WOW! Almost 62,000,000 shares sold in the last three days...that's a bundle when the average for a day is something like 3,000,000. Here's something in the papers today..."Tele-Communications Inc. is being sued by holders of its Class A common stock, who claim the terms of the No. 2 cable company's $45.8 billion sale to AT&T Corp. favor TCI Class B stockholders. Six Class A Shareholders have filed separate suits in Delaware Chancery Court complaining that the plan to exchange each share of TCI Class A for 0.7757 AT&T share is unfair because Class B holders will get 0.8533 share of AT&T. Class A stock is widely held and has one vote per share, while Class B shares are closely held and carry 10 votes each, according to a lawsuit by Hernando Nieto. The shareholders, who are seeking class-action status, asked Chancery Court to stop the merger under its current terms and award unspecified damages. AT&T, the U.S.'s largest long-distance company, is a defendant, as are TCI officials, including Chairman and Chief Executive John C. Malone."
This merger has a long way to go before the dust all settles and the "Street" starts moving T back up again.
Anybody venture to guess just how long that will be? |
