James Grosfeld will request the CART Board of Directors to "consider" making Chris Pook President and Cheif Operating Officer. The statement was made in a Schedule 13d filed with the Securities and Exchange commission on Tuesday. Previously,...
James Grosfeld will request the CART Board of Directors to "consider" making Chris Pook President and Cheif Operating Officer. The statement was made in a Schedule 13d filed with the Securities and Exchange commission on Tuesday.
Previously, Jon Vannini had made a similar statement in his Part I latest filing. Board member and team owner, Gerald Forsythe replied in a later filing, that the suggestion to appoint Pook was "inappropriate as Pook is "under contract to another company"."
Pook is currently under contract to the Long Beach Grand Prix Association. He is also involved in discussions with the officials of St. Petersburg, Florida to bring a 2003 CART race to that city.
The CART Board of Directors is scheduled to meet the first week in December.
Currently Grosfeld holds the voting power over i.518 million shares or 10.3% of the outstanding of CART stock. Gerald Forsythe has 11.44%, and Jon Vannini has 8.07% of the outstanding stock.
Below is the full text of Item 4 "Purpose of Transaction" as filed in the Shedule 13D filing:
The Reporting Persons acquired the Common Stock beneficially owned by them for investment purposes, because they believe that the trading prices of the Common Stock in the public market do not adequately reflect the potential value of CART's underlying business and assets. As substantial shareholders of CART, the Reporting Persons expect and intend to explore and be receptive to opportunities to enhance the value of the Common Stock beneficially owned by the Reporting Persons, including changes to the composition of CART's Board of Directors, management or both, and extraordinary transactions involving CART. Mr. Grosfeld plans to request that the CART Board of Directors consider the appointment of Christopher Pook as the President and Chief Executive Officer of CART.
In addition, the Reporting Persons may encourage CART to explore strategic alternatives to increase shareholder value and, depending on CART's response, may consider pursuing such alternatives on their own or with third parties. However, the Reporting Persons currently have no specific plans or proposals with respect to these matters.