The "shake-up" at Ascent Entertainment continued
Tuesday, with board member Charles Neinas "expected to be
named" acting Chair & CEO, replacing Charlie Lyons, who
sources say will take a leave of absence from the company,
according to Stephen Keating of the DENVER POST. Neinas,
who is President of Neinas Sports Services, is a "college
sports veteran who has been on the Ascent board for several
years." He was "involved in the decision" to sell the
Nuggets, Avalanche and Pepsi Center to Bill and Nancy Laurie
and "in the decision to set it aside and pursue an auction
after the shareholder outcry." Neinas: "This board does
recognize its responsibility and will act accordingly. And,
after all, you don't have to be a genius to realize you have
to protect the value of what you're selling." In "another
nod to shareholder concerns," Ascent is also expected to
name Triarc Co. President & COO Peter May as a board member.
Keating adds that a proposed break-up fee for the Lauries if
they don't end up acquiring the sports assets after the next
bid auction is reportedly $5M (DENVER POST, 6/23).
LYONS' DEAL: In Denver, Al Lewis cites sources close to
the court depositions as stating that Lyons had "cut
himself" a six-year deal worth more than $35M when he agreed
to sell the sports assets to the Lauries. Neither Lyons nor
Ascent had disclosed "the size of the interest Lyons would
have had in the now-aborted deal" (ROCKY MTN NEWS, 6/23).
