I called Wintergreen and spoke with their proxy advisor. Other than typical smoke and mirrors, all I got out of him was their allegations about insider dealing.

Here's what I think is going on - Wintergreen bought this stock all the way up to $70/share, per the Proxy. The s/term fundamentals have changed, due to the downturn in the commercial re markets, specifically for land sales in Jacksonville, FL. So . . . Wintergreen is stuck. It's unlikely CTO gets back to anywhere near $70 for awhile and let's face it, the yield is pretty low. It is an asset play, with current return coming from the net-leased properties. The income they throw off is not enough to justify a $70/share price and it may take a while for the macro fundamentals in the Jax, FL land market to get real positive. In order for Wintergreen to try and get at least their cost back, they need to do something to drive the price up. The allegations and slate of directors is it. Otherwise, they are sitting on this one for a while, or selling at a loss.

They made a mistake and are trying to get out from under it.