Monday, April 12, 1999
Schott ready to deal
Owner calls meeting with limiteds today to make offer
BY JOHN ERARDI and GEOFF HOBSON
The Cincinnati Enquirer
Marge Schott has called for a meeting of the Reds limited partners at 2 p.m. today at the Queen City Club to offer them — or whomever — the sale of her Reds shares, according to a source close to the deal.
The offer is similar to, but not the same as, the deal the limiteds matched April 2 from Cleveland attorney Larry Dolan, the source said late Sunday.
In that deal, Reds limited partners Carl Lindner, George Strike and Bill Reik agreed to match the $65 million in Dolan's letter-of-intent. That sum would buy Schott's two general partnership shares and 3.5 limited shares, leaving her with one limited share.
Contacted at home late Sunday, Schott said, “I'm sorry, I can't comment.”
Schott, the Reds president and chief executive officer, reportedly was not pleased that the limited partners first sent her a letter in writing that said they would not honor the Dolan letter-of-intent for various reasons; then, on April 2, they said they were going to match the same offer.
“It's a matter of principle with Marge now,” the source said. “Her contention is the limiteds said from the beginning the Dolan deal was not binding.”
When the limiteds questioned the Dolan deal, Schott struck an agreement with Steve Schott, a former Reds executive and a relation by marriage. But the limiteds' decision to match put the Steve Schott deal in limbo.
Schott has retained an influential attorney from out-of-town to negotiate the sale of her Reds shares. Sources would not divulge the lawyer's name Sunday.
The limited partners could not be reached for comment.
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