Will a Family Feud Slice and Dice Benihana?

Jul 22, 2010 @ 01:31 pm jaymie Will A Family Feud Slice And Dice Benihana?

The Aoki Trust -- specifically children Grace and Kyle Aoki -- has nominated two members to the company's Board of Directors, hoping to fill two of the three seats that will be opening at the next annual meeting. New York investment firm Coliseum Capital Management, which holds 12.9% of the company's stock, is also seeking a seat on the board.

In the face of a shareholder revolt, CEO Stockinger announced plans to pursue "strategic alternatives," including the potential sale of the company. While Benihana's future is "extremely bright," dissident shareholders "will make it very difficult for the company to realize its potential," said Levan. A sale would "maximize shareholder value in the short term." According to Levan, the company will retain the services of a banker in the next few weeks, and will move to sell the chain.

As if things weren't confusing enough, Aoki's kids face an internal power struggle of their own: their stepmother, Keiko Aoki, argues that they don't control the shares that they are using in their attempt for control. Keiko claims that she should be in charge of Benihana of Tokyo (BOT), the trust that holds the family holdings; according to The New York Post, the former Miss Tokyo has taken her claim to court and hopes to gain control of the family trust before the company's September 14 board meeting.

See full article from DailyFinance: http://srph.it/aOTDnf