Will EPL plans to exchange bonds for stock jeopardize shareholder interests?
TEQUESTA, Fla., April 3 /PRNewswire/ -- In a letter to Alan D. Bell, Chief Restructuring Officer, and the Board of Directors of Energy Partners, LTD (EPL), Charles Reinwald, Chairman of the Cancer Cure Coalition (CCC), personally holding a quarter million shares as well as representing CCC which holds 1,200 shares, expressed deep concern over a proposed bond buyout of the company's notes for its stock. The result, if adopted, would virtually wipe out the value of the shareholders' stock. He noted that Carlson Capital, a large bond holder, holds three of the 7 seats on the board and points out this is a conflict of interest. He also asked if any severance payments were made to Richard Bachmann, former CEO, and Joseph T. Leary, former CFO. Mr. Reinwald suggested that a Shareholder Committee be formed to protect the shareholders' interests.
If you would like more information, a copy of Mr. Reinwald's letter, or to discuss establishing a shareholder's protection committee, contact Mr. Reinwald at (541) 359-1851 or e-mail him at firstname.lastname@example.org
|SOURCE Cancer Cure Coalition|
Copyright©2009 PR Newswire.
All rights reserved