Seeking Alpha

Icahn issues new eBay letter, shares tick higher

  • Much like the letter he issued on Monday, Carl Icahn 's latest missive to eBay (EBAY +1.2%) shareholders criticizes board members Marc Andreessen (not up for re-election) and Scott Cook's perceived conflicts of interest, calling the directors "value-driven for themselves."
  • The activist investor once more urges shareholders to vote for his two board nominees, and to back a precatory (non-binding) proposal regarding a PayPal split.
  • Icahn: "If you ran your own company, would you ever allow your competitors to sit at the table as you planned and executed your business strategy? ... We believe corporate governance at eBay is dysfunctional."
  • Update: eBay responds to Icahn's letter, and takes a few shots of its own. "Carl Icahn doesn't let the truth get in the way of a good story. And while his letters and media interviews may be entertaining, they are not factually accurate."
Comments (14)
  • idkmybffjill
    , contributor
    Comments (1627) | Send Message
     
    This almost reminds me of Eric Schmidt being on Apple's board. I recall how that turned out...
    26 Feb, 10:12 AM Reply Like
  • CassandraSees
    , contributor
    Comments (346) | Send Message
     
    Perhaps it would be a good idea to look behind Icahn's words - - His ultimate goal to benefit by his own actions no matter who he runs over, including the shareholders
    26 Feb, 10:34 AM Reply Like
  • mg10011
    , contributor
    Comments (51) | Send Message
     
    @Cassandra,

     

    We know what Icahn's ultimate goal is -- to make money for himself and his investors. He is not hiding that fact. He is merely making an argument, a darned good one, that EBAY's current Board is self-serving and dysfunctional AT THE EXPENSE of other shareholders.

     

    You don't address Icahn's argument, but merely knock his ultimate ends. So, I will ask you what you find more repulsive: Icahn's profit motive, or the self serving profit motives of Scott Cook and Andreesen who used their position in EBAY to profit AT THE EXPENSE of shareholders?
    26 Feb, 12:17 PM Reply Like
  • CassandraSees
    , contributor
    Comments (346) | Send Message
     
    This is basically Icahn and the Board gearing up for battle - - So refer to Sun Tsu for your own protection - - - Ultimately I would love to see the company benefit by someone being in charge and lovingly make it grow like a good farmer and not just greedily sucking it dry - - I just do not want to be crushed under the feet of two warring adversaries - -
    26 Feb, 12:33 PM Reply Like
  • CassandraSees
    , contributor
    Comments (346) | Send Message
     
    Perhaps it would be a good idea to look behind Icahn's words - - His goal is to make a profit any way that he can, even if it means running over the shareholders...
    26 Feb, 10:38 AM Reply Like
  • Seeker137
    , contributor
    Comments (286) | Send Message
     
    Whatever his motivations, Icahn is rightly exposing corporate corruption at eBay that all shareholders need to be aware of. It's just the tip of the iceberg, and Icahn knows this as well.
    26 Feb, 10:47 AM Reply Like
  • CoffeeMek
    , contributor
    Comment (1) | Send Message
     
    what is involved with Ebay?
    27 Feb, 01:35 AM Reply Like
  • Tom Shaughnessy
    , contributor
    Comments (1122) | Send Message
     
    Icahn is dead right. Ebay will be much higher soon!
    26 Feb, 01:03 PM Reply Like
  • KJP712
    , contributor
    Comments (448) | Send Message
     
    At least Icahn is keeping busy with stock trading.Not like other retirees clogging the roads in the morning looking for Supermarket " deals "....
    26 Feb, 01:12 PM Reply Like
  • zigkauf13
    , contributor
    Comments (2) | Send Message
     
    Active investor with large position in E Bay.
    26 Feb, 10:48 PM Reply Like
  • zigkauf13
    , contributor
    Comments (2) | Send Message
     
    Wow ! Talk about conflicting interests. Yes Icahn is in it for his own interests but we do need more people like him to expose what goes on behind boardroom doors. Greed good for board members not so good for shareholders. Go Carl!!
    26 Feb, 11:04 PM Reply Like
  • CARLVP
    , contributor
    Comments (24) | Send Message
     
    Ichan's motivation is the same as mine and all stock holders that is to make money. My concern is not how he does it as long as it is legal and ethical and to this point I believe it is but to drag me along with him. Follow the money he has more of it than 99% of the rest of us. I for one willl vot to get rid of the old boy board network of conflicts of inteerest. Hurrah for Carl
    27 Feb, 01:40 AM Reply Like
  • CARLVP
    , contributor
    Comments (24) | Send Message
     
    Carl Ichan's motivation is the same as all stock holders, that is to make money. I appreciate his dragging me along with him and exposing the corrupt old boy board network more interested in making money for themselves than we the stock holders. Fact of the matter the investment community is replete with spinoffs like PalPal thriving and growing under focused management after breaking the shackles of the parent. I bought eBay long before Carl came on the scene for the expressed purpose of the potential of PayPal as an independent enterprise - go get em Carl and take the rest of us relative paupers along for the ride I hope you make many millions.
    27 Feb, 01:41 AM Reply Like
  • Seeker137
    , contributor
    Comments (286) | Send Message
     
    There are many things going on at corporate ebay that cry out for a Federal investigation, among them the DSR (Detailed Seller Ratings) system which was designed and is implemented to show favoritism for big retailers (eBay routinely "scrubs" the feedback and DSR ratings of favored big box) against possible competition by small to mid-size retailers. In addition, there is collusion, price fixing, racketeering, etc. going on. All things that the Feds look for. Ebay has engaged in activities that have bankrupted countless small to mid-sized business owners. The DSRs are designed to show favoritism and create an unlevel playing field. Ebay is rewarded for these illegal activities via Wall St. because stock analysts have fallen for the press release and manipulated numbers from ebay's dept. of spin. Somewhere some seller(s) must have documented the scrubbing where large retailer's DSRs are edited. This is blatant fraud, as the search placements (item visibility on eBay) are adjusted based upon DSR ratings and feedback.
    27 Feb, 10:51 AM Reply Like
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