Saturday, July 7, 2001
Coulter likely off
the board at Lone Star
By Alan Bjerga
The Wichita Eagle
Steakhouse and Saloon Inc. announced "no clear winner" in the vote for chief
executive Jamie Coulter's seat on its board of directors Friday at its
annual meeting in Austin, Texas.
Lone Star Steakhouse and Saloon Inc. announced "no clear
winner" in the vote for chief executive Jamie Coulter's seat on its board of
directors Friday at its annual meeting in Austin, Texas.
One Wall Street observer said that
strongly indicates Coulter lost to challenger Guy Adams, a small investor.
"Management's report of 'no clear
winner' pending a careful vote count" is common when a challenger has a shot
at taking an incumbent's seat," Gary Lutin, a New York investment banker,
said after the Lone Star election.
"It is not common practice to make
this kind of announcement when it appears that management has won.
"We may therefore assume that Guy
Adams won the vote."
The election for Coulter's seat on
the Wichita-based restaurant chain's board has attracted national attention.
Coulter, a prominent Wichita
businessman who helped build up Pizza Hut and Rent-A-Center before taking
over Lone Star, faced Adams in the board contest. Lone Star, which operates
about 300 restaurants internationally, has annual sales of about $600
Lone Star officials were
unavailable for comment Friday. A company press release states that Lone
Star officials expect to publicly announce final results on July 20 at 10
Ballots are currently held by IVS
Associates, the election's independent inspectors.
Should Adams be announced the
winner, Lutin predicted that Lone Star would attempt to minimize his
influence by passing new board rules, or perhaps by expanding the board to
create a new seat for Coulter.
"It's still 4-1, with Adams on," he