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Forum Report: Dover Motorsports, Inc.

 

Trustee Response to Offer for Stock

Referring to the recently reported offer of a public investor to buy a block of Dover Motorsports stock from a trust controlled by the company’s chairman, the following reports have been filed relating to the trustee’s response:

The November 17, 2009 letter from the trustee, who is the company’s controlling shareholder as well as the chairman of the company’s board of directors, based a rejection of the offer on explanations that did not appear to be consistent with either the offer letter[1] or the publicly reported conditions relating to the company’s stock.[2]  The fund manager’s November 20 reply letter presented clarifications of the offer and suggested its reconsideration.

Since the trustee’s letter was reported in an SEC filing by the company, rather than by the trustee in his capacity as a shareholder, the company’s management has been asked to address the questions raised by that report. It should be noted that in making this request the Forum is not advocating any participant’s view of issues.  The Forum does, however, advocate the provision of information required for investor decisions.

GL – November 25, 2009

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

 

 

This Forum project is open to all shareholders of Dover Motorsports, Inc. (NYSE: DVD), or its affiliate, Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE), and to any fiduciaries or professionals concerned with their investment decisions. Participation is free of charge, according to the Forum's standard Conditions of Participation.

The purpose of the Forum is to provide shareholders with access to information and a free exchange of views relating to their consideration of issues described in the Forum Summary. As stated in the Conditions, all Forum participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants. Forum polices are intended to support anonymous communication, and provide that participants will not be identified or quoted without their explicit permission.

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The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.