Morgans Hotel Draws Yet Another Activist As Tables Turn

Law360, New York (September 23, 2013, 5:03 PM EDT) -- Forty North Management LLC, a shadowy New York investment fund, disclosed a stake Monday in Morgans Hotel Group Co., taking aim at a board that was itself installed less than three months ago by a dissident shareholder.

Forty North has acquired a 5.4 percent stake in Morgans, a struggling owner of  luxury hotels, since late July and said it thinks the shares are undervalued. The fund said it might seek talks with Morgans' management and board, as well as with other stockholders.

The news comes just...
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