The much-traveled Sacramento Kings should remain in that city rather than move to Seattle in a sale headed by Valiant Capital Management founder Chris Hansen, the National Basketball Association’s relocation committee said.
Morgans Hotel Group Co., the boutique-hotel operator under pressure from its largest shareholder, said Yucaipa Cos. will swap interests in the company’s convertible notes and preferred stock for its ownership in the Delano South Beach and the Light Group.
Morgans Hotel Group Co. directors’ vote to approve a recapitalization plan with billionaire Ron Burkle’s Yucaipa Cos. was invalid, a dissident director contends in a lawsuit over control of the hotelier’s board.
Morgans Hotel Group Co. today agreed to postpone a $6-a-share rights offering until at least May 16, while dissident investors seek to block a recapitalization plan with billionaire Ron Burkle’s Yucaipa Cos., court papers show.
Barnes & Noble Inc.’s shareholders voted to keep Chairman Leonard Riggio on the board of the company he founded, rejecting an attempt by Ron Burkle’s Yucaipa Cos. to shake up the largest U.S. bookstore chain.