So Elliott gets on the board with a 2 billion position in November and now only owns 140 million. Why are they calling the shot on Fiber, when they're selling off they're own stake in Crown??
9 replies (most recent on top)
I believe this to be true. Boots Consultants said out loud what the current board is thinking. Elliot just didn’t disappear, they have planted a seed and now they will just sit back and watch it grow. Don’t stick around for the next email to be released telling you you’ve lost your job. Who knows if a severance package will be offered this time around.
If the old guard does get on the board they are proposing to cut the work force significantly, dump our fiber business (who knows what will happen to the employees), and buy back stock / pay down debt. All theoretically good things for the shareholders, not the actual employees frequenting this forum. It is a good bet the current board is thinking the same way (old guys outlined Crown’s Plan B not involving their help in the deck in their website and SEC filing). Get out now.
This was clearly posted by Boots consultants and attorneys, who carefully curated recent screen shots from this board in their deck including in the SEC filing today. Good game fellas.
What's funny is Paul Weiss also got appointed to advise on Fiber review. So they let Elliott come on, get what they want, and then get rewarded with more eventual fees from whatever happens to Fiber, all at the company's expense.
I think that's the point. Elliott came in and got everything they want and still have a say in Crown and Fiber, all while dumping over 95% of their position.
What did these lawyers at Paul Weiss even do for Crown? How is there no meaningful ownership requirements? Elliott can do whatever helps them and not care about Crown at all. If you think they aren't behind Fiber just read their letter to the board and the agreement. Now they can do what they want with Fiber without hurting their bottom line in Crown stock. Would love to know what kind of lawyers represented the board when they let Elliott just steamroll the company.
Of course there was. That's why DS is back now that JB and LN are gone. It was them vs most and DS was vocally against them.
Why does everyone think it was just Elliott behind this? I am willing to bet there was divisions within EMT and the board.
They announced that they took a 2Bln position in this article November end:
https://www.prnewswire.com/news-releases/elliott-sends-letter-to-the-board-of-crown-castle-inc-301997894.html
Then they release their 13-F last week which only has 140Mln ownership in CC:
https://www.sec.gov/Archives/edgar/data/1791786/000101359424000185/xslForm13F_X02/informationtable.xml
Surprised no one's even talking about it. If I have this right, they buy stock, get board control, sell the stock for profit over the next two months, and now still control the company and Fiber with minimal long position....
Where did you see that they sold out?