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Case Study Supporting View of Fiduciary Duty to Change Management

The dissident shareholder Mario Cibelli of Marathon Partners, LP, filed an SEC Form 13D report this morning with a letter (copied below) presenting a case study that, according to Mr. Cibelli, supports his view of fiduciary responsibility to change the management of Dover Motorsports, Inc.  A copy of the case study is included in an exhibit to the 13D report, and has been bookmarked for convenient access in the following copy of the filing:

Your questions and comments will be welcomed.

GL April 27, 2010

Gary Lutin, Forum chairman

c/o Lutin & Company

575 Madison Avenue, 10th Floor

New York, New York 10022

Tel: 212-605-0335





Exhibit: April 27, 2010, Mario Cibelli, c/o Cibelli Capital Management, L.L.C., SEC Form 13D/A No.21 (24 pages, 99 KB, in PDF format)


Via Fed-Ex


April 26, 2010


Trustees of RMT Trust

Michele M. Rollins

R. Randall Rollins

Henry B. Tippie


Board of Directors, Dover Motorsports, Inc.

Henry B. Tippie, Chairman

Denis McGlynn, Chief Executive Officer

Patrick J. Bagley

Kenneth K. Chalmers

Jeffrey W. Rollins

John W. Rollins, Jr.

R. Randall Rollins

Eugene W. Weaver


Dover Motorsports, Inc.

1311 N. DuPont Highway

Dover, Delaware 19903


RE:  Dover Motorsports, Inc. Case Study


Dear Trustees of RMT Trust and Board Members:


Please find enclosed a study that we sponsored, partly as a contribution to public education but also to obtain a clearly objective review of the Dover Motorsports situation for our own investment purposes.

We believe this objective and thorough review confirms our position that Mr. Tippie has not been performing his duties satisfactorily, and cannot be relied upon to do so in the future.  We recognize that Mr. Tippie's past accomplishments are significant and worthy of admiration, but whatever tribute is due cannot be imposed on the company's long-suffering shareholders.  Under these circumstances, it is the fiduciary responsibility of the company's directors as well as of the trustees of its controlling shareholder to act in the interest of those who rely upon them to assure the competent management of Dover Motorsports.


If you are reluctant to take the necessary actions yourselves, you should at least allow me to do so.  As you know from our reports, I have made sound preparations to assume this responsibility.




Mario D. Cibelli

Managing Member




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