ANAHEIM — Carl Karcher Enterprises' canceled offer to buy back $10 million in stock from the company's founder and chairman was designed to severely limit Carl Karcher's role at the company, Karcher's personal attorney said Thursday.
Karcher Enterprises' offer to purchase some of the Karcher family's 6.1 million shares was contingent upon Karcher turning over "proxy-like control" of his remaining shares to company management, said Andrew F. Puzder.
Had Karcher sold about a fifth of his 6.1 million shares he would have been able to cast votes on "officers, directors (and) those sorts of things, but not change-of-direction issues," Puzder said. "And Carl wasn't going to sit still for that."
It was a controversial change in direction that prompted Karcher this week to initiate a proxy fight to regain control over the parent company of the Carl's Jr. restaurant chain, which has 648 company and franchise locations.