On May 7, 2010, CKX, Inc. announced Robert F.X. Sillerman had resigned as Chairman and Chief Executive Officer of the company and from the company's board, effective immediately. Still holding 21% of the shares, he began working with One Equity Partners on a $550m-$560m takeover bid. In May, Fuller teamed up with former Barclays Capital executive Roger Jenkins, creating a $1Bn fund. They propose as their first purchase CKX, at a bid level of $600m. On the current share price, CKX is valued at $395m, with $101m of debt and $55m of cash at the end of first quarter 2010. However, in 2010-10-27, CKx, Inc. announced it was no longer discussing a potential sale of the company or of a controlling stake in the company.