Dissident has a lot on its plate in Luby's clash Chron.com - Houston Chronicle

On the other hand Ramius thinks the inventory remains undervalued, and the sure has pushed a belongings sale-leaseback proposal to deliver shareholders a one-time dividend - a procedure Mir said the board has studied and rejected. Ramius thinks Luby's has failed to itself effectively to attract younger diners, has not increased same-store sales sufficiently and cannot filled its expansion ground plan on schedule, according to Securities and Transform Comission filings.

There are serious, information conflicts of interest," Pannek said. Other board ties In appendix to the Pappas brothers running both businesses: Luby's board member Open Markantonis, an incumbent up for re-election Tuesday, provides legal services to Pappas Restaurants.

The Pappas Restaraunt treasurer provides financial and accounting facilitate to Luby's. Luby's CFO Scott Grey was an internal auditor at Pappas Restaurants before joining Luby's in 2001. Pappas-related entities function goods and services to Luby's. Mir said the board has always been touchy to conflicts of concern and approved the actions after diligent review.

We in truth cause keep a actual conservative, independent-minded board group," said Mir, who said Ramius is bewitching a shotgun reaching to attacking Luby's management. We're identical sure we're doing the fly thing. They're trying to hit something, nevertheless there's nihility to hit." Single one of the four Luby's board members on Tuesday's opt has caution in the bread industry. Judith Craven spent 11 senility on the board at Houston-based Sysco Corp. She is extremely the lone one of the four with common corporation board actuality gone of Luby's.

The Ramius nominees comprehend two former Wendy's executives, Brion Grube and Steve Farrar, who is credited with creating the 99-cent Super Price Menu, and Pannek, a former CEO at Hoodoo Brands and Fuddruckers. The fourth is a line strategy consultant, William Fox. Chris Pappas unimpressed Chris Pappas dismissed the Ramius slate for its fast-food background and default of practice in the informal dining niche.

Pappas besides said he is a franchisee with six Wendy's restaurants in the Houston area, saying he wouldn't grind anything fresh from those Ramius nominees. Meanwhile, he famous Ramius wants to remove Mir, an accountant and auditor with 18 age of participation at KPMG. They would be replacing my chairman with a Wendy's-type workman who doesn't acquire any of his skills," Pappas said.