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Forum Report: Dover Motorsports, Inc.
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:
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April 27, 2010, Mario Cibelli, c/o Cibelli Capital Management, L.L.C., SEC Form 13D/A No.21 with
Exhibits: April 26, 2010 letter to the Trustees of RMT Trust and Directors of Dover Motorsports, Inc.,
with referenced case study (24 pages,
99
KB, in
PDF format)
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
Email:
gl@shareholderforum.com
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)
Board of Directors, Dover Motorsports, Inc.
Henry B. Tippie, Chairman
Denis McGlynn, Chief Executive Officer
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.
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