CIO Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
Daily Briefing for Technology's Top Decision-Makers
Barium Ferrite (BaFe):
Higher Capacity, Superior
Performance, Longer Archival Life

www.thefutureoftape.com
Thursday, April 17th 
The future of tape is here.
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Enterprise Software
Enterprise Hardware
Big Data
Network Security
Cloud Computing
CRM Systems
Data Storage
Operating Systems
Communications
CIO Issues
Mobile Tech
Chips & Processors
World Wide Web
Business Briefing
After Hours
Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

Business Briefing

Icahn Heats Up War of Words with eBay

Icahn Heats Up War of Words with eBay
February 28, 2014 9:41AM

Bookmark and Share
Billionaire investor Carl Icahn (seen here) has been pressing eBay's board to spin off its PayPal payment division to unlock shareholder value, which the company has rejected. After blasting eBay CEO John Donahoe's "ineptitude," the billionaire says eBay directors Marc Andreessen and Scott Cook aren't looking out for shareholder interests.

Neustar, Inc. (NYSE: NSR) is a trusted, neutral provider of real-time information and analysis to the Internet, telecommunications, information services, financial services, retail, media and advertising sectors. Neustar applies its advanced, secure technologies in location, identification, and evaluation to help its customers promote and protect their businesses. More information is available at www.neustar.biz.

Investor Carl Icahn is turning up the heat on eBay, attacking the online retailer's board as dysfunctional and blaming a key director for placing the company at a competitive disadvantage against a key rival.

Icahn has been pressing eBay's board to spin off its PayPal payment division to unlock shareholder value, which the company has rejected. He's also seeking to elect his own slate of directors.

After blasting CEO John Donahoe's "ineptitude" earlier this week, the billionaire says in a Wednesday letter to shareholders that eBay directors Marc Andreessen and Scott Cook aren't looking out for shareholder interests. EBay earlier sold a controlling stake in Skype to Andreessen and Silver Lake Partners investment group for about $1.9 billion, which was later sold to Microsoft for $8.5 billion.

Icahn, a legendary Wall Street fighter and at 78, still a force to be reckoned with when it comes to upending the corporate status quo, is an activist known for taking the gloves off in his battles with CEOs, boards and business rivals. Wednesday, the blows came down especially heavily on Andreessen and Cook.

"Message to the eBay board: Corporate governance failures do not have a shelf life," Icahn tells shareholders. "Whether this occurred 2, 5 or 10 years ago is irrelevant, especially when that board member is still on the board. The phenomenal payday for Mr. Andreessen and Silver Lake Partners raises serious red flags."

Icahn says that during Andreessen's time on eBay's board, he's had access to non-public information that's allowed him to invest and advise several direct competitors.

Icahn also blasted eBay for allowing Cook to remain as a director. Cook, a former Intuit founder and CEO who is also an Intuit director, owns nearly $1 billion in shares of Intuit -- a major PayPal competitor.

"Why is Mr. Cook still on the board of eBay?" Ichan asks. "Is it good for PayPal to have a competitor in the board room gaining insights into its operations, product pipeline and proprietary technologies?"

In a statement, eBay urged Icahn "to stick to the facts, 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. In fact, Mr. Icahn seems to be deliberately disseminating claims that are dead wrong. The claims against Mr. Cook and Mr. Andreessen, in particular, are blatantly false. We challenge Mr. Icahn to end his own charade with our shareholders. Let's focus on honest, accurate debate."

EBay says it kept a 30% stake in the Skype sale, and that in deliberations about its sale, Andreessen "recused himself from all deliberations on this transaction."

The company did not comment directly on Cook's Intuit stake.

EBay closed up 2% to $57.34 Wednesday.

© 2014 under contract with NewsEdge. All rights reserved.

Tell Us What You Think
Comment:

Name:

Rich Vernadeau:

Posted: 2014-03-01 @ 6:26pm PT
Icahn has no idea how deep the well is when it comes to eBay's fraudulent activities designed to prop up their earnings. They are engaged in fraud to steal fees from Sellers by NOT posting listings to their user base. Ebay even granted itself permission to sometimes even make a seller's items not visible at all (Oct. 2013 User Agreement update). They know American's are hurting and there will be a consistent stream of new sellers registering to try and sell. Their blatant goal is to steal posting fees from sellers as long as they can by not posting items for sale, as well as creating a hostile enviroment so sellers voluntarily depart or can be de-registered. They cap many sellers limits secretly based on a variety of criteria using "Bots" so that if they are investigated they can point their finger at the technology to keep the heat off of the execs. But ex-employees of eBay have been in meetings where eBay executives and supervisors have said the intended goal is to make it impossible for small to mid-size sellers to survive. Ebay is engineered through CEO John Donahoe's "Disruptive Innovation" designed by Donahoe and his Ivy League Trust Baby cronies who have no idea what it is to be a small to mid-size American business owner. They must be called out once and for all and held accountable. Ebay has crossed the line. They are actively involved in FRAUD.

Philip Cohen:

Posted: 2014-02-28 @ 8:17pm PT
Don’t let the truth get in the way …

"Carl Icahn doesnt [sic] 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 ... We challenge Mr. Icahn to end his own charade with our shareholders."—eBay Press Release

http://seekingalpha.com/pr/9095533-stick-to-the-facts-carl-ebay-inc-responds-to-carl-icahn

Too funny, particularly considering the disingenuous nonsense that habitually flows out of the eBay Dept of Spin, and the above inference (accidental no doubt) that eBay itself has a charade-like relationship with its shareholders …

Philip Cohen:

Posted: 2014-02-28 @ 3:02pm PT
Notwithstanding that I am otherwise a vociferous critic of eBay, this time I have to agree with Johnny Ho that eBay should not let go of “PreyPal”. As great a fool as he is, Johnny Ho knows that without its existing integrated relationship with the eBay marketplace, the value of the clunky “PreyPal”, as a stand-alone, would be reduced catastrophically (eBay actually generates ~30% of PayPal new users with no customer acquisition costs for PayPal and half of PayPal's profits come from transactions on eBay where “PreyPal” is well integrated); and, worse still, without “PreyPal”, the value of the eBay marketplace would be reduced by some 40% (“PreyPal” currently contributes ~42% of eBay’s profits) …

I hate to admit it, but for once Johnny Ho has got it right; with respect to “PreyPal”, Carl Icahn does not know what he is talking about and clearly has no understanding of the value of the inextricable and mutually supporting nature of the incestuous relationship between these two clunky, disingenuous, unscrupulous, commercial entities, and in particular, the precariousness of PayPal’s clunky business model …

Regardless, none of the above can outweigh the fact that Johnny Ho is otherwise a talentless, destructive, narcissistic sociopath and that under his direction eBay Inc. is proceeding down the toilet and is ultimately going to finish up at the sewage farm …

The fact is, notwithstanding the amount of disingenuous noise that constantly emanates from the eBay Dept of Spin, “PreyPal” is a clunky middleman riding precariously on the backs of the retail banks existing payments systems, and it has little more than one percent (~1.1%) of the world’s total payments business (and even then much of that is funded via MasterCard/Visa sources); the “bankcards”, MasterCard and Visa, have ~90% thereof between them and Amex has another ~8%, and both MasterCard and Visa have recently launched their own professional mobile/plastic POS/online digital wallets…

The reality is that the clunky PreyPal’s “best before” date is fast approaching; as a “stand-alone” operation that “best before” date would simply arrive even sooner …

“Never ever hire an MBA; they will ruin your company.”—PayPal founder, Peter Thiel



 Business Briefing
1. Intel Reports Lower 1Q Net Income
2. Mt. Gox Is Headed for Liquidation
3. Alibaba Earnings Boost Yahoo
4. Samsung Tech Experts Talk Patents
5. Zebra Buys Motorola Enterprise Biz




 Most Popular Articles
1. BlackBerry Drops T-Mobile After Nasty Spat
2. Will Satya Nadella Launch an Office for iPad?
3. Google Unveils Android Wear for Smart Watches
4. Cisco, IBM Launch Internet of Things Consortium
5. Salesforce CRM Gets Industry Specific for Internet of Customers

 Related Topics  Latest News & Special Reports

  Teen Arrested for Heartbleed Hack
  Android Gets Chrome Remote Desktop
  Malware Targets Facebook Users
  Intel Reports Lower 1Q Net Income
  Mt. Gox Is Headed for Liquidation

 Technology Marketplace

Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
BMC's I.T. solutions unleash the power of your business
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise Hardware
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise I.T.
BMC's I.T. solutions unleash the power of your business
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
Canadian Teen Arrested for Heartbleed Hack
One week after the OpenSSL Heartbleed vulnerability was unveiled, Canadian authorities have made the first arrest -- a London, Ontario teenager -- connected to exploiting the security hole.
 
IBM Offers Security, Disaster Recovery as SoftLayer Service
New disaster recovery and security services for SoftLayer clients are being added by IBM. Big Blue said the new capabilities will speed cloud adoption by alleviating concern over business continuity.
 
How To Beat the Heartbleed Bug
Heartbleed headlines continue as IT admins scramble for answers no one has. Early reports of stolen personal data, including 900 social insurance numbers in Canada, are starting to trickle in.
 

Enterprise Hardware Spotlight
Vaio Fit 11A Battery Danger Forces Recall by Sony
Using a Sony Vaio Fit 11A laptop? It's time to send it back to Sony. In fact, Sony is encouraging people to stop using the laptop after several reports of its Panasonic battery overheating.
 
Continued Drop in Global PC Shipments Slows
Worldwide shipments of PCs fell during the first three months of the year, but the global slump in PC demand may be easing, with a considerable slowdown from last year's drops.
 
Google Glass Finds a Home in Medical Education, Practice
Google Glass may find its first markets in verticals in which hands-free access to data is a boon. Medicine is among the most prominent of those, as seen in a number of Glass experiments under way.
 

Mobile Technology Spotlight
Google Releases Chrome Remote Desktop App for Android
You're out on a sales call, and use your Android mobile device to grab a file you have back at the office on your desktop. That's a bit easier now with Google's Chrome Remote Desktop app for Android.
 
Amazon 3D Smartphone Pics Leaked
E-commerce giant Amazon is reportedly set to launch a smartphone after years of development. Photos of the phone, which may feature a unique 3D interface, were leaked by tech pub BGR.
 
Zebra Tech Buys Motorola Enterprise for $3.45B
Weeks after Lenovo bought Motorola Mobility’s assets from Google for $2.91 billion, Zebra Technologies is throwing down $3.45 billion for Motorola’s Enterprise business in an all-cash deal.
 

Navigation
CIO Today
Home/Top News | Enterprise Software | Enterprise Hardware | Big Data | Network Security | Cloud Computing | CRM Systems
Data Storage | Operating Systems | Communications | CIO Issues | Mobile Tech | Chips & Processors | World Wide Web
Business Briefing | After Hours | Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 CIO Today. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.