Hollywood Park Suit, Countersuit: Texas millionaire R. D. Hubbard, engaged in a battle for control of Hollywood Park race track, filed suit against the company that manages the track, charging that its board made false and misleading statements about his takeover efforts. Hollywood Park Operating Co. retaliated with a separate federal suit against Hubbard aimed at stopping his proxy fight. HPOC contends that Hubbard and his associates want to take Hollywood Park private to avoid sharing profits with stockholders. The suit also maintains that Hubbard wants to put the park out of business to benefit two other Southern California race tracks in which Hubbard has interests, Santa Anita in Arcadia and Los Alamitos in Cypress. In his suit, Hubbard denies wanting to take Hollywood Park private and accuses Marjorie Everett, whom he seeks to replace as chief executive of HPOC, of mismanaging the facility, which has lost more than $25 million between 1987 and 1989. Hubbard’s suit also names as defendants HPOC board members and entertainment industry moguls Merv Griffin, John Forsythe and Aaron Spelling. Both suits seek various injunctions against the opposing parties. (Court Cases No. 90-6443 and 90-6611. Filed Dec. 3 and 4, 1990).
A summary of Southern California-related business litigation developments during the past week.
From United Press International