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Sessa Capital Files Lawsuit against Ashford Hospitality Prime over Change in Control Provision

2016-02-04 11:23:54| Jewelry - Topix.net

The suit seeks a ruling that the directors of Ashford Prime breached their fiduciary duties by inserting a change-in-control provision pertaining to shareholder elections into the Company's advisory agreement with the Company's external adviser, Ashford Inc., an entity for which Monty Bennett, the Chairman and CEO of the Company, also serves as Chairman and CEO. The Proxy Penalty imposes an outsized termination fee on the Company if shareholders elect a majority of directors not approved by the incumbent directors and thereafter Ashford Inc. elects to collect the fee.

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