Here’s a novel idea from a shareholder:
Let’s get Newby to provide company names and addresses of park owners in the state of Florida. We then send an “interest of sale” letter to each explaining details which concern us, name and phone number of a contact person who could provide necessary specifics (e.g. map of Tropicana, particulars of shareholder concerns—money, rent, improvements etc.,) and to provide a “drop dead” date to submit offers.
Form a committee after the “drop dead” date to analyze submitted offers. Then meet with all shareholders and provide recommendations accordingly.
Once we decide (shareholders and committee) to deal with a specific offer, we vote on whether to negotiate concerning that offer of interest.
Then negotiating teams do their thing to create an agreement and submit it to shareholders for a final vote. But this time the vote will be different: No other solicited or unsolicited offers would be considered after the “drop dead” date.
We all know that the appraised value of Tropicana was: $64,500,000—not $100,000,000. Keep this appraisal in mind.
The offer from MHM is very intriguing , to say the least, as well as suspicious when considering the size of the package and timing of the submittal.
One worry I have is a possible lawsuit from the Murex Carlyle Group. I think consideration of the non-disclosure agreement and the shield of fiduciary responsibility could pose a serious legal impediment.
Let’s get it done!
Thanks Ted. Maybe we should do it the South American Way. Here is Marisa Monte: