Hollywood Park resets annual meeting, mails proxy materials.Hollywood Park Hollywood Park may be several places:
Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other INGLEWOOD -- Hollywood Park Operating Co. and Hollywood Park Realty Enterprises Inc. mailed proxy materials out to shareholders last week, and postponed their joint annual meeting until Feb. 18. The meeting, previously slated for Jan. 28, was postponed to allow the courts time to rule on two lawsuits recently filed by the operating company's board and R.D. Hubbard, a Texas businessman who owns a 9.9 percent stake in the company. Hubbard gained control of the realty company's board just last month, and is now engaged in a bitter proxy fight Proxy Fight When a group of shareholders are persuaded to join forces and gather enough shareholder proxies to win a corporate vote. This is sometimes also referred to as a proxy battle. Notes: This term is mainly used in the context of takeovers. to gain control of the operating company operating company A business that engages in transactions with outsiders. , as well. "Hubbard wants to take control of your operating company without paying for your shares," management warned last week in a letter to shareholders. "A vote for the operating company's management is a vote for an open, fair and competitive sale process conducted by a committee of independent directors." The Hubbard-controlled board of Hollywood Park Realty recently rejected a proposal from the operating company's board that Hollywood Park be sold to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. . The operating company's management group claims Hubbard plans to shut down Hollywood Park, if he gains control, and sell off its real estate to developers. Hubbard, who owns and operates two other race tracks, insists he is committed to maintaining Hollywood Park as a race track. |
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