Ratner continues to push shareholders to nix transaction

ED CARROLL | STAFF REPORTER

ecarroll@cjn.org | @EdCarrollCJN

For the second week in a row, Forest City Realty Trust co-chairman emeritus and former CEO Albert Ratner has urged Forest City shareholders to vote against the company’s pending acquisition by Brookfield Property Partners, writing Nov. 1 that Forest City’s recently reported third quarter earnings were “further evidence that the Forest City Board of Directors significantly undervalued the company under the terms of its proposed sale.”

Ratner again urged his fellow shareholders to vote to reject the transaction during the company’s special meeting Nov. 15. The Nov. 1 letter follows a letter he wrote to shareholders on Oct. 25, where he put out five arguments against the proposed sale, including Ratner’s belief that the sale price is too low and the process has been flawed, among other arguments.

In the most recent letter, Ratner said the company’s third quarter results show how undervalued the sale is for shareholders.

“The price agreed upon by the company’s Board of Directors amounts to only slightly more than its equity book value stated at cost, as reflected on the company’s balance sheet as of Sept. 30,” Ratner wrote in the letter. “The balance sheet shows equity at cost (total equity plus accumulated depreciation) of over $5.9 billion, or $21.86 per share. By paying an effective price of $24.99 per share –taking into account the two quarters of dividends that Forest City shareholders will forego as a result of the deal and assuming a quarterly dividend of $0.18 (which, as demonstrated below, should be much higher in light of the company’s significant net earnings this year) –Brookfield will be capturing for itself the significant value appreciation that the company has realized from its ownership of iconic buildings in major markets (e.g., The New York Times building in NYC) for only $3.13 per share, or approximately $845 million in total.”

Ratner and his family members’ ownership stakes add up to approximately 10 percent of Forest City’s outstanding shares. He noted in the release that new board members were named after a board “refresh” in March and six of the seven directors who supported the sale had only been on the board for 66 days prior to reaching the agreement with Brookfield, and appear to be in “an unnecessary rush to sell the company, given that the terms negotiated failed to generate the value that it could have for shareholders.”

“The strong third quarter and nine-month results reveal a more favorable overall risk profile for Forest City, which begs the question, why did the Board agree to such a fire sale price?” wrote Ratner in the release. “And shouldn’t the proxy be amended to include current events, and to refresh the projections ... to reflect these results?”

jHUB offers Hanukkah in a Box

jHUB is shipping free Chanukah kits to residents of Greater Cleveland. Each kit contains materials and information to celebrate the holiday, with explanations to share the tradition with interfaith families.

To order a kit, visit bit.ly/2ARVixX. Orders must be placed before Nov. 16.

For more information, visit jhubcle.org.

Hollander sisters to perform Nov. 9

Anshe Chesed Fairmount Temple will host a performance by the Hollander sisters at 6:15 p.m. Nov. 9 at the temple, 23737 Fairmount Blvd. in Beachwood.

The sisters, Celia Hollander Lewis, Anita Hollander and the Rev. Rachel Hollander, will be joined by Celia’s husband, Charlie Lewis, and Anita’s daughter, Holland Hamilton. The group will meld traditional prayers and songs with music by James Taylor and others.

The service is open to all and is followed by a reception.

Holocaust conference Nov. 9-12

The World Federation of Jewish Child Survivors of the Holocaust and Descendants will hold its 30th annual conference Nov. 9-12 at the West Palm Beach Marriott Hotel, 1001 Okeechobee Blvd. in West Palm Beachwood. The event will feature keynote speakers, workshops and panels.

For more information, visit holocaustchild.org.

Rabbi Zinger to speak Nov. 9-11

The community Beit Midrash at Fuchs Mizrachi School and Fuchs Mizrachi School will host its “Shabbat of Connection and Inspiration with Rav Dov Zinger” from Nov. 9 to Nov. 11 at various locations. Shabbat services begin at 5 p.m. Nov. 9 at Green Road Synagogue, 2437 S. Green Road in Beachwood. Later that evening, an oneg Shabbat service will be held at 8:15 at the home of Deborah and Meir Pollack. The theme is “Simcha Bonah Manhigut: Happiness Builds Leadership.”

Shabbat services will begin at 9:45 a.m. Nov. 10 at Green Road Synagogue. A seudah shelishit service will follow at 5 p.m. at Oheb Zedek Cedar Sinai, 23749 Cedar Road in Lyndhurst.

Sunday morning services begin at 8:45 Nov. 11 at Fuchs Mizrachi School, 26600 Shaker Blvd. in Beachwood. The theme for the day is “Boker D’veykut: A Morning Dedicated to Enhancing our Tefillot.” There will be two options for attendees: a talk by Zinger or a talk with Daniella Robicsek Botnick. Breakfast and discussion will follow at 9:45.

Gates Mills

Stately and grand, this French Country home is truly magnificent sited on 8 plus breathtaking acres with a spectacular carriage house as well! The grand formal living room and dining room are fabulous for entertaining or you can relax in the fabulous family room which features French doors which open onto a patio. $1,075,000

Gracious all Brick Georgian Colonial located on a magnificent wooded culdesac lot offering serenity and privacy! Impressive 2 story entry, lovely formal living & dining rooms, magnificent family room opens into screened porch overlooking pool and superb grounds, 1st floor library with built-ins, and large center island gourmet kitchen. $899,900

PEPPER

Pike

Remarkable custom built home with a fabulous and unique flair of French doors, a gorgeous limestone floor throughout most of the first floor, and a luxurious first floor master suite! The dramatic two story foyer with a magnificent wrought iron railing sets the stage for this gorgeous home! $795,000

SOLON

Absolutely gorgeous free standing cluster home in sought after Signature II of Solon. This home was custom designed and built and has the best of everything! Spectacular professional décor and incredible quality materials add to the beauty of this home which features a wide open flowing floor plan, and walls of windows. $645,000

Zinger will speak about “Bringing the Third Partner Into Our Homes” at 8:15 p.m. at the home of Anna and Elisha Fredman.

For more information, call Fuchs Mizrachi School at 216-932-0220.

Heights foundation reunion Nov. 10

Heights Schools Foundation will hold its second annual Golden Tigers reunion at 11:30 a.m. Nov. 10 at Landerhaven, 6111 Landerhaven Drive in Mayfield Heights.

SOLON

Fantastic home located in North Solon that has the benefit of the Orange School system! This home has a fabulous floor plan highlighted by a spectacular two story Great Room, a first floor library with access to a full bath(could be 5th bedroom), and a center-island gourmet dream kitchen with granite counter tops! $475,000

Cleveland Heights

This classic center hall Cleveland Heights Colonial is utterly charming and ready to move into and enjoy!! You will fall in love with the gorgeous formal main living room and dining room which both feature a leaded glass bay window and gleaming hardwood floors! The entry hall is impressive and the staircase leads to a beautiful landing. $299,900

The reunion is for graduates from the class of 1968 and earlier. Activities include a keynote speaker, a presentation, a musical performance from current students, a social hour and lunch.

Dress code is dressy casual. A pre-reunion tour of the high school will be at 10.

Admission is $29.

For more information or to RSVP, contact Betsy Friedlander Stimpert at 216-320-2206 or betsy@heightsschoolsfoundation.org.

CWRU Tribe Talk to cover Pittsburgh attack Nov. 11

Case Western Reserve University’s Siegal Lifelong Learning program will host another installment of its Tribe Talk: New Jewish Conversations series at 6 p.m. Nov. 11 at Landmark Centre, 25700 Science Park Drive in Beachwood.

The theme of the talk, “Conversation on the Pittsburgh Attack,” will feature Rabbi Jeremy Pappas, regional director of the ADL in Cleveland. Brian Amkraut, executive director of Siegal Lifelong Learning, and Alanna Cooper, director of the lifelong learning progam, will moderate.

Brief presentations will be followed by a moderated open discussion.

The event is free, but RSVPs are encouraged. For more information and to RSVP, visit bit.ly/2RFoGwT.

Tribe Talk is an interactive discussion series in partnership with the Cleveland Jewish News and the Cleveland Jewish News Foundation.

jHUB to hold “Giving Thanks” event Nov. 11 in Solon

jHUB and PJ Library will host its “Giving Thanks” event from 2:30 to 4 p.m. Nov. 11 at Cuyahoga County Public Library’s Solon branch, 34125 Portz Parkway in Solon.

There will be stories, crafts and music.

The event is free, but RSVPS are required at bit.ly/2D9JDgp.

Diamond to speak at genealogy talks Nov. 11 in Beachwood

Genealogist Lara Diamond will speak at two events Nov. 11 at Landmark Centre, 25700 Science Park Drive in Beachwood.

From 1 to 2:30 p.m., Diamond will discuss “DNA 101: How to Use Genetic Testing for Genealogical Research.”

From 3 to 4, she will discuss “Sorting Out Distant Cousins from Close Family: Genetic Testing in Cases of Endogamy.”

Both talks are $5 for general admission and free for Case Western Reserve University’s Siegal Lifelong Learning program members.

For more information, visit case.edu/lifelonglearning or call 216-368-2091.

Blecher to speak at Orange Library Nov. 12

Doug Blecher of Autism Personal Coach will discuss “Becoming a Successful Adult with Autism” at 7 p.m. Nov. 12 at Cuyahoga County Public Library’s Orange branch, 31975 Chagrin Blvd. in Pepper Pike.

Blecher will discuss how to overcome challenges in adulthood. For more information and to register, visit cuyahogalibrary.org or call 216-831-4282.

Schwarz to discuss filmmaking Nov. 13 at Park

Ivan Schwarz, president of the Cleveland Film Commission, will speak about filmmaking in Cleveland at 1 p.m. Nov. 13 during a Park Synagogue sisterhood program at Park Synagogue East, 27500 Shaker Blvd. in Pepper Pike.

“Fun With Yiddish” with Annabelle Weiss will be at 10 a.m., followed by Josh Kramer who will speak about Moishe House at 10:45. Rabbi Joshua Skoff will speak about “Contemporary Views in the News” at 11:30. A luncheon will follow at 12:15 p.m.

Author Namdar to speak at events Nov. 15, 16 in Beachwood

Ruby Namdar, author of Israel’s Sapir Prize winner “The Ruined House,” will speak at two events co-sponsored by the Case Western Reserve University Siegal Lifelong Learning program and the Maltz Museum of Jewish Heritage in Beachwood.

Namdar will join Siegal director Alanna Cooper for “Conversations On Judaism and the Arts: The Talmud as Inspiration for Contemporary Literature” at 7 p.m. Nov. 15 at the Landmark Centre, 25700 Science Park in Beachwood.

Cooper and Namdar will discuss how the Talmud inspired Namdar as a modern Jewish writer and will explore art as a creative spiritual practice.

Namdar will present “Living in English, Writing in Hebrew” at 10 a.m. Nov. 16 at the Maltz Museum of Jewish Heritage, 2929 Richmond Road in Beachwood.

He will discuss what it means today to be an “Israeli author,” and how his work redefines the term. He also will discuss his relationship with great Jewish-American authors, and the rewards and setbacks of living in one language and writing in another.

Each event will be $5 for members of the Maltz Museum or Siegal Lifelong Learning and $10 for nonmembers.

For more information, visit bit.ly/2RL33wc or call 216-368-2091.