December 13, 2011
Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Mr. Roy Bostock, ChairmanDear Directors:
Third Point LLC, as the beneficial owner of 5.2% of Yahoo! Inc.’s (“Yahoo”) outstanding shares, remains extremely troubled by news reports regarding the dysfunction and inequity being exhibited in the process of maximizing stockholder value that the Board is allegedly “managing”. We are disturbed but not surprised by this mismanagement given the history of strategic bungling by Yahoo Board Chairman Roy Bostock and Founder Jerry Yang, which has been chronicled in our previous letters and in numerous critical media and analyst reports. As significant shareholders with our own fiduciary duties to investors to uphold, we cannot stand by silently if such reports are accurate and Yahoo, a company in no need of cash, plans to engage in a sweetheart PIPE deal which will serve only to entrench Mr. Yang and the current board while massively disenfranchising public shareholders and permanently robbing us of the opportunity to obtain a control premium.
letters
Yesterday afternoon, the organizers of Occupy Wall Street announced that they’d be marching uptown to “deliver 6,000 letters from the 99% to the 1%.” The letters would be dropped off at Bank of America, Morgan Stanley, Wells FArgo, Citigroup and JPMorgan. There was also promise of a “singing telegram for Vikram Pandit, led by a choir and marching band,” and while there’s been no word on the musical interlude so far, letters were indeed sent. Here’s a sampling of the messages left on Park Ave: Continue reading »
High School Marching Band And Choir Of Thousands To Serenade Vikram Pandit Tomorrow Today
By Bess Levin
Yes, it’s part of the Occupy Wall Street protest but still- his own personal marching band and choir! If I’m Vikram, I’m pretty psyched about this, especially considering all Brian Moynihan is getting are a bunch of paper airplanes. Continue reading »
…and gives Congress a glimpse of the silver tuna. Want to see the full enchilada? The golden goose? The cast-iron baby arm? El Chorizo? Then you’re gonna have to get some other deep pocketed guys and gals to show what kind of heat they’re packing. You do that and WB promises he’ll give you the full autopsy results. Those are the rules. No tit? No tat. If anyone thinks he’s going to be the only one left standing naked, they can refer themselves to a fateful game of strip poker in ’57 from which he learned his lesson the hard way, and think again. Continue reading »
Citadel: E*Trade Would Be Better Off Without Mortgage Losses, Board, Independent Existence
By Matt Levine
After a good first half, Citadel is getting so close to its high-water mark that Ken Griffin is starting to reminisce about the good old days when he used to earn performance fees. That in turn reminds him of what else he was up to back in those care-free pre-crash times, like sinking $2.5 billion into an online brokerage saddled with a disastrous mortgage lending operation in November 2007.
And so today he decided to catch up with E*Trade Financial, where he’s the largest shareholder after leading a rescue in 2007. But what started as a nice note to the CEO quickly turned ugly.
Continue reading »
Research In Motion Will Not See Another Dime From One Incensed Private Equity Guy (Update)
By Bess LevinAccording to the 3,000 word email written by the ex-customer, RIM can kiss his $120/month good-bye. Continue reading »
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