Sunrise Senior Living investor wants company to sell or hire new management

By Lisa Kerner

Charlotte, N.C., June 14 - Sunrise Senior Living Inc. investor Millennium Partners, LP asked the company's board to either sell Sunrise or replace its management.

Millennium and its affiliates own some 1.3 million shares, or about 2.5%, of the company's stock.

"Like many - perhaps most - of your shareholders, we are deeply disturbed and distressed at the current state of affairs," the shareholder wrote in a letter to Sunrise's board.

"We believe that this company, with this management, does not belong as a participant in the public securities markets."

Millennium also asked the board to "eliminate all of the defensive measures that the company has in place. While such measures may have been useful in the past, at this point they serve only as an impediment to a value-creating transaction for the company's various stakeholders."

The shareholder also gave Sunrise two pieces of advice: avoid surprises, and under promise and over deliver.

Millennium said, as a hedge fund, it is not interested in acquiring Sunrise. "We are, however, very much interested in maximizing the value of our investment in the company, and believe our interests are aligned with those of every shareholder in this regard," the letter stated.

Sunrise Senior Living is a McLean, Va.-based provider of senior living services.

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