Wilshire Enterprises, Inc. (AMEX: WOC) may have plans for the future but at least one shareholder is seeking to liquidate the real estate company. The firm has been hit hard by the sharp decline in housing combined with reduced access to debt and equity financing in a troubled market. As a result, many investors are questioning the best course of action going forward.

Management announced last week that it would move the firm in a new direction aimed at acquiring new properties and existing loans on attractive terms, employing an extensive network of contacts in the management and finance industries. Essentially, management is proposing that the firm take advantage of the low priced environment and attractive financing to profit in the long-run.

Full Value Advisors, which owns a 21% stake, doesn’t share management’s confidence. The activist hedge fund proposed that the company hold its annual shareholder meeting and explore a liquidity strategy instead of a growth strategy. The fund believes that pursuing a bird in hand liquidity event is a superior risk adjusted alternative to growing the company, particularly given its structure.

Full Value Advisors plans to institute this liquidity plan by nominating its own slate of directors to the board. Two positions would have been vacated on the board had the company held its 2008 annual meeting while the fund also proposed three other candidates for other spots that may open up if its first proposal to revamp the board is passed.

Wilshire is engaged primarily in the ownership and management of real estate investments in Arizona, Texas and New Jersey. Wilshire's portfolio of properties includes five rental apartment properties with 950 units, 10 condominium units, two office buildings and a retail/office center with approximately 200,000 square feet of office and retail space, and slightly more than 19 acres of land.