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Great Wolf Resorts' shareholders urges sale of company, again
By Lisa Kerner
Charlotte, N.C., March 2 - Jason Ader, one of the largest shareholders of Great Wolf Resorts, Inc. common stock, expressed "extreme disappointment" in the company's management and board and demanded that the company be sold in order to maximize shareholder value.
Adler, affiliated with Hayground Cove Asset Management LLC, owns 2,375,155 shares, or 7.78%, of the company's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.
Ader reiterated his discussions with former board chairman Bruce Neviaser and chief executive officer John Emery regarding the price of Great Wolf Resorts' stock. Since August 2006, Ader said he has recommended the sale of the company, according to a letter to Great Wolf Resorts' board included as part of the SEC filing.
"I continue to believe there is intrinsic value in the business, but I don't have confidence that current management or the current board can - on their own - unlock this value for shareholders. I find it irresponsible that Mr. Emery simply refused to return any follow-up calls from the UBS bankers - and has not begun any alternative sale process. Now is not the time to continue to wait for performance to bail you out," Ader said in his letter.
Ader also asserted that Neviaser, a 5.5% shareholder, was forced off the board for understanding the need to sell Great Wolf Resorts.
"I eagerly await the announcement of your engagement of an investment bank to advise you regarding strategic alternatives. Clearly, you cannot do it on your own," Ader said.
Great Wolf Resorts is a family entertainment resort company based in Madison, Wis.
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