King & Spalding forges agreement to oust Carmike Cinemas CEO

Posted on February 25, 2009 15:25 by Andy Peters

Faced with a lagging stock price and weak sales, Carmike Cinemas Inc. forced out its chairman andCarmike CEO, Michael Patrick, in January. The Columbus, Ga. company turned to King & Spalding partner Alan Prince to help negotiate the separation agreement with Patrick.

As part of the agreement, Carmike paid $5 million to Patrick, according to a regulatory filing. He will continue to receive medical benefits and group life insurance coverage until Jan. 31, 2012.

Carmike is the fourth-largest theater operator in the U.S. with 2,276 screens in 36 states. Carmike’s stock price has dropped from about $26 per share two years ago to its closing price of $1.92 per share on Tuesday. Carmike reported a $127 million loss in 2007, according to the Columbus Ledger-Enquirer. The company has not yet reported its full­-year financials from 2008.


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Janet ConleyThe Deal Watch Blog is devoted to bringing you the latest news in business law in Atlanta, the Southeast and the U.S. The lead writer is Daily Report associate editor Janet L. Conley.

Janet L. Conley is an attorney who returned to journalism after practicing law with Akin, Gump, Strauss, Hauer & Feld in Washington and with the Georgia Legal Services Program in Atlanta.

During her tenure at the Daily Report, Janet, now the paper's associate editor, has covered law firm economics and management, business and federal courts. In 2007, she received the Georgia Associated Press Story of the Year award and the Atlanta Press Club’s Journalist of the Year award, both for small circulation newspapers, for "Green to Gold," a series of articles on how climate change will alter business and the law.

Janet has written for The American Lawyer magazine and the National Law Journal, among other publications. She also served as managing editor of GC South magazine.

Janet holds a journalism degree from Southern College and a juris doctor degree from the University of Pennsylvania. She lives in Decatur with her husband Mark Harper, also an attorney, and their three children.

She can be reached at jconley@alm.com.

Andy PetersThe contributing writer is Daily Report staff reporter Andy Peters.

Andy Peters has been a journalist since graduating from Furman University in 1992. A short list of the subjects he’s covered includes the Georgia state Legislature, the U.S. semiconductor industry, the Alabama-Florida-Georgia “water wars” litigation, the 1999 American Airlines pilots strike, Coca-Cola and PepsiCo’s battle to acquire the Gatorade sports-drink brand, indie rock music and high school football. Andy has written for Bloomberg News, the New York Times Web site, the Macon Telegraph, the Spartanburg (S.C.) Herald-Journal and the Atlanta Business Chronicle.

Andy has written the Deal Watch column for the Daily Report since March 2006. He was born in Chattanooga, Tenn. in 1971 and grew up in Ringgold, Ga. He lives in Decatur with his wife and two children.

He can be reached at apeters@alm.com.

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