> “What is the parallel legal and regulatory situation in Canada for equities traded there?”

…In Canada, the legal and regulatory landscape for equities traded on the stock market is distinct from that of the United States. Here are some key points:

1. Securities Regulation in Canada:
   • Unlike the U.S., Canada does not have a federal securities regulator. Instead, each province and territory has its own securities regulator with its own set of laws, regulations, rules, and policies.
   • The 13 provincial and territorial securities regulators collaborate to harmonize regulations across the country through rules known as “national instruments.”
   • Issuers can often rely on a “passport” system, allowing them to deal directly with only one or two regulators.
2. Distribution of Securities:
   • In Canada, a distribution of securities generally requires the filing of a prospectus unless otherwise exempt.
   • A prospectus provides comprehensive information about the issuer’s business and the securities being offered.
   • Reporting issuers (public companies) may avoid prospectus requirements by distributing securities to “accredited investors” or relying on other exemptions.
   • Private corporations can avoid prospectus requirements through a “private issuer” exemption.
3. Listing in Canada:
   • The Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSX-V) have traditionally been the major Canadian public stock exchanges.
   • Recently, issuers have also listed on the Cboe Canada (previously NEO Exchange) and the Canadian Securities Exchange (CSE).
   • Canada offers opportunities for corporations to go public and access capital markets at an earlier stage than other markets.
4. Compliance and Enforcement:
   • All Canadian equity marketplaces, including stock exchanges and alternative trading systems (ATS), must comply with Canadian securities laws and adhere to the Universal Market Integrity Rules (UMIR).
   • Consequences for non-compliance may include being placed on a list of defaulting reporting issuers, issuance of a cease-trade order, or delisting from the applicable stock exchange¹².

In summary, while Canada’s regulatory framework shares some similarities with the U.S., its decentralized approach and unique exemptions make it distinct. 🇨🇦📊…”

> “Who exerts regulatory authority when a U.S. based firm, say Flagship Communities REIT, is traded on the Toronto stock exchange? Do they have to comply with both U.S. laws as well as Canadian? In the case of questions of legality, since Flagship is based in the U.S. are U.S. regulatory authorities notified? Canadian? Both?”

When a U.S.-based firm, such as Flagship Communities REIT, is traded on the Toronto Stock Exchange (TSX), it operates within a dual regulatory framework:

1. Canadian Regulatory Authority:
   • The TSX is the primary regulatory authority for companies listed on its exchange.
   • Flagship Communities REIT, being listed under the symbol “MHC.U”, must fulfill all requirements set by the TSX for continued listing and compliance¹².
   • Canadian securities laws and regulations apply to Flagship’s operations in Canada.
2. U.S. Regulatory Authority:
   • As a U.S.-based company, Flagship Communities REIT is subject to U.S. securities laws and regulations, including those enforced by the Securities and Exchange Commission (SEC).
   • The SEC oversees disclosure requirements, financial reporting, and investor protection for U.S. companies, regardless of where their securities are traded.
   • Flagship must comply with U.S. laws related to financial reporting, insider trading, and other relevant matters.
3. Legal Questions and Notifications:
   • In cases involving questions of legality or potential violations, both U.S. and Canadian regulatory authorities may be notified.
   • If there are material discrepancies, false statements, or other legal issues, Flagship would need to address them with both the SEC and the TSX.
   • The company’s leadership has a duty to promptly disclose any material information to investors and regulatory bodies in both jurisdictions.

In summary, Flagship Communities REIT must navigate the regulatory requirements of both countries, ensuring compliance with U.S. and Canadian laws while maintaining transparency and accountability to investors on both sides of the border. 🌐📊 …”

5)

Note “transparency and accountability” to investors on “both sides of the border” is needed by Flagship, which must comply with both U.S. and Canadian law, per Copilot. “The SEC oversees disclosure requirements, financial reporting, and investor protection for U.S. companies, regardless of where their securities are traded.”

Those regulatory and legal points noted, on 2.12.2024 the most recent IR pitch from Flagship is dated 11.15.2023.

6)

Flagship Disclaimers

Some investors may skip or skim past the IR disclaimers in much the same way that people accept “terms of use” with a simple click, not reading what might be dozens of pages of terms and conditions designed by attorneys for a firm’s legal defense. That sort of common practice may not be advisable for MHVille firms that are publicly-traded and which are members of MHI, as this example from Flagship will reveal.

Per “Disclaimers” on page 2 of that Flagship IR pitch deck dated November 15, 2023 is the following section.

Market and Industry Data

This presentation includes market and industry data and forecasts that were obtained from third‐party sources,
industry publications and publicly available information as well as industry data prepared by management on the
basis of its knowledge of the multifamily/apartment industry in which the REIT will operate (including management’s
estimates and assumptions relating to the industry based on that knowledge). Management’s knowledge of the
manufactured housing community has been developed through its experience and participation in the industry.
Management believes that its industry data is accurate and that its estimates and assumptions are reasonable, but
there can be no assurance as to the accuracy or completeness of this data. Third‐party sources generally state
that the information contained therein has been obtained from sources believed to be reliable, but there can be no
assurance as to the accuracy or completeness of included information. Although management believes it to be
reliable, neither the REIT nor the Underwriters have independently verified any of the data from management or
third‐party sources referred to in this presentation or analyzed or verified the underlying studies or surveys relied
upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such
sources. …”

So, among the “third‐party sources” are “industry publications and publicly available information.”  This sheds light on what might be thought of as part of the reason(s) for the existence of Equity LifeStyle Properties (ELS) owned MHVillage‘s (a.k.a. MHV- as in the headline) MHInsider trade publication.

7)

Frankly, there is an evidence-based argument to be made – and Flagship’s remarks above helps make that case – that heavy industry traffic per se isn’t what matters to MHVillage’s MHInsider.

MHInsider suspended revealing their traffic some time ago, following several MHProNews fact checks and reports. The example below illustrates. In an industry of supposedly 75,000 or more full time equivalent (FTE) employees, with untold tens of thousands of potential retail investors looking for insights on specific corporate or general manufactured housing industry information, one might think that the thousands of visitors daily coming to a site like ours. Given MHVillage’s MHInsider claims, one might think it would be true for them too, but is it? Here is what MHInsider claims: “MHInsider is the leading information source for the manufactured housing industry, providing the manufactured housing news, legislative updates, operational insight, data, statistics, and trends for manufactured housing professionals.” But is that true in either the quality of their information or the quantity of their visitors? Because that is not what MHInsider’s own view-counter revealed.

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8)

But prior to MHInsider’s suspension of showing page views, fact checks were performed by MHProNews that included screen captures of the pageviews of various MHInsider articles. They were routinely low to very low pageviews (see example above). During the time that they made that information publicly available, MHProNews did not discern any evidence that their traffic was increasing, or if it did, not markedly so.

Additionally, a prior advertiser of MHInsider and MHProNews informed us that they got ZERO leads from the MHInsider publication. By comparison, numbers of leads originated from MHProNews, per that source. That is another reasonable indicator of both the quality and low quantity of MHInsider’s traffic.

So, that begs the question. What is that platform’s true purpose? Why are some firms paying decent bucks for ads to be placed there? Flagship arguably offers an example that appears to shed light on that commonsense inquiry.

9)

As was noted above in #6, per Flagship’s IR disclosures: among the “third‐party sources” are “industry publications” they have used apparently include MHInsider. 

It is a reasonable question to ask, does MHInsider exist in part to give possible cover to publicly traded firms in precisely the manner that Flagship disclosed above how they use “industry publications” as an information source?

Flagship has apparently done so.

If so, MHInsider leaders’ have not explicitly said so to this publication in recent years as a result of inquiries directed to them, nor for other reasons.

With that factual and reason-based backdrop, note that under the bright ESG letters in the image collage posted below, the Flagship Communities Executive Takes to the Road Eyes Future Growth article was published by MHInsider.

10)

Among the implication of these facts and pieces of evidence is this. Using possibly tainted information could give “plausible deniability” to Flagship’s management, IF their disclaimers stood up to legal pressures in the case of regulatory and/or civil litigation. Unfortunately for Flagship leaders, sources deemed reliable have informed MHProNews that Flagship leaders are among our readers. While that isn’t proof that they know that the audience for MHInsider appears to be thin at best, it is reason to think that Flagship knows the truth about MHInsider, potentially from both that organization directly and from this publication.

11)

From page 11 of their 11.2023 IR pitch is the following.

Proven Operator

• Industry primarily comprised of local owner-operators
• Top 50 investors estimated to control ~17% of manufactured housing lots for rent
• ~5,300 communities within Flagship’s current target markets”

Note that report is planned for tomorrow (Sunday 3.3.2024) that will shed additional light on some of these same issues involving other MHI connected sources.

Further note that another MHI member recently said, per a mainstream media report, that there are 100 consolidators actively engaged in the manufactured home community (MHC) sector. So, while the statements above may be true, they may also be somewhat misleading. In no particular order of importance are the following.

• Imagine if the apartment industry was celebrating no new apartment construction. That’s a possible parallel to MHCs.
• Something can be true but can nevertheless be misleading if it lacks proper context. See definition for paltering.
• “New Supply Constraints” (see below). Similar to the language used by Equity LifeStyle Properties (ELS) or Sun Communities, Flagship’s IR pitch seems to celebrate the fact that there are “new supply [of manufactured home land-lease community] constraints.” This is a clear indication by Flagship’s management of their investment thesis.

• Competing land uses
  ▪ Scarcity of land zoned for manufactured housing development
  ▪ Municipal governments prefer multi-family and single-family development

There are multiple possible problems with this IR thesis.  Among them is potential for antitrust and/or RICO, or other violations of the law. It also begs questions about MHI. MHI’s board members, which includes Flagship’s Nathan Smith, is duty bound to represent the interests of “all segments” of their membership, which they say represents “all segments” of the manufactured housing industry. Based on their own investor pitch, perhaps 80 percent of the industry’s land lease communities are owned by local operators, sometimes called “mom and pop” operations. One might think that the board should be tilted toward those greater numbers of potential members. As was noted in the report linked below, MHI has consistently claimed that they are working to fully and properly implement the same laws that MHARR is, including the “enhanced preemption” provision of the Manufactured Housing Improvement Act of 2000 (MHIA or what MHARR aptly calls the 2000 Reform Law or 2000 Reform Act).

Note: to expand this image below to a larger or full size, see the instructions

12)

Some prior insights regarding Flagship are highlighted by the following Copilot Q&A.

> “Flagship Communities (TSX: MHC.U) (TSX: MHC.UN) and its predecessor business name (SSK Communities) has reportedly had several problematic reports about their business ethics and customer service. For instance, they reportedly have had D- and F ratings from the Better Business Bureau. They had a suit brought against them by their residents. Frank Rolfe, not known himself for his business ethics, said that the behavior of Nathan Smith and his company put other manufactured home community operators at risk. Mainstream media reported on several concerning legal and ethical issues. Can you provide a more detailed look on those concerns and link the results?”

13)

To further explore and explain the possible ramifications of the facts and evidence being presented for the broader industry, consider the following Q&A with Copilot.

> “There have been evidence-based allegations that the Manufactured Housing Institute favors larger firms that are consolidators among their members over smaller members. Per the law, business ethics, and various regulations, the board of directors is supposed to represent all interests of the members, correct? If a board of directors in an organization like the Institute are favoring larger brands over smaller ones to the demonstrable detriment of the smaller one, are their possible legal implications for those board members and top staff leaders of the Manufactured Housing Institute?”

I am not a lawyer, but I can offer some general insights. When it comes to the actions of a board of directors within an organization like the Manufactured Housing Institute (MHI), several factors come into play:

1. Fiduciary Duty: Board members have a fiduciary duty to act in the best interests of the organization and its members. This duty includes representing all members, regardless of their size or influence. If board members prioritize larger firms to the detriment of smaller ones, they may be breaching their fiduciary duty.
2. Business Ethics and Legal Obligations:
   • Business Ethics: Favoring larger firms over smaller ones could be seen as unethical, especially if it harms the smaller members.
   • Legal Obligations: Depending on the specific circumstances, there may be legal obligations related to fair treatment, transparency, and equal representation. Violating these obligations could lead to legal consequences.
3. Possible Legal Implications:
   • Breach of Fiduciary Duty: If board members are found to have breached their fiduciary duty by favoring larger firms, they could face legal action from affected members.
   • Antitrust Concerns: If actions by the board result in anticompetitive behavior (such as stifling competition or limiting market access for smaller firms), antitrust laws may come into play.
   • Lawsuits: Smaller members could potentially file lawsuits against the board or the organization if they can demonstrate harm caused by discriminatory practices.
4. Investigations and Regulatory Agencies:
   • Regulatory agencies (such as the Federal Trade Commission) may investigate allegations of unfair practices or anticompetitive behavior.
   • State laws and regulations may also apply, depending on the jurisdiction.
5. Transparency and Accountability:
   • Board decisions should be transparent, and members have the right to know how decisions are made.
   • If there is evidence of favoritism, members can demand accountability and transparency.
6. Internal Governance and Bylaws:
   • MHI’s bylaws and internal governance structure play a crucial role. If the bylaws explicitly require equal representation or prohibit discriminatory practices, violating those provisions could have consequences.

In summary, while I cannot provide legal advice, it’s essential for any organization’s board of directors to act ethically, transparently, and in the best interests of all members. If you believe there are issues, consulting legal professionals or regulatory authorities would be advisable to explore potential legal implications ….”

14)

In asking the question in #12 above to Bing’s AI powered Copilot, the words “link results” were mistakenly omitted. So, the question above was repeated, with those words added. Note that considerable different response by Copilot as a result. Those last two words or in bold for emphasis, below.

> “There have been evidence-based allegations that the Manufactured Housing Institute favors larger firms that are consolidators among their members over smaller members. Per the law, business ethics, and various regulations, the board of directors is supposed to represent all interests of the members, correct? If a board of directors in an organization like the Institute are favoring larger brands over smaller ones to the demonstrable detriment of the smaller one, are their possible legal implications for those board members and top staff leaders of the Manufactured Housing Institute? Link results.”

The Manufactured Housing Institute (MHI) is the national trade organization representing all segments of the factory-built housing industry. While MHI aims to advocate for the industry as a whole, allegations of favoritism toward larger firms have raised concerns.

Here are some key points to consider:

1. Board of Directors Responsibility:
   • The board of directors in any organization, including MHI, has a fiduciary duty to act in the best interests of the organization and its members.
   • This duty includes representing the diverse interests of all members, regardless of their size or market position.
2. Legal Implications:
   • If board members and top staff leaders of MHI are demonstrably favoring larger brands over smaller ones to the detriment of the latter, there could be legal implications.
   • Potential legal issues might include breach of fiduciary duty, conflicts of interest, and violations of antitrust laws.
   • However, specific legal implications would depend on the facts, circumstances, and applicable laws.
3. Enhanced Preemption:
   • The Manufactured Housing Improvement Act of 2000 (MHIA) includes provisions related to “enhanced preemption.” This provision allows federal law to preempt local zoning rules that bar manufactured housing.
   • MHI has been involved in advocating for this enhanced preemption, which could impact smaller manufacturers and communities.
4. Transparency and Accountability:
   • Transparency and accountability are crucial for any organization’s leadership.
   • If MHI’s board members and top staff leaders are not fulfilling their duties impartially, it could lead to legal challenges or reputational damage.
5. Further Investigation:
   • To assess potential legal implications, a thorough investigation would be necessary.
   • Legal experts would need to review the specific actions, motivations, and consequences to determine if any legal violations occurred.

In summary, while allegations of favoritism raise concerns, a comprehensive legal analysis would be required to determine the exact implications for board members and top staff leaders of MHI. It is advisable to consult legal professionals to assess the situation fully¹²³.

Learn more

1 manufacturedhousingassociationregulatoryreform.org 2 manufacturedhomepronews.com 3 manufacturedhomepronews.com 4 bing.com 5 manufacturedhousing.org 6 manufacturedhomepronews.com 7 manufacturedhomelivingnews.com 8  manufacturedhomepronews.com 9 manufacturedhousingassociationregulatoryreform.org 10 matthews.com11 mhinsider.com 12 manufacturedhousing.org 13 manufacturedhousing.org 14 bing.com 15 manufacturedhousing.org 16 manufacturedhomepronews.com 17 bing.com 18 manufacturedhomepronews.com 19 manufacturedhomepronews.com 20 manufacturedhomepronews.com 21 manufacturedhomepronews.com 22 manufacturedhomepronews.com 23 manufacturedhomelivingnews.com…”

15)

> “Like you, I’m not an attorney. It is my understanding that when a nonprofit is asked for their bylaws and governing documents that they are supposed to provide them, is that correct? What references can you provide to that question? Link results.”

 

Certainly! When it comes to nonprofit organizations, there are legal requirements regarding the disclosure of bylaws and governing documents. Here are some key points:

1. IRS Requirements:
   • The Internal Revenue Service (IRS) requires tax-exempt organizations (such as 501©(3) nonprofits) to submit organizational documents and bylaws (if adopted) with their application for exemption.
   • The IRS reviews these documents to ensure that the organization is organized exclusively for exempt purposes and that its proposed or actual activities align with those documents¹.
2. State Laws:
   • Most states require nonprofits to have bylaws, including all New England states.
   • While many states do not require a copy of the bylaws to be on public record, it’s essential to check with your state Secretary of State for specific requirements².
3. Purpose of Bylaws:
   • Nonprofit bylaws serve as the organization’s operating manual.
   • They outline responsibilities of board members, conflict resolution procedures, voting rules, and conflict-of-interest policies.
   • Bylaws help prevent or resolve conflicts and protect the organization by clearly defining rules and expectations³.
4. Public Disclosure:
   • Tax-exempt organizations must make annual returns and exemption applications filed with the IRS available for public inspection and copying upon request.
   • The IRS also makes these documents available to the public.
   • Bylaws are not typically public documents, but they should be included when filing for tax-exempt status⁴.

Remember that bylaws are essential for guiding your nonprofit’s actions, ensuring transparency, and maintaining compliance with state and federal laws. If you have specific questions or need further details, consult legal professionals or your state’s regulatory agencies. 📜🔍

Learn more

1 irs.gov 2 legalfoodhub.org 3 donorbox.org 4 irs.gov 5 boardsource.org 6 tenenbaumlegal.com 7 boardsource.org 8 boardsource.org 9 bing.com 10 501c3.org 11 givebutter.com 12 charitylawyerblog.com 13 irs.gov14 irs.gov…”

16)

> “Let’s consider the law of supply and demand and how it relates to the manufactured home community sector. Flagship Communities, Equity LifeStyle Properties, Sun Communities, and other consolidators of manufactured home properties made it plain in investor relations pitches that they find it useful to their business model that there have been very few new developments of land-lease communities in the 21st century, correct? There is also the phenomenon of hundreds, perhaps thousands of older mobile home parks and manufactured home communities that have been closed and redeveloped. So, there are apparently fewer communities today than 24 years ago, right? Prominent Manufactured Housing Institute (MHI) member Frank Rolfe made a public appeal for no new developments. Rolfe and his partner Dave Reynold have said there should be a relentless push to raise rents. Several states and federal officials have taken up the cause of residents of so-called “predatory” community operators who are often Manufactured Housing Institute members and/or are members of an Institute state affiliate to protect residents from often sharp increases in site fees (lot rents), water or other fees for residents, and/or in rules for their residents that may be used to essentially force economic or other evictions. There are several possible ramifications for the industry due to this multi-year pattern, right? Doesn’t it tend to give the industry a public relations black eye? And doesn’t it tend to create regulatory barriers that puts pressure on all operators, not just predatory ones? Furthermore, as the population rises, and the affordable housing crisis worsens, it seems that the law of supply and demand will mean more pressure on site fees, correct? And this apparently artificially constrained dynamic and complaints from residents has led to multiple national class action antitrust suits, often targeting members that are consolidators and who are MHI or MHI state affiliate members? Link results.”

You’ve raised several important points regarding the manufactured home community sector and its relationship to supply and demand, business practices, and regulatory challenges. Let’s break down some of these aspects:

1. Supply and Demand:
   • It’s true that there have been very few new developments of land-lease communities in recent years. Consolidators like Flagship Communities, Equity LifeStyle Properties, and Sun Communities have focused on acquiring existing properties rather than developing new ones.
   • The closure and redevelopment of older mobile home parks and manufactured home communities have indeed reduced the overall number of communities available today compared to 24 years ago.
2. Business Practices and Public Relations:
   • Prominent figures like Frank Rolfe have advocated against new developments and pushed for rent increases. These practices have drawn criticism and created public relations challenges for the industry.
   • The actions of some community operators have led to complaints from residents and regulatory scrutiny. This not only affects the operators involved but also impacts the industry’s reputation as a whole.
3. Regulatory Barriers and Antitrust Suits:
   • Regulatory barriers have arisen due to complaints from residents and the need to protect them from unfair practices.
   • As the population grows and the affordable housing crisis worsens, the pressure on site fees (lot rents) is likely to increase, further complicating the situation.
   • Multiple national class action antitrust suits have targeted consolidators, including those affiliated with the Manufactured Housing Institute (MHI).

In summary, the complex interplay of supply and demand, business practices, regulatory challenges, and public perception has significant implications for the manufactured home community sector. It’s essential for industry stakeholders to find a balance that ensures fair treatment of residents while maintaining a sustainable business model¹²³⁴

Learn more

1 manufacturedhomepronews.com 2 manufacturedhomepronews.com 3 manufacturedhomelivingnews.com 4 manufacturedhomepronews.com 5 flagshipcommunities.com 6 flagshipcommunities.com 7 businessethicsnetwork.org 8 manufacturedhomepronews.com 9 manufacturedhomelivingnews.com 10 manufacturedhomelivingnews.com 11 manufacturedhomepronews.com 12 manufacturedhomepronews.com 13 manufacturedhomepronews.com 14 ctb.ku.edu 15 academic.oup.com…”

17)

With the above in mind, the two reports linked below take on a clearer understanding.

 

 

18)

Some related reports to Flagship, ELS, Sun, and some others are linked for a deeper understanding of these issues.

 

 

 

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below the graphic below or click the image and follow the prompts.

 

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below the graphic below or click the image and follow the prompts.

 

19)

In fairness to Flagship, they were not named in the known initial wave of antitrust lawsuits. There may be specific reasons for that, or it may be an oversight on the part of plaintiffs attorneys. Something similar should be noted about Frank Rolfe and Dave Reynolds connected Impact Communities, or other possible targets for such litigation.  That said, the fact that multiple such suits have been launched in roughly a 6-month timeframe is itself an indication of a significant problem.  The supposed attempts to rebut those concerns are linked below along with links to some of those suits.

 

 

 

20)

Note that Yes! Communities, Flagship, and others that are ‘MHI award winners’ are among those who have been hit by these antitrust suits.

 

 

21)

Among manufactured housing trade media, there is an evidence-based case to be made that MHProNews/MHLivingNews have led the charge in exposing these troubling issues and the implications for the industry at large as well as for consumers and taxpayers. Numbers of our reports foreshadowed the issues that are not coming forward with litigation. Some of those are linked below. The first one below was months before the first of the suits named above was filed.  Others were before then. Rephrased, our platforms have presented the evidence with analysis that have given industry professionals and others the facts with expert insights that foreshadowed what is now developing.

 

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below the graphic below or click the image and follow the prompts.

 

Part III – is our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.

This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report, so that investors can see at glance the type of topics may have influenced other investors. Thus, our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines.

The macro market move graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.

In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.

Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.

 

Headlines from left-of-center CNN Business – from 3.1.2024

• Ozempic is coming for gyms. Here’s how they’re responding
• Federal Reserve Chair Jerome Powell holds a press conference following the release of the Fed’s interest rate policy decision at the Federal Reserve in Washington, U.S., January 31, 2024.
• The US economy is so strong that there might not be any rate cuts in 2024
• Iowa guard Caitlin Clark (22) moves the ball down court during the second half of an NCAA college basketball game against Michigan, Thursday, Feb. 15, 2024, in Iowa City, Iowa. Iowa won 106-89.
• Ticket prices to see Caitlin Clark are still crazy expensive
• The “DC Versus Marvel Omnibus,” to be released August 6, 2024, is a collection of various crossover comics, and just the second collaboration by DC and Marvel in two decades.
• Superman vs. Spider-Man is back. DC and Marvel are reprinting coveted crossover comics
• We each have an average of 100 online accounts. Here’s how to make sure they aren’t a nightmare for your family if you die
• Chick-fil-A tells people to throw away Polynesian sauce cups over allergy concerns
• A harbour in Monte-Carlo, Monaco in May 2023. The principality is renowned for its ultra-low-tax regime.
• A global tax on billionaires is on the agenda. Will it ever happen?
• General view of an Apache helicopter flying over the Los Angeles South Bay area on February 11, 2024 in Los Angeles, California.
• Boeing fined $51 million for violating Arms Export Control Act
• EV maker Fisker says it may go out of business
• Stanley tumblers are displayed on a shelf at a Dick’s Sporting Goods store on February 02, 2024 in Daly City, California. The wildly popular Stanley mugs are going viral again, this time many of the users are claiming that the products contain lead.
• Stanley cup maker has a plan to make its product launches less chaotic
• Few large employers alter abortion coverage after Supreme Court ruling
• Millennials stand to become the richest generation in history, after $90 trillion wealth transfer
• The New York Times stands by its reporting on the Hamas terror attack after questions are raised
• Retailers warn Wall Street to expect less shopping this year
• Elon Musk sues OpenAI and CEO Sam Altman for breach of contract
• Top soccer clubs are using an AI-powered app to scout future stars
• The world’s fastest-growing big economy is living up to its billing
• How Trump, suddenly strapped for cash, could raise more than half a billion dollars to satisfy judgments against him
• China’s factories send mixed signals about the economy, pressing Beijing to do more
• Judge holds veteran journalist Catherine Herridge in contempt for refusing to reveal her sources
• Mouthwash recalled nationwide over poisoning risk
• ‘I have become traumatized.’ Jewish students describe campus antisemitism
• NYCB shares tumble after regional lender swaps out CEO, says it identified ‘material weakness’ in internal controls

 

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below the graphic below or click the image and follow the prompts.

 

Headlines from right-of-center Newsmax 3.1.2024

• Trump Floats 15-Week Limit on Abortions
• Israel at War
• Hamas Armed Wing Says Seven Hostages Killed in Gaza
• Biden Approves Aid Drops Into Gaza
• US Blocks UN Resolution Condemning Israel
• Doctor: Gunfire Caused Most Aid-Convoy Wounded
• Report: 15 IDF Soldiers Killed or Injured in Gaza
• Gaza Health Authorities: Israeli Fire Kills 104 Waiting for Aid
• Israel to US: No Retreat Until Hamas Defeated
• Report: US Worried Israel Might Invade Lebanon
• Defensive Iran Readies Hezbollah for Attack on Israel
• Newsmax TV
• Va. AG: Time to Oust Biden With 25th Amendment
• Napolitano: Fani Willis Is ‘Toxic’ | video
• Lt. Gov. Jones: Looking Into Taking Funds From Athens | video
• Donalds: Hunter Biden Probe Will Continue
• Jason Smith: Biden Most Corrupt, Compromised President | video
• McCormick: Biden Decline Clear | video
• Alford: Biden Is Scared of Putin | video
• Newsfront
• Bud Light Boycott Cost Anheuser $1.4B in Lost Sales
• Anheuser-Busch lost $1.4 billion in sales due to the Bud Light boycott, with its market share only very slowly inching back up, CNN reports…. [Full Story]
• Hunter Claim: Didn’t Notice ‘Big Guy’ With Equity Stake
• Hunter Biden was so awash in cash from China that he didn’t notice [Full Story] | video
• Senators Warn of Social Security Overpayment Debt
• Legislators are sounding the alarm about Social Security overpayments [Full Story]
• Hungary’s Orban: Reelect Trump to End Ukraine War
• Hungarian Prime Minister Viktor Orbn said Friday that he will visit [Full Story]
• Related
• Biden and Italy’s Meloni to Hold Talks at Time of Worries about Ukraine, Political Headwinds at Home
• Pentagon Weighs Plan to Ship Weapons to Ukraine
• Macron Defends Stance on Possible Ukraine Troop Deployment |video
• Arizona’s New Voting Laws That Require Proof of Citizenship Not Discriminatory: US Judge
• A federal judge is upholding provisions of new Arizona laws that [Full Story]
• Haley: Trump Cases Must Be ‘Dealt With’ By November
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Note: to expand this image below to a larger or full size, see the instructions
below the graphic below or click the image and follow the prompts.

Notice: MHProNews invites the firms named in these reports to respond to any concerns about possibly inaccurate information via email that identifies the concern and offers evidence that sheds a different light on the topic discussed. That said, neither MHI nor MHI publicly traded ‘insider brands’ have done so. They’ve been repeatedly invited to do so, including an outreach on Dec 7, 2o23.

APO = Apolo Global Management – bought Inspire Communities

BAM = Brookfield Asset Management – owns and invests in manufactured home communities (MHCs).

BLK = BlackRock – conglomerate has investments in firms and operations involved in manufactured housing.

BRK-A = Berkshire Hathaway – includes outright ownership of Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance, other manufactured home industry linked firms (MHC brokerage, suppliers, etc.).

BX = Blackstone – Blackstone Group LP has made its first big bet on manufactured housing by buying a portfolio of communities sold by Tricon Capital Group Inc.

CDPYF = Canadian Apartment Properties Real Estate Investment Trust – also has manufactured home communities (MHCs).

CIGI = Colliers International Group Inc. – The Manufactured Housing and RV Group “We Assist Owners and Investors with Disposition, Acquisition, and Financing for Manufactured Housing Communities and RV Parks.”

CG = The Carlyle Group – has manufactured home communities investments.

CSGP = CoStar Group – is commercial real estate’s leading provider of information, analytics and online marketplaces. They acquired listing service Homes.com.

CVCO = Cavco Industries – manufactured home and other factory-built housing production, retail, finance, insurance.

ECNCF = ECN Capital Group – includes manufactured home lender Triad Financial Services.

ELS = Equity LifeStyle Properties – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations, and parent to Datacomp/MHVillage.

FGF = FG Financial Group – FG Communities “Owns and Operates Growing Portfolio of Manufactured Housing Communities.” KEY = KeyCorp – manufactured home community financing and manufactured home single-family mortgage financing.

KMMPF = Killam Apartment REITs- (includes manufactured home communities (MHCs).

LCII = LCI Industries – components for the manufactured home industry and others (RVs, housing, etc.).

LEGH = Legacy Housing – produces manufactured homes, tiny houses, retail, and captive finance operations.

LPX = Louisiana Pacific Corporation – components for the manufactured home industry and others (housing, etc.).

MHC-UN.TO = Flagship Communities Real Estate Investment Trust (REIT).

MHPC = Manufactured Housing Properties – land lease manufactured home communities (MHCs).

MMI = Marcus and Millichap – commercial real estate brokerage services that include land lease manufactured home communities (MHCs).

NOBH = Nobility Homes – produces and offers captive retail, financing, and insurance services for HUD Code manufactured homes and modular homes.

PATK = Patrick Industries – components for the manufactured home industry and others (RVs, housing, etc.).

SKY = Skyline Champion – produces and offers captive retail, financing, and insurance for HUD Code manufactured homes and modular homes.

SUI = Sun Communities – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations.

UMH = UMH Properties – includes land lease manufactured home communities and captive manufactured home retail, leasing, and financing operations.

UFPI = UFP Industries – components for the manufactured home industry and others (housing, etc.).

• • • NOTE 1: Chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
    • NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
    • NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.
    • Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
    • Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.

 

2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.

 

2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.

====================================

Disclosure. MHProNews holds no positions in the stocks in this report.

· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

• Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
• Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
• Note 3:
  

  APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities,  KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. 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.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements 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. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but those sites get more much more total traffic). Statistics Data Infographics Research Facts Evidence and manufactured housing industry expert analysis make us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.