Beach and his firm shot back press releases claiming Goldstein is an amateur stockholder dissident who has no experience in running or selling a public company.

Two weeks before the vote, Institutional Shareholder Services, a proxy advisory firm, recommended that Captec stockholders vote in favor of the company's proposed merger.

According to Captec, the ISS said in a Nov. 2 report that it "believes that the board took the necessary steps in conducting a thorough and fair process to sell Captec, including its non-real estate assets. Furthermore, the CNLR merge appears to be a sound transaction for shareholders and maximizes shareholder value. The merger warrants shareholder support."

Goldstein had said instead of the merger, the company should consider either liquidation or a restructured merger with CNLR or another company, but with the excluded assets being placed in a liquidating trust. Goldstein would not return phone calls on whether he will try to have the deal rejected.