Land and Buildings Reaches Agreement with FelCor Lodging Trust for Board Representation
The Wall Street Journal, Yahoo!Finance, Reuters, CNBC and numerous local and industry media publications have reported on an agreement reached between Olshan client Land and Buildings and FelCor Lodging Trust. Under the agreement, FelCor plans to appoint two new independent directors to its board of directors, who will then stand for re-election at the 2016 and 2017 annual meeting of stockholders. The two new independent directors will be mutually agreed upon by Felcor and Land and Buildings and will also be appointed one each to the finance committee and the executive committee of the board. Additionally, FelCor’s Board expects that one long-serving FelCor director will step down spring 2016 and another long-serving director will step down before FelCor’s 2017 annual meeting. FelCor is carrying out on its strategic plan as outlined by Land and Buildings which includes marketing five properties for sale, repurchasing shares of its stock at prices significantly below net asset value using asset sale proceeds and further reducing overall leverage. Steve Wolosky represented Land and Buildings in connection with its investment in FelCor Lodging Trust.