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posted by LaminatorX on Thursday March 06 2014, @07:30AM   Printer-friendly
from the won't-someone-think-of-the-shareholders dept.

regift_of_the_gods writes:

"Corporate raider Carl Icahn has turned his attention to eBay, announcing a proxy fight for board seats via open letters to shareholders. Icahn thinks the company should spin off its PayPal division and distribute the proceeds to the shareholders. The current board thinks differently, but Icahn says that's partly because of massive conflicts of interest held by board members (Netscape founder, now venture capitalist) Marc Andreessen and (Intuit CEO) Scott Cook. For Exhibit A and B, Icahn mentions the large profits Andressen Horowitz made from eBay's earlier spinoff of Skype, and its subsequent sale to Microsoft; and the fact that Intuit and PayPal are competitors in the payment processing space.

Andreessen has been posting responses on his blog. The latest references Icahn's three year proxy campaign for control of pharmaceutical company Forest Labs, that ended several weeks ago with Forest's sale to a company called Actavis. Forest's directors cried foul in 2011 over one of Icahn's nominees to the board, claiming Eric Ende had an unusual compensation clause allowing him to share directly in Icahn's profits on the Forest deal achieved within 30 months, i.e. in the short term."

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  • (Score: 1, Funny) by Anonymous Coward on Thursday March 06 2014, @08:16AM

    by Anonymous Coward on Thursday March 06 2014, @08:16AM (#11830)
    Ebay keeps paypay for one simple reason. So they can keep all their evil and incompetence in one spot.

    Sometimes it leaks into ebay a little. And they move it back over to paypal. And ohhh... we just froze your account. teehee. sucks to be you.
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  • (Score: 2, Interesting) by carguy on Thursday March 06 2014, @01:36PM

    by carguy (568) Subscriber Badge on Thursday March 06 2014, @01:36PM (#11914)

    > ...we just froze your account. teehee. sucks to be you.

    I keep reading about frozen accounts, but my PayPal account works fine. I leave a small balance with PayPal since paying people from a balance can be done with zero transaction cost (read the fine print). Anyone who sells things (on eBay or elsewhere) and lets the balance accumulate in PayPal may be asking for trouble.

    There is an easy work-around, just transfer money to a linked bank account and take it out of PayPal's control, this is easy to set up in USA (I don't know about other countries). As an extra level of separation, we set up a separate bank account to link with PayPal -- and this account only has a small balance (maintained by transfers back and forth to our main bank account.)