Thursday, December 11, 2008

Eccentric Investor Says ShopNBC "Bites"


Greenbacked.com thinks that ShopNBC is an undervalued stock and wrote a detailed article laying out exactly why. That's all fine and good, but the best part comes in the form of some entertaining letters they dug up from Carlo Cannell of Cannell Capital LLC--described as an activist investor--to current CEO, Mr. Buck.

Now, if you aren't familiar with Mr. CEO/Chairman of the Board/Self-Anointed-King Buck or the current tabloid-fest going on at ShopNBC, I suggest you read this post first to catch yourself up.

Here is a snippet of my favorite part of my favorite letter (just keep reading past the investor-gobbledygook to get to the good stuff):

Dear Mr. Buck



We will be watching carefully to make sure the committee’s actions are congruent with the interests of shareholders. We are concerned that the hiring of Piper Jaffray & Co. may be a ploy to continue to justify its pattern of wheel spinning and protection of jobs over what is best for the owners of the business. For example, on Monday, September 15, 2008 we were shocked to learn that your agent (Piper Jaffray & Co.) called to “permission” when and to whom we might talk at our Company. This is characteristic of Stalinist Russia, not America. This does not have a good taint to it. You may try to muzzle other investors, but not Cannell. It bites.

...

It is amazing to us how much value has been destroyed under your stewardship. That you would have to hire an agent at all to advise you on what should have been done long ago is shameful.

Godspeed!

J. Carlo Cannell
Managing Member
Cannell Capital LLC



Can I just say that I love this guy! I have worked for all sorts of idiots, but I've never witnessed any of them getting called out on the carpet--much less in such a creative fashion!

So I did a little research on Mr. J. Carlo Cannell and found out that he's a bit of an eccentric financial genius (yes, it appears that he does have enough money to be considered eccentric and not just crazy).



According to this CNN article, he "owns a van with THINK PEACE painted on it in graffiti-art style" and he "loves to swim the Alcatraz Invitational across San Fran's frigid, shark-infested bay."

Cannell also has "no qualms about publicly savaging a CEO who he feels isn't up to the job." Jeez, ya think??? He's oh-so-tactfully called other board members "monkeyshines," "meretricious trappings," and "perfumed menservants."

*sigh* I think I'm in love. What a flair he has.

3 comments:

  1. This guy sounds like he'd be h*ll to work for...

    ReplyDelete
    Replies
    1. He is. Holy sh*t he is.

      Delete
  2. I never said that I'd want to work for him! Can you imagine what the office emails and memos would look like???

    ReplyDelete

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