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"You Buy Me Out?"

J

JustPastBuffalo

"No! I buy you out, you don't buy me out!" It's a classic line from The Godfather, as Moe Green hastily and angrily rejects a purchase offer for his Las Vegas casino from Michael Corleone and his familia. Yesterday's NY Times features another story and more particulars on the shareholder scuffle between Cumulus and Citadel.

We all know what became of Moe Green and his pals Tattaglia, Sollozzo and Barzini. Will Citadel go to the mattresses? And will any lines come from this boardroom brawl that are half as good as lines like, "Tattaglia is a pimp. He never could have outfought Santino. But I didn't know until this day that it was Barzini all along."
 
Interesting article. It says "a majority of the company's owners" and "a throng of the company's owners," but can only name one. The same one we've all read elsewhere. Some pretty weak reporting, especially when it's over month-old news. Jim's take on the story was far better.
 
It says that "four of his largest shareholders" accuse Farid of being unresponsive to his owners. He actually quotes one, or maybe one and a half...

The big questions are in details of the Cumulus offer? How much was cash, and how much was stock? What's the total value of the offer? And what's the real value of the stations? According to Citadel, the Cumulus valuation of Citadel was quite different from Citadel's own valuation of the company, as determined by their "financial advisers".

Q Investments is one "unhappy" shareholder that's named in the article. Then again, Geoffrey Raynor and Q Investments currently have three lawsuits pending against billionaire activist investor Carl Icahn involving Federal-Mogul and XO Communications, along with the Citadel matter. It almost looks like he's after a little special consideration, huh?

The other investor quoted "spoke on condition of anonymity because he was not authorized to speak for his firm". It seems that the most "enraged" shareholder is Raynor, who seems to make a carreer out of being enraged. Then again, Farid's attempt to grab $44-million for his own pockets, and spread another $50-million to the board and his minions would be enough to enrage anybody.
 
SirRoxalot said:
It says that "four of his largest shareholders" accuse Farid of being unresponsive to his owners. He actually quotes one, or maybe one and a half...
Click to expand...

The one the reporter quotes is not one of his largest shareholders.
 
JimPastrick said:
"No! I buy you out, you don't buy me out!" It's a classic line from The Godfather, as Moe Green hastily and angrily rejects a purchase offer for his Las Vegas casino from Michael Corleone and his familia. [/i]
Click to expand...

At least The Godfather is a movie that can be turned off. Anytime I read anything about this takeover attempt (or is it all theatrical posturing, and if so what do the Dickeys hope to accomplish?) against the backdrop of what Lew & Farid have done to their respective companies, I always end up thinking the same thing:

This. Doesn't. End. Well.

It's rare I find myself in agreement with anything in the NYT, but the author's opening paragraph is spot-on:

EXECUTIVES who run public companies, and the directors who oversee them, are supposed to operate with the shareholders’ best interests at heart. If a capitalist society like ours is to function, that has to be a bedrock principle.
 
Cudos to Pastrick..the Godfather is my favorite saga - produces MANY quotes, and classic ways to do business etc. :)

But shall we bring Gordon Gekko into the mix, to make for a volatile combination? Wall Street wasn't (isn't) too far from the truth either!! Bringing these two Hollywood classics together...could make for a blockbuster!! :eek:

Glad I'm watching from the outside (disclaimer: not holding paper in ANY stocks mentioned - thank you very much) ;D

Having fun...but also...that's all

HDBG
 
heydaybegone said:
Glad I'm watching from the outside (disclaimer: not holding paper in ANY stocks mentioned - thank you very much) ;D
Click to expand...

Makes two of us Heyday.

My current company has quietly been restaffing in a number of markets and seeing success. One of their CHR's just toppled a heritage station that's doing a lot of VT. The company cited live, local and relatable jock content as key to its success...stating that when six stations in the market are playing Bruno Mars, you have to differentiate yourself.
 
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