Country Coach founder sells National R.V. stock.Byline: Tim Christie Christie can refer to:
Country Coach founder Bob Lee's divorce from National R.V. Holdings National R.V. Holdings (NYSE:NVH) is a company from the north of Perris, California, that makes recreational vehicles. The company is divided into two subsidiaries: National R.V., Inc., (diesel and gasoline RVs), and Country Coach, Inc. (diesel RVs only). Inc. is final. Lee confirmed Monday that he sold the last of his stock in the California parent company of Junction City-based Country Coach - 577,906 shares, or about 5.6 percent of the company's shares - on Jan. 5, for an average price of $3.50 per share. The news was first reported by the trade publication RV Business, but National R.V. has not yet filed anything with the Securities and Exchange Commission. Lee didn't want to discuss his reasons for selling - "I just decided it was time for me to get out of the way," he said - but his unhappiness with the company's direction has been clear for more than a year. Lee sold Country Coach, which he founded in 1973 in Junction City Junction City, city (1990 pop. 20,604), seat of Geary co., NE Kans., at the confluence of the Republican and Smoky Hill rivers; inc. 1859. The rail, trade, and processing center of an agricultural and dairy area, it grew as the supply point for nearby Fort Riley, as Country Camper, to National R.V. in 1996 for $9 million in stock and the assumption of $10.1 million in debt. He continued to serve as Country Coach's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and joined the corporate board in 1998. In November 2005, he joined Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. Bryant Riley in an unsuccessful bid to take over National R.V. Holdings, based in Perris, Calif. They offered $6.25 per share in cash for the outstanding shares, plus the assumption of debt. Last August, Lee resigned from National R.V.'s board, saying in a letter that the board had refused to deal with "the ongoing crisis" that "threatens the very future of this company." He called for CEO Brad Albrechtsen to resign. Since Albrechtsen was promoted to CEO in September 2001, National R.V. has lost $84.3 million, posting red ink red ink Health administration A popular term for financial losses. Cf in the Black. in 17 of the past 21 quarters, including the last nine straight. Last November, Lee joined with a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of equity fund, Monomoy Capital Partners, to acquire a Yakima, Wash., RV maker, Western Recreational Vehicles Inc. Lee was named chairman of the board. National R.V., meanwhile, in a move to raise much-needed cash, has reached a deal to sell its Perris plant and lease the property back for up to 20 years. The $31.75 million deal with First Industrial Acquisitions Inc. is set to close Feb. 15. National R.V. operates two manufacturing divisions, Country Coach and Perris-based National RV. Country Coach, which employs about 1,700 workers in Junction City, has been profitable, while the National RV division has struggled, company officials have said. |
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