other material
confidence high
sentiment negative
materiality 0.90
Pacific Oak Strategic Opportunity REIT, Inc.: auditor change — Pacific Oak REIT dismisses auditor, ends 10-K/10-Q filings, enters Israeli insolvency process
Pacific Oak Strategic Opportunity REIT, Inc.
- Dismissed Ernst & Young as auditor immediately; no disagreements or reportable events in prior two years.
- Tel Aviv court ordered bondholders meeting under Israeli insolvency law to vote on proposed debt arrangement for BVI subsidiary.
- Board dissolved audit committee, will stop filing 10-K/10-Q; will file only 8-Ks with BVI IFRS quarterly financials.
- Board will not seek stockholder approval of liquidation plan or provide updated estimated NAV per share due to financial constraints.
- All independent directors waived accrued and future director fees to reduce expenses.