	investor to take control of river oaks roi river oaks industries inc said it agreed in principle to give control of the company to benson seizer a new york investor in return for mln dlrs in capital the company a maker of mobile homes said it terminated merger discussions with nursing centers of america river oaks said it will place a mln dlr convertible note with seizer who in turn will name six additional members to the company s five member board one of the new directors will take over as chairman and chief executive officer river oaks said river oaks said the note will be convertible into two mln shares of its common stock at one dlr a share the company currently has mln shares outstanding the company said it will also grant seizer an option to buy an additional mln shares during the next four years at dlrs a share during the first year and dlrs a share thereafter the company said the money raised from seizer will further strengthen its balance sheet and enhance its ability to seek selective expansion opportunities seizer is experienced in turnaround situations and is expected to take direct involvement in river oaks management said charles f degroot who will remain a director of the company after giving up the post of chairman to one of seizer s board nominees don manning will cede his post as chief executive but will remain president the company said reuter 
