Papa John's Schnatter welcomes Starboard

• Drama at Papa John's (NASDAQ:PZZA)... Founder John Schnatter is welcoming the "up to $250M" investment from Starboard Value, which saw the hedge fund's CEO take over as restaurant chairman, and the number of directors jump to nine from six, diluting Schnatter's influence.
• Schnatter still filed an updated lawsuit, aiming to undo a new provision of a voting agreement that requires Starboard to vote its company shares in favor of Papa John's preferred directors.