Tuesday, June 19, 2007

Odyssey Value Advisors Wants Golf Trust of America (GTA) To Re-Evaluate Plan of Dissolution

In a 13D filing after the close on Golf Trust of America (AMEX: GTA), Odyssey Value Advisors disclosed a 5.06% stake and said management should, "re-evaluate its 6 plus year old plan of dissolution."

From the "Purpose of Transaction" section of the filing:

"In light of the great number of resort and lodging company takeovers in the last twelve to twenty four months at improving prices, it would be prudent for the management of GTA to re-evaluate its 6 plus year old plan of dissolution.

The obvious fact that the shareholder base has changed dramatically over the last 6 plus years since it was adopted, clearly means that it would be incumbent upon Management and the Board of Directors to seek a new consensus of the current shareholders.

To not do this would clearly be a disservice to shareholders and not in the spirit of maximizing shareholder value."

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