Burkle Demands Morgans Hotel Sale After CEO Resigns

By Liz Hoffman (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 Michael Gross, who announced his resignation Monday after not receiving a seat on the new...

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