary effective as of Jan. 17, 2024.
This is in connection with the recent resignation of the company’s former general counsel, Michael Racusin, whose departure was announced by the company last week, effective as of January 5th, 2024.
Silver Star says Collins will receive an annual base salary of $225,000. The company says that if Collins’ employment is terminated during the 12 months following her start date, without cause or due to a change in control of Silver Star, and she is not employed in a substantially similar manner with a successor to Silver Star, Collins shall receive a payment equal to three months of her then current annual salary as a severance payment.
Collins has more than 20 years of legal experience, including corporate, private placements, and business transactions with an emphasis in the commercial real estate sector. Before joining the company, Collins was an attorney in private practice where she focused on representing real estate investment firms in the acquisition and disposition of retail, office, industrial and multi-family assets, as well as corporate governance, equity raises, leasing and management, and brokerage agreements.
Collins has served as an executive and outside general counsel for businesses in the real estate adjacent industries (such as finance, construction, electric vehicle charger ownership and management) and has provided material legal support for start-ups, including negotiating the sales of goods and services and handling employment matters. Collins holds a Doctor of Jurisprudence from South Texas College of Law and a Bachelor of Journalism from the University of Texas at Austin.
As The DI Wire previously reported, Silver Star’s executive committee accused Allen Hartman, Silver Star’s former CEO, of “heresy” in regards to board elections. Silver Star says that Hartman had not initiated nor permitted any board elections since 2013. They also blamed him for the drop in the company’s NAV per share and its recent Chapter 11 bankruptcy. The company is currently pursuing a lawsuit against Hartman.
Since May, there’s been many company resignations for Silver Star. CEO Mark Torok, resigned in May, just one month after reaching a long-term employment agreement with Silver Star. His replacement, Steve Treadwell was hired in August. Just two months later, Treadwell resigned.
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