Sessa Capital says their nominees includes individuals with “experience as a public company CEO and CFO, along with multiple public company directorship”.
We already looked at Wheeler’s CEO stint. How about that of Philip Livingston, Sessa Capital nominee, who drove Ambassador’s Group into the ground? We looked at that already also. And, sure enough, the CFO mentioned refers to John Petry himself. While he was CFO at Columbus Hill, he missed the fact that his COO was embezzling money from the company!
“Investment banking hospitality experience and service as a board member of multiple public companies”
Well, not exactly. Sessa Capital nominee Daniel B. Silvers was, at one time, “a senior member of the real estate, gaming and lodging investment banking group at Bear, Stearns and Co., Inc. from 1999 to 2005.” What we aren’t told is just how many actual hospitality activities this Sessa Capital nominee engaged in at Bear. How many deals did this Sessa Capital nominee put together? How many deals did he lead? What, exactly, was this hospitality experience? When one digs deeper, one notes that he was also involved in gaming as part of this job. He subsequently was on the Board of International Game Technology and the parent company of the illegal online poker website, PartyPoker.
Now he’s joined the board of Pico Holdings – an insurance company.
“A strong reputation as a well-known corporate governance expert, professor, and author”
In the most bizarre offering, nominee Lawrence Cunningham is listed as a nominee. Because he is an alleged “expert” in corporate governance, this makes him qualified to actually be on the Board of Directors of AHP, a hospitality company?
If his credentials are so amazing, then why haven’t other mega-cap companies been pounding down his door to join their boards? Why does he suddenly get pulled in to this job during a proxy fight over a micro-cap REIT? I should think that such a grand expert would be highly sought after!