Scoop NYC, a struggling chain of 18 stores acquired by Yucaipa, needed help with merchandising.
There was Yucaipa, the Los Angeles investment firm run by billionaire Ron Burkle.
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Morgans's announcement of the recapitalization deal with Yucaipa came roughly two weeks after OTK went public with its concerns.
Yucaipa has agreed to backstop the program, meaning it will buy any stock that isn't purchased by other holders.
Yucaipa's two other nominees include StephenBollenbachStephen Bollenbach, chairman of KB Home, and Michael McQuary, chief executive of Wheego Electric Cars.
"Yucaipa believes no legitimate corporate purpose is served by treating the Riggios more favorably than other stockholders, " Yucaipa's statement said.
California billionaire Ronald Burkle and his firm Yucaipa Companies had been expected to be part of a local group bidding, but has pulled out.
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Mr. Kalisman and OTK reacted to the Yucaipa deal by immediately filing a derivative lawsuit pending in Delaware Chancery Court that seeks to block the deal.
The plan, which is supported by Morgans's board, calls for transferring to Yucaipa the Delano South Beach hotel and the company's Light Group food and beverage subsidiary.
The crash happened at 18:30 on Sunday near Yucaipa on the edges of the San Bernardino National Forest, some 80 miles (128 km) east of Los Angeles.
Graff says he's not interested in selling out, even at a time when private equity firms like Ronald Burkle's Yucaipa are investing in British jewelers Garrard and Stephen Webster.
Yucaipa, the investment firm headed by Burkle, said it plans to nominate Burkle and two others to the company's board at its annual meeting, which is scheduled for Sept. 28.
"Things get leaked to reporters and they get taken out of context, " says Burkle, 48, safely hidden behind the tinted windows of his Yucaipa Cos. holding company on Sunset Boulevard.
Morgans, headed by Yucaipa veteran Michael Gross as chief executive since 2011, is remaking itself into a hotel manager, divesting its hotels and keeping contracts to manage them for the new owners.
However, a Morgans spokesman said the Yucaipa deal was in the works for months, and OTK knew about it because an OTK principal, Jason Taubman Kalisman, is on Morgans's board and sat on the board committee evaluating the Yucaipa deal and other alternatives.
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