New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 29, 2014
12:20 EDTAPPAmerican Apparel adopts stockholder rights plan after Dov Charney filing
American Apparel announced that a special committee of its Board of Directors has adopted a one-year stockholder rights plan that is designed to strengthen the ability of the Board of Directors to protect the company's stockholders. The company's stockholder rights plan was adopted in response to reports of rapid accumulations of the company's outstanding common stock. The special committee believes this plan is an important tool to ensure that all American Apparel stockholders are treated fairly. This decision was made in the context of today's SEC filing by Dov Charney in which he expressed an intent to acquire control or influence over the company. The Board of Directors previously suspended Mr. Charney as CEO and declared its intent to terminate him for cause based on an ongoing investigation of misconduct. The rights plan is designed to limit the ability of any person or group, including Dov Charney, to seize control of the company without appropriately compensating all American Apparel stockholders. It is intended to provide the Board of Directors and stockholders with time to make informed judgments. It does not affect trading by passive investors, as it allows such investors to accumulate as much as 15% of the company's common stock and has no impact on a takeover proposal for the entire company acceptable to the holders of a majority of the company's shares. Under the terms of the rights plan, Dov Charney will not be deemed to “beneficially own” any of the securities beneficially owned by Standard General, SG, as referenced in Amendment No. 13 to the Schedule 13D dated December 12, 2007, filed by Mr. Charney on June 27, solely by reason of the letter agreement dated June 25, between Dov Charney and SG . However, Charney will be deemed to “beneficially own” all such securities beneficially owned by SG upon either entry into the definitive loan documents contemplated by the Letter Agreement, entry into the cooperation agreement contemplated by the Letter Agreement, any purchase of securities by Charney from SG following execution of the Letter Agreement or entry into any other agreement, arrangement or understanding with SG which would otherwise give Mr. Charney beneficial ownership of the securities beneficially owned by SG.
News For APP From The Last 14 Days
Check below for free stories on APP the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 23, 2014
18:05 EDTAPPAmerican Apparel names four new board members, including one woman
Subscribe for More Information
13:13 EDTAPPAmerican Apparel hopes to resolve Dov Charney situation by August, Reuters says
Subscribe for More Information
July 18, 2014
17:25 EDTAPPStandard General working with American Apparel to restructure loan
On July 16, Lion/Hollywood assigned its rights and obligations as a lender under the credit agreement dated as of May 22, 2013 by and among the company, the facility guarantors party thereto, Lion/Hollywood as the initial lender and the other lenders party thereto to Standard General. Standard General purchased the loan in order to resolve any disputes over any alleged events of default under the credit agreement and does not believe that there has been an event of default under the credit agreement. Standard General is working with American Apparel to restructure the loan. As previously discussed on July 11, Standard General is prepared to lend its credibility and capital resources to assist American Apparel in accordance with the support agreement described therein.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use