Senior management recognized a need to replace their CEO, the major shareholder. Several errors in judgment had led the firm into serious defaults with secured and unsecured lenders.
An LTL trucking company had acquired two competitors, but quickly discovered incorporating operations was very challenging--so much so the enterprise's survival was threatened.
Lender holding shares for collateral, opted to exercise its rights, and vote in new board and management in one of the country's largest horticultural nurseries.
