Resignation, Lawsuit Stir the Kettle : Hollywood Park: Further reduction of board’s membership could aid power bid of Hubbard, who sues for more time to prepare for shareholders’ meeting.

The battle for control of Hollywood Park continued to go through preliminary posturing as Lodwrick Cook, chairman of the Hollywood Park Operating Company, resigned and R.D. Hubbard, who is attempting to gain track control, filed suit against the track.

Cook resigned by letter Wednesday, citing the need to devote more time to his business. Cook is chief executive officer of Los Angeles-based Atlantic Richfield Company. Cook could not be reached for comment.

Cook’s resignation becomes important to Hubbard should anyone else resign from the board. Hubbard would then need only five votes to gain control of the then nine-person board. Under the current 10- or 11-person board, six votes are needed.

However, Hubbard has said that if he can’t gain control of the board, he will force a proxy fight among the shareholders. A proxy fight probably would cost each side about $2 million, with the shareholders paying to defend the track.

Hubbard met last week in Los Angeles with the board of directors and individual committees and, according to sources close to the negotiations, made a compromise proposal that was unacceptable to Marje Everett, chief operating officer of Hollywood Park and the person that Hubbard has asked to be removed.

Neither side would talk about the compromise plan.

Hollywood Park then announced Wednesday that Jan. 28 would be the date of the shareholders’ meeting and, according to by-laws, Hubbard has until Oct. 31 to file a proposed slate of directors and any information he wished to be given to the shareholders.

Hubbard’s suit, filed in Hollywood Park’s incorporation state of Delaware Friday, is asking for more time to file such information. The suit alleges that seven days is not a reasonable amount of time.

The second part of the suit deals with the “poison pill” law, which is designed to protect shareholders in the event of a hostile takeover by limiting the rights of the party attempting the takeover. Hubbard is seeking to not be recognized as a group, thus affording him the rights accorded any long-standing stockholder.

Hubbard, in New York for the Breeders’ Cup, could not be reached for comment.

“The by-law provisions are relatively commonplace and in place at most corporations,” said Bob Forgnone, an attorney for Hollywood Park. “It is our judgment that the legality of those by-laws will be upheld. We feel similarly with respect to the shareholders’ rights plan (in regard to voting rights in what is perceived to be a hostile takeover.)”

Hollywood Park announced Wednesday that it would pay shareholders a third-quarter dividend of 12.5 cents and 15 cents for the fourth quarter. A statement by the company cited “increased efficiencies in on-track operations, strong simulcast revenues and a greatly reduced debt load” as the reasons for the profit.