Originally Posted by JHrefugee
... I do not believe LBO owns 14m shares of common stock. It's alot less and it is preferred stock. I would have loved to be a fly on the wall when he talked those boys from Texas into basically buying a majority stake in the company for a bunch of cash...
Just going by ASC's SEC filings and annual report. And personal sources which I won't reveal. From the 2006 annual report:Our company is controlled by a small number of principal stockholders.
As a result of a stockholders’ agreement and the terms of the preferred stock held by Oak Hill Capital Partners, L.P. and certain related entities (Oak Hill), and Leslie B. Otten (Mr. Otten), the holder of all of the 14,760,530 shares of Class A common stock, Oak Hill controls a majority of our board of directors. Oak Hill also owns all of our outstanding Series C-1 Preferred Stock and Series C-2 Preferred Stock. Oak Hill may have interests different from the interests of the holders of our common stock.
Oak Hill may have interests different from the interests of the holders of our common stock.
On that you can bet!
Mr. Otten wants to be in control again and if Oak Hill can ever be paid back, the primary common stock holder in the company will see to it that Mr. Fair and his team will be on their backsides faster than a back seat newbie.