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Technology Stocks : Motorola (MOT)

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From: Bill Wolf	5/1/2007 7:34:39 AM
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SeekingAlpha Icahn to Publish Open Letter to Motorola Shareholders in Quest for Board Seat -- WSJ Tuesday May 1, 6:26 am ET Activist investor Carl Icahn is publishing an open letter to Motorola shareholders as a full-page newspaper advertisement on Tuesday, according to the Wall Street Journal. The letter calls the company "troubled" and gets personal for the first time about CEO Ed Zander, whose comments Icahn calls "something straight out of Alice in Wonderland." This is the first time Icahn has launched a direct attack on Zander since he started accumulating Motorola shares in January. Shareholders will vote on Icahn's directorship at the annual meeting on May 7. Icahn's letter dismissively cites a reference to Zander saying, "I love my job. I hate my customers," and claims the company has suffered "a critical failure in oversight and leadership." At the end of January, Icahn demanded the company use its cash to buy back stock, but after Motorola accelerated its buyback program, Icahn shifted his attention to "operational problems." Motorola's board opposes Icahn's election, calling him insufficiently knowledgeable about the company's business. biz.yahoo.com

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