Just days after MHProNews reported on multiple insiders at prominent Manufactured Housing Institute (MHI) member Skyline Champion selling shares of SKY stock, MHProNews can now report that high profile MHI member Equity LifeStyle Properties (ELS) Executive Vice President (EVP), Chief Operating Officer (COO), and MHI executive committee member Patrick Waite has sold over $1.4 million dollars’ worth of shares in ELS. That will be Part I of this report with analysis. Part II will be a focused look at researcher-author William Lutz on CSPAN discussing doublespeak, which MHProNews will suggest applies to the current landscape in the U.S., oftentimes including manufactured housing.
Part I
1) Financial news sites such as Benzinga, StreetInsider, and MarketBeat have reported on the sale of over ELS stock by Patrick Waite. Per MarketBeat, the following was published on 8.20.2024, which cited a regulatory filing with the Securities and Exchange Commission (SEC). Note, MHProNews’ Masthead publishing this quote should not be construed as plugging their free report.
Equity LifeStyle Properties, Inc. (NYSE:ELS – Get Free Report) COO Patrick Waite sold 20,820 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $70.23, for a total value of $1,462,188.60. Following the completion of the sale, the chief operating officer now owns 221,777 shares in the company, valued at $15,575,398.71. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
1a)
2) MHProNews has done several reports in recent weeks and months on ELS. They include the following.
The deep dive article below was posted on August 12, 2024. So, just days after the MHProNews report, Waite sold $1,462,188.6 worth of ELS stock.
3) The article below was uploaded on July 31, 2024. It looks at apparent conflicts of interest and purported failures to disclose that may be materially relevant to investors in ELS.
4) Recall that on May 25, 2024, MHProNews reported that the Rosen Law firm was preparing a contingency fee suit against ELS on behalf of shareholders. Rosen alleges materially misleading information was provided to investors, which is something that ELS has essentially admitted.
5) It is difficult to dispute that ELS is profitable or has made shareholders money. But based on known evidence, there are several active and potential suits that exist precisely because of business practices and decisions made by ELS leadership. ELS has not only a seat on the powerful MHI executive committee (i.e.: Patrick Waite, ELS EVP and COO), but they have another seat on the MHI board (i.e.: ELS’ Ron Bunce).
There is a duality that MHProNews has stressed about MHI for some years. Indeed, someone could make the evidence-based argument that there are several dualities operating at MHI. Oxford Languages defines duality like this: “an instance of opposition or contrast between two concepts or two aspects of something; a dualism:”
For example. MHI formally claims to have certain policy priorities. This story below was “Uploaded on: August 11, 2024.” Oxford Languages defines weasel words as:
-
words or statements that are intentionally ambiguous or misleading.
6) MHI, and “insider” firms like ELS arguably has a serious problem. Starting on their website’s home page, they claim that they want to see industry growth. They have said something similar that in their IRS form 990 filings.
On 8.22.2024 MHI’s website at about 4:43 AM, top of fold, looked like this. 1) They assert, check that, they are “celebrating” their 50 years “partnership” with HUD. 2) They says they are “elevating housing innovation” and are “expanding attainable homeownership.” 3) They say they are “representing” “all segments” of the factory-built housing industry. 4) They say they are “trusted partner, advocate, and industry leader.” They say they exist to “Grow your business” “Get the tools, platform, and information you need.” Each of those words have specific meaning. MHI has an attorney and has access to several attorneys. Each of the companies on the MHI Executive Committee, not to mention board members, routinely have a general counsel and access to outside counsel too. The common understanding of such terminology would suggest that MHI is providing information and advocacy services aimed at expanding the industry through relationships that they have at HUD or other federal regulators, lawmakers, public officials, etc.
But several of those claims are laughable on their face if someone bothers to look at a production graphic for manufactured housing that covers the past 3 decades. Perhaps that is why weasel words, paltering, double-think and double speak are necessary at MHI? Perhaps that is why Orwellian communications, the memory hole method to eliminate seemingly contradictory or potentially problematic facts, insights, or names of some of their own leaders and previously ‘awarded’ members? They are often withholding information, rather than providing it. They are eliminating facts, rather than providing them. The industry has shrunk dramatically rather than growing or being elevated. And their most recent “news” items on this date is from July and June. It is nearing the end of August.
The latest “news” is July 10, 2024. It is August 22, 2024. This ‘news’ section is more akin to MHI propaganda, examples of MHI elevating itself and their supposed efforts. But if these efforts are sincere in pushing for growth, then where are the measurable results? Measurable in terms of increased industry production vs. increased industry consolidation? Businesses commonly use what are known as Key Performance Indicators (KPI). Sales or production are among those KPIs. If that is the measure, in historical terms, MHI is demonstrably failing. So what, are they trusted to fail? Or is the unstated agenda the actual one, which is consolidation of what MHI insiders have called a fragmented industry? MHI’s board and staff can hardly deny what their own publicly traded firm members have told their own actual and potential investors via their respective investor relations pitches.
7) The late ELS vice chairman, Howard Walker, J.D., was an attorney. He understood the importance of disclosures. He also understood the importance of accuracy in language. He praised this publication and our sister site. Do the math.
8) With that backdrop to ELS’s Waite’s stock sale, now let’s pivot to Part II on Orwellian notions like doublespeak and doublethink.
Part II Additional Information with More Masthead on MHProNews Analysis and Editorial Commentary
1) William Lutz is the author of Doublespeak. According to the Internet Archive,
In this seminal book, Lutz articulates that the goal of doublespeak is “to distort reality and corrupt thought.”
Doublespeak is the language of non-responsibility, carefully constructed to appear to communicate when it fact it doesn’t. In this lively and eye-opening expose, originally published in 1989, linguist William Lutz identifies the four most common types of doublespeak—euphemism, jargon, gobbledygook or “bureaucratese,” and inflated language—showing how each is used in business, advertising, medicine, government, and the military. In this seminal book, Lutz articulates that the goal of doublespeak is “to distort reality and corrupt thought.”
2) The video interview below with CSPAN is insightful and condenses down several of the key points.
Lutz’s book is provided below.
Note that it is Lutz who said that politicians, government officials, business and advertisers use Orwellian doublespeak to mislead listeners. While that was 45 years ago, that doesn’t mean that this is now outdated. Rather, that reveals how long such practices have been occurring in the offices of certain firms, organizations, politicos and others. The video below was posted 2 months ago. It uses some of the same elements above, but it also uses clips from an older Goerge Orwell’s classic dystopian cautionary novel, Nineteen Eighty Four (1984). Recall that Orwell has been described as a disillusioned socialist. It is entitled:
Orwell’s Warning: The Insidious Nature of Political Language
and was posted by The Machiavellians. It has eclipsed some four hundred thousand views.
3) While “Fluent in BS” may be viewed as somewhat tongue in cheek, it is a serious topic that MHProNews has explored for years under similar terms such as paltering and “true lies.” Some of what is said may be technically true, but what is not said or stressed is where the deception enters the picture.
4) Michael Lebowitz’s look at how Warren Buffett apparently palters is a useful specific example.
5) It may be innocent timing, on the part of Waite, to sell that $1.4 million dollars’ worth of ELS shares. Or perhaps, it may be akin to what has occurred at Skyline Champion, where 11 insider sales have been reportedly occurred in the past year, with no insider buying. Restated, as ‘the heat’ from facts, evidence and exposes published by MHARR, MHProNews, and MHLivingNews rises, it may be that some ‘insiders’ at MHI member firms are
6) Why is manufactured housing underperforming during an affordable housing crisis? The reasons are several, says, MHARR’s Mark Weiss. But key among them are the “bottlenecks” of a lack of competitive financing, and zoning/placement barriers. Yet both of those items were addressed by federal action in Congress. The Loper Bright ruling has made enforcement of those laws arguably easier. MHI has thus far failed to mention the Loper Bright SCOTUS ruling on the public side of their website. Curious, curious indeed, is it not? It is almost as if MHI is posturing efforts rather than seriously pushing to get organic growth. If so, who does that benefit? Consolidators, like ELS. ELS already faces several price fixing/antitrust claims. Oligopoly style of monopolization was all but bragged about by the late Sam Zell. Coincidences? Or tell tale clues that MHI is operating on behalf of those consolidators, rather than on behalf of independent producers, retailers, community operators and consumers? MHI and ELS have not responded to inquires on such topics. Silence may be golden, it may be guaranteed under the 5th Amendment, but it may also be a clue that they have something to hide. See the deeper dives in the related reports to learn more. ##
[cp_popup display=”inline” style_id=”139941″ step_id = “1”][/cp_popup]
Stay tuned for more of what is ‘behind the curtains’ as well as what is obvious and in your face reporting that are not found anywhere else in MHVille. It is all here, which may explain why this is the runaway largest and most-read source for authentic manufactured home “News through the lens of manufactured homes and factory-built housing” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing.
For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.
This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
Connect on LinkedIn: http://www.linkedin.com/in/latonykovach</s
