LOUISVILLE, Ky. (WHAS11) – Papa John's founder John Schnatter is asking the Papa John's board to drop a provision that blocks him from taking a controlling stake in the company.
In a letter filed with the Federal Securities and Exchange Commission, Schnatter says the so-called "poison pill" provision undermines shareholder rights.
The "Poison Pill" would take effect if Schnatter, family members or friends raised their combined stake in the company to 31 percent.
It would also take effect if anyone tried to buy 15 percent of the common stock without the board's approval.
Schnatter's letter is the latest in a bitter battle between Schnatter and the leaders of the company after the board forced him to resign in early August after reports that Schnatter used a racial slur during a conference call.