Final month, LMP said it signed an settlement to promote its Stellantis retailer in White Plains, N.Y., which it anticipates will generate $15.8 million. That transaction Is additionally predicted To close in October.
LMP has not reported a gross sales settlement for the one reprimarying franchised dealership in its portfolio, a Chevrolet-Buick-GMC-Cadillac retailer in Greeneville, Tenn., or any of its used-car retailers.
LMP representatives Did not Reply to a quantity of requests for remark.
Whereas disclosing the gross sales particulars, LMP Inside the regulatory submitting this week said CEO Samer Tawfik, who additionally took on the interim CFO title after LMP fired Bellaflores, would see his annual base wage enhance by $360,000 to $660,000.
LMP additionally said its board accredited a modification to COO Richard Aldahan’s compensation. Alongside Collectively with his base wage of $300,000, Aldahan is now eligible to acquire a one-time bonus of $400,000 if a quantity of targets, together with “the consummation of the gross sales Of every of The agency’s dealerships,” are met.
This week, the retailer said its board useful that agency inventoryholders “vote to approve a proposed plan of liquidation of LMP’s belongings and the dissolution of The agency” at its subsequent particular meeting of inventoryholders. On this week’s regulatory submitting, LMP said the date and time of the particular meeting “Shall be introduced at a later date.”
“We think about that the plan of liquidation will maximize inventoryholder worth as we proceed to promote our reprimarying belongings,” Tawfik said in A press launch Monday. “Administration think abouts that upon finalization of the plan of liquidation we anticipate that The agency will Be In a place to distribute roughly $115 million to $126 million to shareholders.”
Based mostly on 10.9 million shares excellent, Which might level …….
Source: https://www.autonews.com/dealers/lmp-closer-dissolution-pending-sale-6-dealerships