Big money in mainsteam (myspace story) - GoFuckYourself.com

strobi · 02-23-2006, 02:18 PM

A few minutes old:

NEW YORK -(Dow Jones)- Brad Greenspan, the former chief executive of Intermix Media Inc., filed a complaintThursday against his former company and venture-capital firm VantagePoint Venture Partners over Intermix´s sale last year to News Corp. (NWS).

Greenspan charged Intermix directors with failing to carry out their fiduciary duties in the sale of the company that ran the popular social-networking site MySpace.com. The suit claims that the directors - including Richard Rosenblatt, Intermix´s CEO at the time of the deal - sought personal gains and failed to act in the shareholders´ best interests.

"News Corp. functioned as the ´escape hatch´ for a band of individuals, including Vantage Point, which had effectively picked the pocket of Intermix shareholders in a series of self-serving transactions," Greenspan said in a statement. "It is unbelievable that News Corp. obtained a property that is half the size of Google and Yahoo ... for the ridiculous sum of $580 million."

Greenspan said in an interview that he believes that MySpace could have fetched a price in the "tens of billions of dollars" in a proper auction. He noted the $2.2 billion market value of CNET Networks Inc. (CNET), which has fewer unique visitors than MySpace.

With more than 50 million registered users, MySpace is one of the most popular social-networking sites on the Internet. The site, frequented by young adults, has become popular as a forum to post music, share photos, and meet people. News Corp. plans to develop the site into more of a full-fledged portal in order to challenge Yahoo Inc. (YHOO) and Google Inc. (GOOG) for Internet advertising dollars.

In October 2003, Greenspan was ousted from Intermix, which was then called eUniverse Inc., following revelations of accounting irregularities, a subsequent earnings restatement, and an ensuing power struggle. He claims VantagePoint was behind his departure.

Greenspan, who owned more than 10% of Intermix´s shares at the time of the deal, tried to outbid News Corp. for Intermix in September 2005, but was thwarted by Intermix´s management, which advised against his offer. At the time, Rosenblatt said Greenspan´s offer "lacked credibility" and wasn´t "superior" to News Corp.´s bid. The deal closed in early October 2005.

The complaint, filed in Los Angeles County Superior Court, amends an earlier lawsuit filed in August by Greenspan, who had another lawsuit against Intermix dismissed last year. The case is running parallel to legal action from other former Intermix shareholders about the price paid by News Corp.

The latest complaint alleges that Intermix´s board members were concerned about legal ramifications from insider stock sales and were seeking gains such as the acceleration of stock options.

Greenspan claims VantagePoint was part of Intermix´s "control group" along with the board of directors. In the filing, he cites an email from Rosenblatt to VantagePoint that says: "no deal unless I stay long term. remember your vesting promise."

The News Corp. unit shrugged off Greenspan´s latest legal maneuver. "This is a belated copycat lawsuit that is completely without merit, and an interesting tactic for someone that didn´t vote against the merger," said Rick Stone, an attorney with law firm Hogan & Hartson who represents Intermix.

Greenspan said he abstained from the vote and had no choice but to surrender his shares because of the structure of the deal.

VantagePoint didn´t immediately respond to requests for comment.

WiredGuy · 02-23-2006, 02:31 PM

Interesting story, so where's Tom in all this? LOL
WG

PaulB IYP · 02-23-2006, 02:49 PM

Quote:

Originally Posted by WiredGuy

Interesting story, so where's Tom in all this? LOL
WG

All Hail Tom!!!!!!!!!

Love Sex · 02-23-2006, 03:22 PM

thats pretty fucked if true. It really is worth so much more then 500 mil though.

wdsguy · 02-23-2006, 03:24 PM

Toms in hiding, counting all his cash.

Manowar · 02-23-2006, 03:29 PM

tom rides spinners nowdays

Downtime · 02-23-2006, 03:30 PM

Quote:

Originally Posted by WiredGuy

Interesting story, so where's Tom in all this? LOL
WG

Tom's on his fuckin yacht relaxing and partying it up like Jay Z in his Big Pimpin video.

sonofsam · 02-23-2006, 03:30 PM

Quote:

Originally Posted by Manowar

tom rides spinners nowdays

hes straight up, balling out of control

KMR Stitch · 02-23-2006, 03:31 PM

Press release link?

JayJay · 02-23-2006, 04:28 PM

Brad Greenspan recently offered me a fair bit of cash for one of my sites.

Tino · 02-23-2006, 04:31 PM

Not a bad story

Chris · 02-23-2006, 04:40 PM

tom is fakeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeee

stock photo!

G-Rotica · 02-23-2006, 04:51 PM

Tom is my friend. MySpace says so.

02-23-2006, 02:18 PM	#1
strobi Confirmed User Join Date: Nov 2002 Location: Belgium Posts: 7,383	Big money in mainsteam (myspace story) A few minutes old: NEW YORK -(Dow Jones)- Brad Greenspan, the former chief executive of Intermix Media Inc., filed a complaintThursday against his former company and venture-capital firm VantagePoint Venture Partners over Intermix´s sale last year to News Corp. (NWS). Greenspan charged Intermix directors with failing to carry out their fiduciary duties in the sale of the company that ran the popular social-networking site MySpace.com. The suit claims that the directors - including Richard Rosenblatt, Intermix´s CEO at the time of the deal - sought personal gains and failed to act in the shareholders´ best interests. "News Corp. functioned as the ´escape hatch´ for a band of individuals, including Vantage Point, which had effectively picked the pocket of Intermix shareholders in a series of self-serving transactions," Greenspan said in a statement. "It is unbelievable that News Corp. obtained a property that is half the size of Google and Yahoo ... for the ridiculous sum of $580 million." Greenspan said in an interview that he believes that MySpace could have fetched a price in the "tens of billions of dollars" in a proper auction. He noted the $2.2 billion market value of CNET Networks Inc. (CNET), which has fewer unique visitors than MySpace. With more than 50 million registered users, MySpace is one of the most popular social-networking sites on the Internet. The site, frequented by young adults, has become popular as a forum to post music, share photos, and meet people. News Corp. plans to develop the site into more of a full-fledged portal in order to challenge Yahoo Inc. (YHOO) and Google Inc. (GOOG) for Internet advertising dollars. In October 2003, Greenspan was ousted from Intermix, which was then called eUniverse Inc., following revelations of accounting irregularities, a subsequent earnings restatement, and an ensuing power struggle. He claims VantagePoint was behind his departure. Greenspan, who owned more than 10% of Intermix´s shares at the time of the deal, tried to outbid News Corp. for Intermix in September 2005, but was thwarted by Intermix´s management, which advised against his offer. At the time, Rosenblatt said Greenspan´s offer "lacked credibility" and wasn´t "superior" to News Corp.´s bid. The deal closed in early October 2005. The complaint, filed in Los Angeles County Superior Court, amends an earlier lawsuit filed in August by Greenspan, who had another lawsuit against Intermix dismissed last year. The case is running parallel to legal action from other former Intermix shareholders about the price paid by News Corp. The latest complaint alleges that Intermix´s board members were concerned about legal ramifications from insider stock sales and were seeking gains such as the acceleration of stock options. Greenspan claims VantagePoint was part of Intermix´s "control group" along with the board of directors. In the filing, he cites an email from Rosenblatt to VantagePoint that says: "no deal unless I stay long term. remember your vesting promise." The News Corp. unit shrugged off Greenspan´s latest legal maneuver. "This is a belated copycat lawsuit that is completely without merit, and an interesting tactic for someone that didn´t vote against the merger," said Rick Stone, an attorney with law firm Hogan & Hartson who represents Intermix. Greenspan said he abstained from the vote and had no choice but to surrender his shares because of the structure of the deal. VantagePoint didn´t immediately respond to requests for comment.

02-23-2006, 02:31 PM	#2
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,484	Interesting story, so where's Tom in all this? LOL WG __________________ I play with Google.

02-23-2006, 04:31 PM	#11
Tino Confirmed User Join Date: Jul 2004 Posts: 101	Not a bad story __________________ The biggest pimp in Deeenmark.

02-23-2006, 04:40 PM	#12
Chris Too lazy to set a custom title Industry Role: Join Date: May 2003 Location: icq: 71462500 Skype: Jupzchris Posts: 27,880	tom is fakeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeee stock photo! __________________ [email protected]

02-23-2006, 04:51 PM	#13
G-Rotica Confirmed User Industry Role: Join Date: Aug 2005 Location: Austin, TX Posts: 4,258	Tom is my friend. MySpace says so. __________________

02-23-2006, 03:22 PM	#4
Love Sex Confirmed User Join Date: Nov 2004 Posts: 1,905	thats pretty fucked if true. It really is worth so much more then 500 mil though.

02-23-2006, 03:24 PM	#5
wdsguy Ryde or Die Industry Role: Join Date: Dec 2002 Location: California-Shanghai Posts: 19,568	Toms in hiding, counting all his cash.

02-23-2006, 03:29 PM	#6
Manowar jellyfish Join Date: Dec 2003 Posts: 71,528	tom rides spinners nowdays

02-23-2006, 03:31 PM	#9
KMR Stitch I am cool Join Date: Jul 2003 Posts: 14,494	Press release link?

02-23-2006, 04:28 PM	#10
JayJay Confirmed User Join Date: Jun 2002 Posts: 3,739	Brad Greenspan recently offered me a fair bit of cash for one of my sites.