Forestar Group Inc. reached agreements with Carlson Capital LP and Cove Street Capital LLC regarding the membership and composition of its board of directors, the company said Feb. 8.
Under the terms of the agreement with Carlson Capital, Richard D. Squires, who co-founded and became managing director of Lennox Capital Partners LLC in 2010, was appointed as a director.
Under the terms of the agreement with Cove Street Capital, Ashton Hudson, president and general manager of Rock Creek Capital alternative asset manager, was appointed as a director.
Additionally, under the agreements, Kathleen Brown and Charles W. Matthews resigned from the board.
Austin, Texas-based Forestar Group’s oil and gas segment includes about 935,000 net acres of oil and gas mineral interests, 590,000 acres of fee ownership and about 345,000 net acres of leasehold interests across the U.S.
Lennox Capital handles publicly traded debt, equity and bankruptcy securities, and Squires is also managing director and co-founder of Delos Shipping LLC, a product and chemical tanker acquisitions private-equity vehicle.
Squires has also been a managing director and co-founder of SPI Holdings LLC, a real estate company which has industrial assets since 1995. Squires worked for companies affiliated with Bass Brothers and Rainwater Inc. from 1984 to 1990, handling real estate acquisitions, investments, corporate strategy and liquidation.
He has been on the boards of directors at Boss Holdings Inc., Crown American Bank, Box Energy Corp. and GSTV.
Squires has a bachelor’s degree from Pennsylvania State University and a master’s of business administration degree from Harvard University.
Hudson has been a member of Rock Creek’s investment committee since 2002 and handles negotiation, structuring and execution of all investments. Previously, he handled corporate finance, M&A and general corporate law at the Parker, Hudson, Rainer and Dobbs LLP law firm.
Currently, he is on the boards of several private companies and previously owned and managed Timbervest LLC.
Hudson has a bachelor’s of business administration degree from Wake Forest University and a law degree from Wake Forest’s School of Law.
Carlson Capital and Cove Street agreed to vote their shares in favor of Forestar’s recommended director nominees and certain other proposals.
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