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To: E_K_S who wrote (33923)	3/23/2009 4:10:50 PM
From: Madharry	Read Replies (1) \| Respond to of 78744

that amount of insider buying is so small its downright embarassing. I was reading something over the weekend about how employees will feel better about their 401 k s tanking because they options are being repriced. as a shareholder this would be just one more thing to get ouraged about. I dont see any circumstances under which employees should get their options repriced. In fact. on thing i would be in favor of , and this is someone elses idea is instead of paying cash bonuses to pay stock bonuses based upon a predetermined number of shares. that way if the the stock tumbles during the year the employees get to share shareholder pain, and of course they get to share in the joy. I just read in Barrons that Ackman wants to appoint 3 members to tgt board of directors. it seems that his fund owns 7 times as much stock as the entire BOD and senior management . Makes a lot of sense to me.

To: E_K_S who wrote (33923)	3/25/2009 3:59:09 PM
From: E_K_S	1 Recommendation Read Replies (1) \| Respond to of 78744

Brandywine Realty Trust (BDN) CFO Howard Sipzner buys 20,000 Shares gurufocus.com This is his biggest buy since December 4, 2008 when he bought $30K shares at $4.00/share. A few more buys of this size by Directors and Officers may signal a good entry point to buy some more of the BDN preferred series shares. ============================================================ Re: HRPT Properties Trust (HRP) On Wednesday, May 13, 2009, HRPT Properties Trust (HRP) will hold their BOD meeting where they will vote "To approve an amendment to their declaration of trust that would authorize the Board to effect reverse splits of their common shares..." , This will impact the HRPpD convertible preferred stock as it is a convertible preferred. From the Proxy:"... proportional adjustments may also be made to other securities of ours then outstanding which are exercisable for or exchangeable or convertible into our common shares, such as for example our Series D Cumulative Convertible Preferred Shares, in accordance with the terms of those securities.... In the case of a 2 for one reverse split, the conversion rate will change from 1.9231:1 to 0.9616:1. The $25.00/share liquidation value should remain unchanged. I do not think there is any impact on either the preferred C or the preferred B series as neither series are convertible into common and are not mentioned in the proxy statement. The biggest impact will be share dilution if the company uses these new "reversed shares" to pay the common dividend in the future. I do not anticipate this occurring. Therefore, with a reverse split, there may not be any significant advantage (to the upside) to owning the Series D convertible preferred. Disclosure: I own a small amount of both the preferred D and preferred B series and no common shares. Both the HRP preferred B & C shares continue to look attractive to me at prices in the low $9 and $8 respectively. I am using these shares as higher risk bond substitutes in the portfolio. They throw off high income and have an excellent chance for future appreciation. EKS