Tags: Activist Investors, mock letters from activists, The Activist Fire Drill, vulnerabilities, when those guys come back I'LL BE READY
“You’re the CEO of a company who got the job by lying about having been captain of your high school debate team. Dan Loeb has called three times. What do you do?”
“Word on the Street is that Bill Ackman has tried your protein shakes and he thinks they taste like shit. What’s your next move?”
“Carl Icahn has been standing in your lobby for the last 20 minutes shouting about your board reminding him of the kids he used beat up in Queens and telling the receptionist that if she’s listening to let him talk. What happens next?” Read more »
Tags: Activist Investors, Dan Loeb, Marcato Capital, Richard "Mick" McGuire, Sotheby's
Sotheby’s doesn’t just have an activist problem. It has a two-activists problem. The auction house faces one hedge fund manager— Daniel Loeb of Third Point LLC—loudly banging down the doors over its performance. Meanwhile, another hedge fund is working behind the doors to get the company to sell its physical home. That second hedge fund, Marcato Capital Management LLC, spelled out its arguments for the first time in a presentation to investors Wednesday evening. According to the presentation, reviewed by The Wall Street Journal, Marcato wants Sotheby’s to sell its New York and London properties and unlock the capital it uses in its smaller art financing and art dealing operations. The hedge fund, Sotheby’s third-largest shareholder, believes those moves could free up $1.3 billion in cash, enough to buy back nearly a third of the company’s stock…Richard “Mick” McGuire, the founder and managing member of Marcato, unveiled his thesis for boosting Sotheby’s stock price at the Excellence in Investing conference in San Francisco. [WSJ]
Tags: Activist Investors, Bill Ackman, Carl Icahn, Herbalife, people who went to tough schools in Queens, the 'strawberry' on top?
“Look, I’m in this to make money. That’s what I do. The fact that it might hurt Ackman, I’m not going to run and cry and do penance. You might like to say that it’s the strawberry on top for me, that’s up to you.” [Barron's, related, earlier]