TarheelTraveler
newbie
DC News articles on UE and CRO:
This seems to be mostly from the 8-K, but still a nice summary.
http://destinationclubnews.com/News...te_Escapes_Appointment_of_CRO_Sheon_Karol.php
http://destinationclubnews.com/News_CRO_Sheon_Karol_And_His_Plans_For_Ultimate_Escapes.php
"...Earlier this week, Karol prepared a marketing plan identifying properties of Ultimate Escapes to be marketed and sold, including an "expected sales price" and "minimum sales price" for each. Following the approval of this plan by CapitalSource, Ultimate Escapes will begin listing such properties commercially.
Any offers that Karol deems to be "in the best interest" for the lender will be submitted to CapitalSource for approval. Offers above the minimum sales price however won't need approval from CapitalSource to be sold.
Karol will also be responsible for "creating and implementing an operating strategy designed to optimize cash flow from operations, formulating and directing the process for any potential sale and/or merger of UEH (Ultimate Escapes Holdings) or the Company’s vacation clubs, proposing, implementing and leading the Borrowers’ restructuring initiatives, formulating and directing the Borrowers’ asset disposition process, including the proposed sale of certain of the Borrowers’ specified properties, and evaluating and recommending the retention of any professionals, including an investment banker and/or real estate broker, to assist in accomplishing any of such actions...."
This seems to be mostly from the 8-K, but still a nice summary.
http://destinationclubnews.com/News...te_Escapes_Appointment_of_CRO_Sheon_Karol.php
http://destinationclubnews.com/News_CRO_Sheon_Karol_And_His_Plans_For_Ultimate_Escapes.php
"...Earlier this week, Karol prepared a marketing plan identifying properties of Ultimate Escapes to be marketed and sold, including an "expected sales price" and "minimum sales price" for each. Following the approval of this plan by CapitalSource, Ultimate Escapes will begin listing such properties commercially.
Any offers that Karol deems to be "in the best interest" for the lender will be submitted to CapitalSource for approval. Offers above the minimum sales price however won't need approval from CapitalSource to be sold.
Karol will also be responsible for "creating and implementing an operating strategy designed to optimize cash flow from operations, formulating and directing the process for any potential sale and/or merger of UEH (Ultimate Escapes Holdings) or the Company’s vacation clubs, proposing, implementing and leading the Borrowers’ restructuring initiatives, formulating and directing the Borrowers’ asset disposition process, including the proposed sale of certain of the Borrowers’ specified properties, and evaluating and recommending the retention of any professionals, including an investment banker and/or real estate broker, to assist in accomplishing any of such actions...."