tag:blogger.com,1999:blog-79291360151486359582024-03-15T01:35:07.097-07:00Dan Loeb's Letters to CEO'sAnonymoushttp://www.blogger.com/profile/03251134594909142012noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7929136015148635958.post-23780646905977524142012-08-05T14:42:00.000-07:002012-08-05T15:33:50.400-07:00Dan Loeb's Yahoo Inc. InvolvementDan Loeb's distinct style which is perceived as ground-breaking, innovative and efflorescent is also seen as controlling, rude and childish by others depending on who you ask. Hedge fund managers and investors alike seem invariably in favour of his nonchalant attitude toward investor activism which breaks from the militant rhetoric of other investment industry leaders. The increasingly legendary hedge fund's manager's varied popularity is to due his activist shareholder activities, which while stur considerable controversy/media attention have never constituted more than 10% of his fund, until his Yahoo position which is now<a href="http://www.sec.gov/Archives/edgar/data/1040273/000108514612000807/thirdpoint1q2012.txt"> approaching 25% of his equity portfolio. </a><br />
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<span style="background-color: #fefdfa; color: #333333; line-height: 18px; text-align: justify;"><span style="font-family: Times, Times New Roman, serif;"><b><u>Dan Loeb, CEO of Third Point Advisors letters to Yahoo Inc. :</u></b></span></span><br />
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<span style="background-color: #fefdfa; color: #333333; line-height: 18px; text-align: justify;"><b><span style="font-family: Times, Times New Roman, serif;"><a href="http://www.sec.gov/Archives/edgar/data/1011006/000089914011000485/y6981272b.htm">Letter to CEO Jerry Yang</a> | </span></b></span><span style="background-color: white; font-family: 'Times New Roman'; font-size: 16px; text-align: justify;"><b>September 14, 2011</b></span><br />
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<span style="color: #333333; font-family: Times, Times New Roman, serif;"><span style="line-height: 18px;"><b><a href="http://www.sec.gov/Archives/edgar/data/1011006/000089914011000516/y6991465b.htm">Letter to Board of Directors of Yahoo Inc.</a> (</b><i>concerning Recapitalization efforts</i><b>) | November 4, 2011</b></span></span></div>
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<span style="color: #333333; font-family: Times, Times New Roman, serif;"><span style="line-height: 18px;"><b><a href="http://www.sec.gov/Archives/edgar/data/1011006/000089914012000211/y7560312b.htm">Letter to CEO Scott Thompson</a> | March 14, 2012</b></span></span></div>
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<a href="http://www.sec.gov/Archives/edgar/data/1011006/000089914012000225/t7603094b.htm">Letter #2 to CEO Scott Thompson</a> | <b>March 28, 2012</b></div>
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<a href="http://www.sec.gov/Archives/edgar/data/1011006/000089914012000299/y7749418b.htm">Letter #2 to Board of Directors</a> (<i>states CEO and Chair of Search Committee false qualifications)</i> <b>| May 3, 2012</b><br />
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<a href="http://www.sec.gov/Archives/edgar/data/1011006/000089914012000354/y7768782b.htm">Letter #3 to Board of Directors</a> (dismisses CEO apology, outlines path for future governance) | <b>May 9, 2012</b><br />
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<span style="background-color: #fefdfa; line-height: 18px; text-align: justify;"><span style="font-family: Times, Times New Roman, serif;">Thank you to Cal for your comment which aided with the research for this post - your help is much appreciated!</span></span><br />
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<span style="background-color: #fefdfa; line-height: 18px; text-align: justify;"><span style="font-family: Times, Times New Roman, serif;">Enjoy Reading!</span></span><br />
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<span style="background-color: #fefdfa; line-height: 18px; text-align: justify;"><span style="line-height: normal; text-align: start;">Please comment on Dan Loeb's effectiveness or perhaps his changing style or even the fear that CEO's of other companies Third Point invest in must have! Look forward to our conversations!</span></span><br />
<br />Anonymoushttp://www.blogger.com/profile/03251134594909142012noreply@blogger.com83tag:blogger.com,1999:blog-7929136015148635958.post-81240799538587735752010-06-26T12:56:00.000-07:002012-08-05T14:46:35.744-07:00Compilation of Dan Loeb's Letters to CEO'sI was recently watching a webcast of a speech Dan Loeb gave and it inspired me to return and re-read his old greats.<br />
Excellent letters. Formidable phrasing this paragraph remains a great.<br />
<blockquote>
"I must admit that I was so distraught by our conversation that my temper got the<br />
best of me and loudly informed Dr. Verbrugge that I was flunking him as a<br />
director of the Company and that I planned to expel him from the board as soon<br />
as practicable, before unilaterally terminating the conversation." - Letter to Intercept</blockquote>
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<span style="font-weight: bold;">Letter to Intercept</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/1040273/000089914004000756/i2555408d.txt">http://www.sec.gov/Archives/edgar/data/1040273/000089914004000756/i2555408d.txt</a><br />
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<span style="font-weight: bold;">Letter to Penn Virginia</span>1st<br />
<a href="http://www.sec.gov/Archives/edgar/data/77159/000089914002000174/lo1012114d.txt">http://www.sec.gov/Archives/edgar/data/77159/000089914002000174/lo1012114d.txt</a><br />
2nd<br />
<a href="http://www.sec.gov/Archives/edgar/data/77159/000089914003000256/tp1176920b.txt">"http://www.sec.gov/Archives/edgar/data/77159/000089914003000256/tp1176920b.txt</a><br />
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<span style="font-weight: bold;">Letter to Pogo</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/230463/000089914006001686/t120106c.txt">http://www.sec.gov/Archives/edgar/data/230463/000089914006001686/t120106c.txt</a><br />
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<span style="font-weight: bold;">Letter to Nabi Pharma</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/72444/000089914006000611/t042706.txt">http://www.sec.gov/Archives/edgar/data/72444/000089914006000611/t042706.txt</a><br />
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<span style="font-weight: bold;">Letter to Horizon</span><br />
<a href="http://www.prnewswire.com/news-releases/wilbur-ross-actions-as-head-of-horizon-natural-resources-creditor-committee-unfair-according-to-third-point-management-company-73900162.html">http://www.prnewswire.com/news-releases/wilbur-ross-actions-as-head-of-horizon-natural-resources-creditor-committee-unfair-according-to-third-point-management-company-73900162.htm</a><br />
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<span style="font-weight: bold;">Letter to Salton Corporation</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/878280/000089914004001211/s2647579d.txt">http://www.sec.gov/Archives/edgar/data/878280/000089914004001211/s2647579d.txt</a><br />
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<span style="font-weight: bold;">Letter to Star Gas</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/1002590/000089914005000128/t2774169.txt">http://www.sec.gov/Archives/edgar/data/1002590/000089914005000128/t2774169.txt</a><br />
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<span style="font-weight: bold;">Letter to Western Gas</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/856716/000089914005000405/t2846930d.txt">http://www.sec.gov/Archives/edgar/data/856716/000089914005000405/t2846930d.tx</a><br />
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<span style="font-weight: bold;">Letter to Ligand</span><br />
<a href="http://www.sec.gov/Archives/edgar/data/886163/000089914005000884/l2992329d.txt">http://www.sec.gov/Archives/edgar/data/886163/000089914005000884/l2992329d.txt</a><br />
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Loeb's corporate activism has brought to light the <b>poor attendance and performance</b> of board members, <b>terrible </b>conflicts of interest within the executive class and a host of CEO issues from <u>outright</u> management incompetence to poor capital allocation and even highlighting under-qualification/lying as with the Yahoo CEO of late. Dan Loeb, CEO of Third Point Advisors, has gained legendary status for both his history of high capital returns and corporate activist victories.<br />
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Can't help myself but laugh upon re-reading these great pieces. Wonderfully written!<br />
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Enjoy Reading!<br />
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Please comment with your thoughts, opinions and perspectives on any of the above! I would love to start a conversation with you!<br />
<br />Anonymoushttp://www.blogger.com/profile/03251134594909142012noreply@blogger.com16