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Charles in charge
Cablevision family feud over Voom has investors up in arms as Dolan Sr. turns the tables on son and CEO
BY HARRY BERKOWITZ
STAFF WRITER. Staff writer Mark Harrington contributed to this story.
March 4, 2005
Cablevision Systems Corp. was reeling yesterday after a palace coup in which chairman Charles Dolan ousted three directors and recaptured control of the company from his rebellious CEO son, James.
As the company's stock plunged 5 percent yesterday, Wall Street assailed what an analyst called the "bizarre" turn of events, in which Charles Dolan picked five new directors, including a son-in-law, giving him a theoretical 8-7 edge on the board, which includes four Dolans.
In response, the board's six independent directors, who were not ousted, wrote a letter to Charles Dolan yesterday demanding he stop seeking new subscribers for the company's Voom satellite TV service, which the board had ordered to be shut, and accused him of misusing company funds to do so.
"The 'Alice in Wonderland' Dolan family-boardroom struggle at Cablevision must surely rank as one of the most byzantine in memory," analyst Craig Moffett of Sanford C. Bernstein & Co. told investors.
However, a spokesman for Charles Dolan, Ed Horowitz, said Dolan believes he can turn around Voom's fortunes and that the new directors are an improvement. Dolan was not available for comment.
It was the war over Voom's fate, in which James sided with the board's majority to defeat Charles, that helped precipitate his replacement of directors. The company said the Voom shutdown was being delayed as Charles Dolan prepares to present to the new board by Monday his plans to take Voom off Cablevision's hands and resuscitate it.
At the same time, Cablevision disclosed that federal regulators had opened an informal inquiry into trading of the company's stock and into the series of events leading to the board's orders to abandon plans to spin off Voom and sell its satellite to EchoStar.
To gain the power to replace the directors, Charles Dolan combined Cablevision stock he controls with that controlled by his wife, Helen, and brother, Cleveland Indians owner Lawrence Dolan, to line up the required majority of the family's shares.
The new directors are Liberty Media chairman John Malone, former Viacom chief Frank Biondi Jr., former ITT chief Rand Araskog, whose company had sold control of Madison Square Garden to Cablevision, and former Citizens Communications chief executive Leonard Tow, plus son-in-law Brian Sweeney, a Cablevision senior vice president, whose addition requires board approval. They replace Quadrangle Group managing partner Steven Rattner, former Cablevision executives William Bell and Sheila Mahony, and the late John Tatta, who died last month. Charles Dolan said he would seek to further increase the directors he chooses from 60 percent to 75 percent.
"I don't know whether they have all the facts before them," Mahony said of the new directors and Voom in an interview. Moffett said that the first four new directors are legendary dealmakers, which raises the chances Cablevision or part of it may be sold, and that they could be held personally liable if their actions hurt shareholders.
"It is imperative that this expansion of the business stop immediately," independent director Victor Oristano said in the letter to Charles Dolan.
Robert Heim, a former Securities and Exchange Commission associate regional director, said "it's a pretty good bet the SEC is looking into possible insider trading" at Cablevision, based on the company's disclosure of an inquiry. The stock price fell by $1.59 per share to $28.65.
Charles in charge
Cablevision family feud over Voom has investors up in arms as Dolan Sr. turns the tables on son and CEO
BY HARRY BERKOWITZ
STAFF WRITER. Staff writer Mark Harrington contributed to this story.
March 4, 2005
Cablevision Systems Corp. was reeling yesterday after a palace coup in which chairman Charles Dolan ousted three directors and recaptured control of the company from his rebellious CEO son, James.
As the company's stock plunged 5 percent yesterday, Wall Street assailed what an analyst called the "bizarre" turn of events, in which Charles Dolan picked five new directors, including a son-in-law, giving him a theoretical 8-7 edge on the board, which includes four Dolans.
In response, the board's six independent directors, who were not ousted, wrote a letter to Charles Dolan yesterday demanding he stop seeking new subscribers for the company's Voom satellite TV service, which the board had ordered to be shut, and accused him of misusing company funds to do so.
"The 'Alice in Wonderland' Dolan family-boardroom struggle at Cablevision must surely rank as one of the most byzantine in memory," analyst Craig Moffett of Sanford C. Bernstein & Co. told investors.
However, a spokesman for Charles Dolan, Ed Horowitz, said Dolan believes he can turn around Voom's fortunes and that the new directors are an improvement. Dolan was not available for comment.
It was the war over Voom's fate, in which James sided with the board's majority to defeat Charles, that helped precipitate his replacement of directors. The company said the Voom shutdown was being delayed as Charles Dolan prepares to present to the new board by Monday his plans to take Voom off Cablevision's hands and resuscitate it.
At the same time, Cablevision disclosed that federal regulators had opened an informal inquiry into trading of the company's stock and into the series of events leading to the board's orders to abandon plans to spin off Voom and sell its satellite to EchoStar.
To gain the power to replace the directors, Charles Dolan combined Cablevision stock he controls with that controlled by his wife, Helen, and brother, Cleveland Indians owner Lawrence Dolan, to line up the required majority of the family's shares.
The new directors are Liberty Media chairman John Malone, former Viacom chief Frank Biondi Jr., former ITT chief Rand Araskog, whose company had sold control of Madison Square Garden to Cablevision, and former Citizens Communications chief executive Leonard Tow, plus son-in-law Brian Sweeney, a Cablevision senior vice president, whose addition requires board approval. They replace Quadrangle Group managing partner Steven Rattner, former Cablevision executives William Bell and Sheila Mahony, and the late John Tatta, who died last month. Charles Dolan said he would seek to further increase the directors he chooses from 60 percent to 75 percent.
"I don't know whether they have all the facts before them," Mahony said of the new directors and Voom in an interview. Moffett said that the first four new directors are legendary dealmakers, which raises the chances Cablevision or part of it may be sold, and that they could be held personally liable if their actions hurt shareholders.
"It is imperative that this expansion of the business stop immediately," independent director Victor Oristano said in the letter to Charles Dolan.
Robert Heim, a former Securities and Exchange Commission associate regional director, said "it's a pretty good bet the SEC is looking into possible insider trading" at Cablevision, based on the company's disclosure of an inquiry. The stock price fell by $1.59 per share to $28.65.
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3431 views
WOW...fair and balanced...
I agree T2k, and am thinking maybe there really is a God!
Vicki
...Whuda' thunk it??...(not a slam against Newsday, just my opinion of the media in general.)T2k said:
I agree T2k, and am thinking maybe there really is a God!
Vicki
L
"A couple of days of slight loss while the news set in and then BAM - war is declared on the board.
March 3rd - Closed at 28.65 (an 8% loss from Feb 28th)
I'd say the stockholders didn't like that."
One little detail that wasn't mentioned here regarding the negative impact on stock price was the SEC investigation. THAT's what the stockholders didn't like
Lob
March 3rd - Closed at 28.65 (an 8% loss from Feb 28th)
I'd say the stockholders didn't like that."
One little detail that wasn't mentioned here regarding the negative impact on stock price was the SEC investigation. THAT's what the stockholders didn't like
Lob
J
JL
Both in the same announement, but yes - firing over 20% of your board (apparently for making a decision shareholders liked) and announcing a SEC investigation into past actions are both negative.Lobstah said:One little detail that wasn't mentioned here regarding the negative impact on stock price was the SEC investigation. THAT's what the stockholders didn't like
JL
For some reason, the satelliteguys.us site is loading a lot slower than usual on both Chrome on my Asus laptop and Safari on my iPhone.
I'm also seeing longer appearances of the blue bar at the top and the "3 blue bars" loading symbol.
Is anyone else also having the same problem? Thanks in advance.
I'm also seeing longer appearances of the blue bar at the top and the "3 blue bars" loading symbol.
Is anyone else also having the same problem? Thanks in advance.
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17900 views
Remember folks... just like DNS... its always Foxbat.
WTF… …What the Foxbat!Remember folks... just like DNS... its always Foxbat.
S
wow what a kick in the balls!!! the wife blames you when things don't work now scott's blaming youWTF… …What the Foxbat!
I know. Here's what Scott has in store for me if I get out of line:wow what a kick in the balls!!! the wife blames you when things don't work now scott's blaming you
Help, I'm a little confjused on the activation process.
I purchased the Joey 4 from Solid Signal and shipping box has Call 866 726-4282 to Avtivate new Receiver. That number is Solid Signals number.
I googled and that search said call Dish to activate. I assume that is correct unless this requires a 2 step process.
Please let me know.
Thanks
I purchased the Joey 4 from Solid Signal and shipping box has Call 866 726-4282 to Avtivate new Receiver. That number is Solid Signals number.
I googled and that search said call Dish to activate. I assume that is correct unless this requires a 2 step process.
Please let me know.
Thanks
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182 views
All good called Dish and new Joey 4 is activated and working.
Old Joey 2 deactivated and no need to return.
Old Joey 2 deactivated and no need to return.
S
i bought mine straight from dish as it was only $ 100.00 bucks!!! had the protection plan they came out removed and deactivated the 4k joey and activated and installed the joey 4.All good called Dish and new Joey 4 is activated and working.
Old Joey 2 deactivated and no need to return.
Supporting Founder
Pub Member / Supporter
Lifetime Supporter
Apple has finally released their Apple TV 4K with built-in Siri and a microphone so it can respond to your queries even if you don't have the remote. It also increases in price, to $299. I had been planning on updating my current Apple TV 4K streamers, but that's $600 for the two of them, and that's a pass at this point.
At $299, it had better come with 256 GB of Storage, Gigabit (or better) Ethernet, the latest HDMI tech and standards, and one year of free Apple One. But it probably won't…
At $299, it had better come with 256 GB of Storage, Gigabit (or better) Ethernet, the latest HDMI tech and standards, and one year of free Apple One. But it probably won't…
Apple TV 4K
Apple TV 4K. New Siri AI and hands-free control. Stunning picture and immersive HomePod surround sound. Works with your Apple and smart home devices.
www.apple.com
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S
. apple's been making money off of software and not hardware for a while
they all do that anyways.. ever notice your cell phone slows down when you come up for an upgrade..
. apple's been making money off of software and not hardware for a while
The new curated multiview is now live.
While on many of the sports channels and non sports channels there is a multi view option button. It will pull up a side bar with many different multi view options.
While on many of the sports channels and non sports channels there is a multi view option button. It will pull up a side bar with many different multi view options.
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152 views
Supporting Founder
Really excited for this season with Kentucky having a new coach and some really exciting recruits. Probably won't last long, but here's hoping this season is great.
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1342 views
Supporting Founder
Lifetime Supporter
This thread is a place to discuss the 4K events that appear on channel 540. We are getting, at this point, one college football game a week. Let's hope there is more coming.
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298844 views
Hmmm, I'm not seeing anything like those events in our Hopper 3 guide for tonight or Saturday.
I went into the Tools menu and requested a Guide Update. I'll try looking at it after the update completes.
edit — I now have the 148-01 4KFox events for Saturday, but not anything for 148-02 or 148-03 which don't even show as available channels. I do have 148-04 4KUSA.
As I recall you have the Flex package. Do you sub to multisport? -02 is FS1 and -03 is ESPN. -01 is Fox so you would get that if you sub to locals.Hmmm, I'm not seeing anything like those events in our Hopper 3 guide for tonight or Saturday.
I went into the Tools menu and requested a Guide Update. I'll try looking at it after the update completes.
edit — I now have the 148-01 4KFox events for Saturday, but not anything for 148-02 or 148-03 which don't even show as available channels. I do have 148-04 4KUSA.
TWiT Tech Podcast Network
Time for another AWESOME video from the TWIT Network!
View: https://www.youtube.com/watch?v=87N42NxLPC0
Direct YouTube Link - 8 U.S. States Sue OpenAI Over Safety Concerns With Younger Users
TWIT's Website
TWIT Live Feed
View: https://www.youtube.com/watch?v=87N42NxLPC0
Direct YouTube Link - 8 U.S. States Sue OpenAI Over Safety Concerns With Younger Users
TWIT's Website
TWIT Live Feed
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8 views
Pub Member / Supporter
On Tuesday, I recorded the first episodes of the new season's NCIS shows on CBS (Dish provided, not OTA). The new New York series and Origins will both do Auto Skip, but the original, now season 24 does not. What's stranger, when I do a search for NCIS, Origins and New York show the current recording and the next episode it will record, but the original show only shows the current recording and some other channel showing the very first episode of season one. It makes no sense. When I set up the timers, I was able to use search for Origins and New York, but for the original, I had to scroll ahead in the guide until last Tuesday when the show was airing. Then set the timer from there. You can see its timer type is DVR where the other two are Seek. What am I missing?
Thanks!
Thanks!
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386 views
Pub Member / Supporter
Cutting Edge
I created this thread on the original Edgecutter Cutting Edge Forums site. It's simply a place for those to review the latest software available for those using Windows 10 and Windows 11. To date it has received 112,559 views. I have been asked by staff to continue this thread here.
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47171 views
To each there own but I've found that Windows can't do much more than Linux can. Can't have everything.
For niche use cases, yes I agree. Kali for ethical hacking and security testing, and running a Cacti server for network monitoring are the two things I have experience in. Plus thousands and thousands of other things, but for every day use I just can't see it. The owner of the GMRS repeater that I pay to access is changing the Tx DPL tones tomorrow, while Chirp is available on Linux, the software to program my MXT500 is not.To each there own but I've found that Windows can't do much more than Linux can. Can't have everything.
I run Fedora and Ubuntu in VMWare, honestly I don't care much for the UI of either of them and I don't feel like spending days/weeks to customize the UI to make it look Windows-like when I could just use Windows. The cartoonish dock at the bottom of the screen reminds me of Apple products.
As I said above, and, FWIW, I run Win11 Pro and Arch on separate 250 GB NVME drives, using F8 to select which I boot to, with a 1TB SSD for storage, accessible to both OSs and a third formatted Nvme I want to use to learn Kali. It was much faster to setup Arch than it was to strip down Windows. Windows still takes much longer to boot.
