Voltari
 | |
| Public Company | |
| Traded as | NASDAQ: VLTC |
| Industry | Commercial Real Estate |
| Headquarters | New York, New York, USA |
Area served | Worldwide |
Key people |
Kenneth Goldman Principal Executive Officer Peter Kaouris Principal Financial Officer Peter K. Shea Chairman Sachin Latawa Independent Director Jaffrey Adam Firestone Independent Director Kevin Lewis Independent Director |
| Website | www.voltari.com |
Voltari Corp (NASDAQ: VLTC) is a company that engages in the business of acquiring, financing and leasing commercial real properties. It is headquartered at 767 Fifth Avenue, New York, NY 10153. Shares of Voltari common stock trade on the NASDAQ Capital Market under the symbol VLTC.
History
Voltari was formed in August 2012 as an operating business of Motricity. On April 10, 2013 upon completion of reorganization, Motricity became a wholly owned subsidiary of Voltari, which replaced Motricity as a publicly held corporation.
After Carl Icahn acquired a controlling interest in the company in August 2015 the board of directors unanimously approved a plan to transform the company into a commercial real estate business. Since the transformation began, Koala Holdings LP, an affiliate of Carl Ichan has been financing Voltari’s acquisition of commercial real-estate properties.
Real Property Acquisitions
On September 17, 2015, Voltari acquired a real estate parcel in Long Branch, New Jersey. The property is subject to a triple net lease with JPMorgan Chase Bank, N.A. ("Chase"), the original term of which expires in June, 2020 (with two, five-year renewal options).
On May 18, 2016, Voltari acquired a real estate parcel in Flanders, New York. The property is subject to a double net lease with 7-Eleven, Inc. (“7-Eleven”), the original term (the “Original Term”) of which expires in December 2029 (with four, five-year renewal options (the “Renewal Term,” and together with the Original Term, the “Term”)).
On April 23, 2018 Voltari acquired a real estate property in Columbia, South Carolina. The property is subject to a triple net lease with The McClatchy Company.
Recent Developments
On December 17, 2017, Ichan acquired an additional 1257 shares of Voltari's Series J Non-Convertible Preferred stock at $27.63 per share. Ichan now owns 52.7% of Voltari's outstanding, and 98% of the preferred shares, respectively.
Board of Directors
On June 14, 2018, Voltari shareholders elected the following board members:
Peter K. Shea
Mr. Peter K. Shea is Chairman at Voltari Corp., Chairman at Feradyne Outdoors LLC and Chairman at Teasdale Foods, Inc. He is on the Board of Directors at Daseke, Inc., Trump Entertainment Resorts, Inc., CVR GP LLC, CVR Partners LP, Viskase Cos., Inc. and Hennessy Capital Acquisition Corp. III. Mr. Shea was previously employed as President by Icahn Enterprises G.P. Inc., Head-Portfolio Operations by American Real Estate Partners LP, President by Icahn Enterprises LP, Chairman, President & Chief Executive Officer by SMG Corp., a Managing Director by H.J. Heinz Co. Ltd., an Independent Director by Hennessy Capital Acquisition Corp., Executive Chairman, President & CEO by H.J. Heinz Co., an Independent Director by Hennessy Capital Acquisition Corp. II, President by Icahn Enterprises Holdings LP, Executive Chairman, President & CEO by John Morrell & Co., Executive Chairman, President & CEO by Murphy-Brown of Missouri LLC, Executive Chairman, President & CEO by New Energy Co. of Indiana Ltd. Partnership, Chairman, President & Chief Executive Officer by Polymer United, Executive Chairman by R&R Ice Cream Deutschland GmbH, President & Chief Executive Officer by Specialty Foods Corp., and Executive Chairman, President & CEO by United Brands Co. He also served on the board at Hennessy Capital Partners Ii LLC, Hennessy Capital Partners I LLC, Give & Go Prepared Foods Corp., Sitel Worldwide Corp., CTI Foods, Inc., CTI Foods, Inc., American Railcar Industries, Inc., PSC Metals, Inc., WestPoint International, Inc., XO Holdings, Inc., Sabert Corp. and Sitel LLC. He received his undergraduate degree from Iona College and an MBA from the University of Southern California.
Jaffrey (Jay) A. Firestone
Mr. Jaffrey A. Firestone is an Independent Director at Voltari Operating Corp., an Independent Director at Voltari Corp. and a Chairman & Chief Executive Officer at Prodigy Pictures, Inc. He is on the Board of Directors at Voltari Operating Corp. and Voltari Corp. Mr. Firestone was previously employed as a Founder by Fireworks Entertainment, Inc. and a Chairman & Chief Executive Officer by CanWest Global Communications Corp. He also served on the board at Academy of Canadian Cinema & Television and The International Academy of Television Arts & Sciences.
Sachin Latawa
Mr. Sachin Latawa is an Independent Director at Voltari Corp. He is on the Board of Directors at Voltari Corp. Mr. Latawa was previously employed as a Chief Financial Officer-Real Estate Segment by Icahn Enterprises LP and a Vice President, Merger & Acquisition Controller by Fortress Investment Group LLC (New Jersey).
Kevin Lewis
Mr. Kevin Lewis is an Independent Director at Voltari Corp. He is on the Board of Directors at Voltari Operating Corp. and Voltari Corp. Mr. Lewis was previously employed as a Senior Vice President-Digital by Blockbuster, Inc., a Head-Strategy & New Business by Philips Consumer Lifestyle /US Headquarters/, a Vice President-Business Development by Philips Consumer Electronics North America, a Chief Marketing Officer by Blockbuster LLC, and a Chief Marketing Officer by Total Wine & More. He received his undergraduate degree from Stanford University and an MBA from INSEAD.