You know, every time I read more of this proxy statement, I get shocked by something else. Morgan Stanley was the firm that they got to issue the "fairness" opinion, in regard to the fairness of their $5 offer for Seagate stock. And then, you read,
<< Morgan Stanley and some of its officers and employees have committed to invest up to $42.3 million in Silver Lake Partners' $2.3 billion fund. Morgan Stanley's commitment is $500,000, and the remainder consists of commitments from approximately 125 officers and employees of Morgan Stanley. These commitments were made before Morgan Stanley began advising the Seagate board of directors regarding the transactions described in this document. Upon completion of the merger, Morgan Stanley will be entitled to receive a cash fee, based upon a percentage of the aggregate value of the merger.>>
How in the world can this not be a conflict of interest? MS people are investors in this deal. Of course they would think that it's fair. It's very fair to them, startlingly so.
Oh, Lord, I feel my stomach clenching up in anger and disgust again. These guys,....
Sam |
