Monday, May 05, 2014

Loeb-Sotheby's Settlement (UPDATED)

Details at the NYT here.

UPDATE:  Who won?  The Times declares it a "clear win" for Loeb.  The Art Market Monitor disagrees:  "[I]t is hard to credit [that] conclusion since he was offered a board seat and has basically wound up with … a board seat. ... The compromise blunts his three seats with an additional two giving Loeb little more in the way of power. Yes, Loeb will be allowed to increase his stake from under 10% to 15% but without a clear plan to increase revenues substantially, that increased stake may only be a gift to present shareholders who sell to him in the coming weeks."