Many people have requested to know more about the backgrounds of the POAGI Finance Subcommittee that resigned en masse, as well as other POAGI members that have resigned. The following are some but not all of the POAGI members that have resigned.
The Finance Subcommittee was comprised of eight prominent property owners, not counting the head of the Subcommittee. This group represented over 300 years of experience in requisite accounting and financial experience. Six of the members held CPA designations. The group included retired partners from Deloitte & Touche, KPMG and Ernst & Young. Additionally, members of the group held advanced degrees in Business Administration, Finance, Mathematics, and Accountancy. The group also included two members with significant Commercial Banking experience at Senior Management levels. Another member of the Subcommittee had over 25 years experience in Venture Capital and Private Equity transactions, as well as real estate development and finance experience. Two members of the group served as Chief Financial Officer (CFO) for several public and private companies. Finally, one of the members served for 12 years focusing on Mergers and Acquisitions consulting for clients of Deloitte & Touche. These highly skilled professionals are experts in due diligence, financial risk, and deal structuring. Their resignations were and are a serious wake-up call and should not be dismissed lightly as to their significance.
The finance group resigned for a variety of reasons. The following is a copy of their resignation letter stating their reasons.
In addition to the above resignations, two attorneys from a highly respected Atlanta law firm resigned almost simultaneously with the Finance Subcommittee. One was a POAGI steering committee member and the other was on the Inspections Subcommittee. They both left their respective POAGI positions over legal and financial reservations about the deal.
Additionally, a member of the Communications Subcommittee and former long-time CEO of several healthcare corporations resigned for similar reasons.
The Committee for an Informed Vote encourages every property owner to fully consider the message delivered by these finance, legal and business professionals who have seen this deal from the inside and decided they did not want their name associated with it.