Wednesday, December 17, 2003

I like this guys opinion on the merger...

People on these boards are talking about the CART situation like it is one of the above. Forget it. MPH was a closely held, largely institutional stock, held by less that 10 mutual funds. Even those mutual funds were small-cap, high risk funds at any one time, MPH was held by less than 400 individual stockholders. The company is in an advertising-driven business and every annual and quarterly report since going publichas highlighted the precariousness of MPH's business. The difficulties facing the company were never glossed over, nor were they ever fact, they were emphasized

Let's face it - CART's 'business' (as all racing outside of NASCAR is) is small potatoes, and none of this is going to be hitting the airwaves on CNBC or CNNfn. Management formulated a corporate strategy for the 2003 season, presented it to the independent BOD and implemented it. It hasn't worked.....tough. They have also formulated a strategy for the present difficulty facing the corporation, and enlisted outside consultancy. They have even offered the sale of the company to its chief rival. The entire process was held in public and forthwithly reported to shareholders via standard dissemination services and methods.

If you are looking for corporate impropriety here, you won't. Every move MPH and management has done was done in public, reported to the board with propoer research and due diligence. You can disagreee with Pook's strategy, but if it failed, that's not illegal..just unfortunate.[/quote]