Handler brothers seek access to Inspirato records after canceled agreement

Brad Handler and Brent Handler, the co-founders of both Inspirato and Exclusive Resorts, have recently submitted a request to the Securities and Exchange Commission seeking access to specific records belonging to Inspirato, a luxury travel club they established in 2011. The brothers are interested in investigating how the management and board of directors of Inspirato managed a deal that was supposed to merge the company with a digital marketing firm owned by Inspirato Chairman and CEO Payam Zamani.

The deal between Inspirato and Buyerlink, announced in June, ultimately fell apart recently when Denver-based Exclusive Resorts made an offer to acquire Inspirato. The Handlers, who also founded Exclusive Resorts in 2002 but are not currently involved in its operations, raised concerns over how Inspirato reacted to Exclusive Resorts’ bid, which they supported.

Although Brad and Brent Handler no longer hold any operational positions in either company, they retain approximately 4% ownership in Inspirato. Meanwhile, they do not have a stake in Exclusive Resorts, as it is owned by AOL co-founder Steve Case. In their filing with the SEC, the brothers expressed suspicions about potential breaches of fiduciary duty, mismanagement, and other irregularities related to Inspirato’s responses to Exclusive Resorts’ acquisition offers and statements made by Zamani concerning the Buyerlink transaction.

Neither of the Handlers nor Zamani provided comments on the matter to BusinessDen. However, Zamani emphasized the company’s commitment to creating long-term value for its shareholders, members, and employees, underlining transparency, good governance, and focus on business execution.

Ann Lipton, a professor specializing in securities law and corporate governance at the University of Colorado Boulder, interpreted the Handlers’ filing as a strategic move intended to compel Inspirato to consider Exclusive Resorts’ acquisition proposal. She noted that while the situation generated considerable attention, the decision to sell ultimately lies with Zamani, who holds around 50% of Inspirato.

Exclusive Resorts put forward an improved bid of $3.50 per share for Inspirato, up from the initial offer of $3.15 a share, with an expiration date of September 22. Notably, Inspirato has yet to respond to Exclusive Resorts’ request for comment. Prior to the failed Buyerlink deal, the Handlers were embroiled in a lawsuit against Inspirato over the termination of a benefit granting them lifelong free vacations, underscoring the ongoing tensions between the parties.