Burkle Demands Morgans Hotel Sale After CEO Resigns

Law360, New York (September 4, 2013, 1:20 PM EDT) -- Ron Burkle, the largest creditor of Morgans Hotel Group Co., on Tuesday demanded that the company look for a buyer after its CEO resigned, the latest fallout from a shareholder coup that ousted Morgans' board in June.

Burkle, whose Yucaipa Cos. LLC owns $230 million in Morgans securities, criticized Chairman Jason Kalisman for his handling of a sales process that was underway when Kalisman's investment firm, OTK Associates LLC, seized control. Burkle accused OTK of dragging its feet on a sale and purging critics like CEO...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.