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April 2, 2014
09:05 EDTMHGCKerrisdale Capital sends letter to Morgans Hotel to refute board statements
In the letter, Kerrisdale Capital said, "We believe that Morgans' improved earnings are the result of the Yucaipa-appointed management team, and are not a result of any actions of the current Board. Reducing corporate expenses provides minimal value to shareholders, since an acquirer can reduce corporate expenses itself. Given that the current Board is responsible for Morgans' exposure to costly litigation, we find it inappropriate that the Board celebrates resolving the costly litigation that they themselves invited. In terms of the de-risking of a legacy balance sheet and refinancing of the Hudson and Delano mortgages, the current Board has merely replaced lower-cost debt with higher-cost debt, while incurring unnecessary refinancing fees."
News For MHGC From The Last 14 Days
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May 21, 2015
07:09 EDTMHGCBurkle pressured Morgans Hotel CEO to resign, NY Post reports
The resignation yesterday of Morgans Hotel Group interim CEO Jason Kalisman was a victory for Ron Burkle's Yucaipa Cos., New York Post reports, citing a source close to the situation. Burkle pressured Kalisman to resign after trying to block his attempts to sell the company's most valuable properties, the Post adds. Reference Link
May 19, 2015
17:27 EDTMHGCMorgans Hotel announces Jason Kalisman resigned as Interim CEO
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