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Thanks for follow-up. The WSJ article from Friday 3/12, page B1and B4: Wetherell vs. Diller: "A TV TITAN AND A WEBMASTER CLASH OVER LYCOS" -- A MUST READ. Some interesting quotes and 'new media' vs. 'old media' comments and critique by DW and BD. Some comments about this in prior post #5936. I thought BD came across a little arrogant and smug -- like he is, even with his uncontested brilliance -- and maybe a little condescending. Ascribed stock manipulation motives to DW. BD seems to ignore reality that few if any LCOS shareholders liked the deal at all not just DW's concern about impact on CMGi, etc. DW referred to this in his CC concerning emails against. Ending up with 30.5 % interest for LCOS seemed like 'funny money' in reverse. At the time of the deal, I held USAI, TMCS (ouch ! ouch !), CMGI and LCOS. I sold the USAI on the pop up, sold the TMCS dropping like a rock (still big time ouch !) and of course kept the LCOS and CMGI, adding more CMGI over past week and a half. Have had a long term LCOS position over a year. Unfortunately for the TMCS holders there was no one like DW speaking up for them about being gobbled up by "cubic zirconia ville." Talk about mixing apples and oranges how about diamonds and zircons ! Mixing low growth cash cows and high growth internet players
has to lead to lower valuation model, regardless of potential syngergies and great "fulfillment" capacity, as HSN is touted to have.
Also thanks for your Globe aricle citation.- post # 5951. I would guess DW was lining up his ducks for the showdown -- "Showdown at Lcos Corral ?" At the CC, it came out that Fidelity owns 9 % of CMGI (also 6.4 % of LCOS). With CMGi and Fidelity both in Boston area, I sure there has good peronal communcation and endorsement of DW's strategic vision. That would account for 27.5 % there.
Some comments have been made about Lycos CEO Davis. In terms of possible legal consequences, not to mention bad faith, I don't think he can act any other way than he is now. I think BD knew how to "corral" and stroke him
--plus a nice long-term contract offer helped -- but I think he was definitely out maneuvered by a master.
Also, Davis himself has some questions to answer in proposed class action lawsuit with his explicit statements about Lycos "staying independent" and then barely a week later being taken "under" not over.
Thanks, good luck --
Georger Martin
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