Presuming the vetting process doesn’t turn up any surprises, American Apparel Inc. could see its board membership increase by one through the addition of Robert Mintz.
In a regulatory filing Thursday with the Securities and Exchange Commission, Lion Capital said it had designated Mintz to the American Apparel board on Tuesday. It also said it had the right to do so per warrants it acquired in December that allow it to buy up to 24.5 million shares of American Apparel, or 12.3 percent of the retailer’s common stock. Those warrants gave Lion the right to nominate two individuals to the retailer’s board. Both seats have been vacant since 2011. The addition of Mintz would bring the board composition to eight members, and still give Lion the right to fill the ninth spot.
According to a source familiar with the process, Mintz has to fill out a directors-officers questionnaire and be vetted regarding his suitability for board membership. That process is expected to take two to three weeks, the source said.
The status of founder Dov Charney isn’t expected to be resolved until mid- to late-September. Charney was removed from the position of chief executive officer pending an internal probe regarding certain matters from financial to sexual improprieties, a move that triggered Lion Capital’s demand for an early repayment of its loan. Charney and the company are in arbitration proceedings over his ouster.
Meanwhile, New York-based hedge fund Standard General purchased the rights to the $10 million loan American Apparel entered into last year with Lion Capital. That purchase is part of an agreement that reconstituted American Apparel’s board, provided the retailer with up to $25 million in funding and gave Charney the temporary title of strategic consultant.
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