Mr. Pot, Meet Mr. Kettle: Gabelli Opposes CVC Buyout

Fund manager Mario Gabelli is to vote his fund's stake in Cablevision Systems Corp (CVC) against a $10.6 billion buyout of the New York-area cable operator and entertainment group, according to a regulatory filing.

Related material facts:

• Cablevision Systems Corp’s Corporate Governance Quotient is worse than 98.5% of Russell 3000 companies and 83.1% of media companies.
• GAMCO Investors’ (GBL) Corporate Governance Quotient is worse than 93.9% of Russell 3000 companies and 85.3% of diversified financials companies.
• Sentinel Management Group Inc preferred shareholder Vincent Tese is a director of both Cablevision and Gamco Investors (not to mention Bear Stearns (BSC), and a handful of outfits that have not disgraced themselves in the recent past).

With a bit of luck, this knife fight ends with both combatants simultaneously striking mortal blows. And if a stray blade finds Jim Dolan’s jugular, the entire New York winter sports laundry diaspora will erupt in a display of joy not seen since...well, certainly not since the Dolan brat (pictured) got his hands on what used to be The World’s Greatest Arena.

Gabelli to vote against Cablevision buyout
by Megan Davies
Reuters (via Portfolio) Oct. 14 2007

Positions:
Long 1 Optimum triple play.
Long tickets for both Bruce Springsteen’s Madison Square Garden concerts this week.
Short 1 pair nose-bleed NY Knicks season tickets.