Hubbard Set to Start Soliciting Proxy Votes

R.D. Hubbard has given notice that he plans to start soliciting proxies immediately in an attempt to gain control of Hollywood Park well before the Jan. 28 stockholders’ meeting.

In a Securities and Exchange Commission filing Wednesday, Hubbard asked for consent to solicit proxies. He must now file with the SEC any proxy material that he intends to send to stockholders. Approval is then routinely given in a matter of days to the person soliciting the proxy fight.

Once the proxies are sent, Hubbard can gain control of the track as soon as he has 50% and one vote of all the track’s stockholders. If he can’t achieve that percentage, he must wait until the stockholders’ meeting, at which he can gain control with a simple majority of those voting.

In an attempt to avert the takeover bid, Marje Everett, the current chief executive officer of Hollywood Park, reportedly has entered into negotiations to hire David Batchelder, a noted corporate raider. According to sources who declined to be identified, Batchelder was contacted several weeks ago by Everett. However, such a hiring would have to be approved by the board of directors. Batchelder would be both an adviser and financial consultant.

Batchelder was the chief strategist for T. Boone Pickens, helping Pickens earn almost $700 million on oil company raids. Batchelder also made Marvin Davis almost $100 million on airline takeover bids.

Representatives of both Hubbard and Hollywood Park declined to comment on any of these actions. Batchelder did not return phone calls to The Times.

Three members of the current Hollywood Park board of directors were also named to a proposed board that Hubbard filed with the SEC. Harry Ornest, John Newman and Warren Williamson were among those named by Hubbard.

Hubbard could also gain control of Hollywood Park if he were to get five board members on his side. It is presumed that Hubbard has three votes in Ornest, Newman and Williamson and another in Thomas Gamel, an outspoken critic of Everett, leaving Hubbard one vote short.