Newport Beach businessman Anwar Soliman has sold 170,999 shares of New York-based Restaurant Associates Industries, retaining only two shares for his portfolio, according to documents filed this week with the Securities and Exchange Commission.
The sale gave the restaurateur a profit of about $744,188, before expenses, from his unsuccessful bid to take control of the restaurant and newsstand company. Soliman offered $20 a share for the company, but Restaurant Associates' directors have accepted a management-led buyout bid for $18 a share, saying Soliman's financing was uncertain. Soliman, chairman of American Restaurant Group, said Friday that he kept two shares "because shareholders have a lot of rights--including the right to sue."
He added that he hasn't completely abandoned thoughts of taking over Restaurant Associates. "I'm watching. . . . Maybe (management) can't get financing. . . . Who knows? I may come in again, (or) suing is an option."