TURTLEDOVER
04-02-2009, 03:40 PM
SORRY ABOUT THE AD, CAN'T GET IT OUT.
Dover Motorsports Chief Executive Officer Denis McGlynn earned 16 percent more in 2008 than he did in 2007 after seeing a drop in compensation of 3 percent in the previous year, according to the company’s proxy statement filed Monday.
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McGlynn’s total compensation in 2008 was $464,504, compared with $400,203 in 2007 and $414,313 in 2006, according to the company proxy statement filed Monday with the U.S. Securities and Exchange Commission. McGlynn also is compensated by the gaming arm of the company.
Dover Motorsports Chairman Henry B. Tippie owns 54.4 percent of the voting stock. Tippie is one of three board members up for re-election, along with R. Randall Rollins and Patrick Bagley, at the April 29 shareholders’ meeting.
Mario D. Cibelli, the manager of the largest outside shareholder of Dover Motorsports Inc., sent a letter to the boardMarathon Partners owns 7½ percent of Dover Motorsports Inc. Cibelli said he hasn't talked to another shareholder that doesn't agree with his position, which he first stated in a letter written last year. of directors urging the company to sell. Cibelli said he met with SMI chairman Bruton Smith last summer but has had no contact since. He said the financial losses of the company's other three tracks without Cup dates in Memphis, Nashville and St. Louis are a big part of his sense or urgency to sell now."We have been told over the years that the Midwest tracks lose approximately $6 million a year in total," he wrote. "In addition to all of the capital that has been sunk into these facilities, management, with the Board's blessing, sees fit to continually add to the investment in the form of annual losses. This makes absolutely no sense." Cibelli said the three tracks that were listed on the books at $150 million have recently had $61 million written off the face value. "Their recognition of just how poorly they've done with that asset, that clearly was the catalyst for us [to write the letter]," he said."Since the separation of casino and motorsports operations more than six years ago, the share price of Dover Motorsports has fallen by approximately 20 percent," Cibelli wrote. "In a 2002 letter to shareholders of the companies, chairman Henry Tippie stated that the spin-off was intended to facilitate 'capital raising and acquisitions' in order to 'set the stage for future growth' for the casino and motorsports companies. "The spin-off, as originally conceived, has failed to live up to its stated intentions. After six years without price appreciation, the old playbook must be thrown out. The days of the independent NASCAR track owners have all but passed," he wrote.
Dover Motorsports Chief Executive Officer Denis McGlynn earned 16 percent more in 2008 than he did in 2007 after seeing a drop in compensation of 3 percent in the previous year, according to the company’s proxy statement filed Monday.
http://ad.doubleclick.net/ad/N2998.scenedaily.comOX7121/B3444166.5;abr=!ie4;abr=!ie5;sz=300x250;ord=[timestamp]?
McGlynn’s total compensation in 2008 was $464,504, compared with $400,203 in 2007 and $414,313 in 2006, according to the company proxy statement filed Monday with the U.S. Securities and Exchange Commission. McGlynn also is compensated by the gaming arm of the company.
Dover Motorsports Chairman Henry B. Tippie owns 54.4 percent of the voting stock. Tippie is one of three board members up for re-election, along with R. Randall Rollins and Patrick Bagley, at the April 29 shareholders’ meeting.
Mario D. Cibelli, the manager of the largest outside shareholder of Dover Motorsports Inc., sent a letter to the boardMarathon Partners owns 7½ percent of Dover Motorsports Inc. Cibelli said he hasn't talked to another shareholder that doesn't agree with his position, which he first stated in a letter written last year. of directors urging the company to sell. Cibelli said he met with SMI chairman Bruton Smith last summer but has had no contact since. He said the financial losses of the company's other three tracks without Cup dates in Memphis, Nashville and St. Louis are a big part of his sense or urgency to sell now."We have been told over the years that the Midwest tracks lose approximately $6 million a year in total," he wrote. "In addition to all of the capital that has been sunk into these facilities, management, with the Board's blessing, sees fit to continually add to the investment in the form of annual losses. This makes absolutely no sense." Cibelli said the three tracks that were listed on the books at $150 million have recently had $61 million written off the face value. "Their recognition of just how poorly they've done with that asset, that clearly was the catalyst for us [to write the letter]," he said."Since the separation of casino and motorsports operations more than six years ago, the share price of Dover Motorsports has fallen by approximately 20 percent," Cibelli wrote. "In a 2002 letter to shareholders of the companies, chairman Henry Tippie stated that the spin-off was intended to facilitate 'capital raising and acquisitions' in order to 'set the stage for future growth' for the casino and motorsports companies. "The spin-off, as originally conceived, has failed to live up to its stated intentions. After six years without price appreciation, the old playbook must be thrown out. The days of the independent NASCAR track owners have all but passed," he wrote.