There is a truce in the year-long battle between young real-estate scion Jason Taubman Kalisman and activist Ron Burkle.
That likely means instead of fighting each other for control of the boutique Morgans Hotel Group, the owner of the Delano, Mondrian and Hudson Hotel brands, the two strong-willed executives will likely wait until this summer and then seek a buyer, a source close to the situation said Monday.
"Yeah, this is a peace deal," the source said. "I think it makes sense to get the house in order."
Kalisman's Morgans Hotel Group said in a Monday regulatory filing that it settled all litigation with Burkle's
Yucaipa Cos., agreeing to pay him $3 million minus any money Yucaipa collects from insurance proceeds.
The two were suing each other in four separate actions.
Besides the settlement, Morgan agreed to pay $88 million for Yucaipa's convertible notes.
Shares in the hotel company fell 1 cent on Monday to close at $7.99.
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