HAHA!!!

sinclair shareholders commence action

Glickenhaus & Co., a Wall Street investment firm holding 6,100 shares of Sinclair stock, is taking action against Sinclair on behalf of its clients holding shares in Sinclair. General partner Jim Glickenhaus mounted the action based on Sinclair's CEO and directors having a financial obligation to shareholders.

"We are not partisan. We are investors," Glickenhaus explained today. "Sinclair's decision has caused harm to the value of our investment in Sinclair. We believe Sinclair must give equal time to an opposing point of view. Otherwise the company is placing its future and the value of our investment in jeopardy, by putting the renewal of its FCC licenses at risk, alienating local advertisers, and opening itself up to libel suits against the company."

Since Sinclair's decision to air Stolen Honor became public on October 9, the company's stock has fallen nearly 13 percent, as of the close of the market yesterday, October 18, wiping out nearly $90 million in shareholder value.

law is fun! hrm, i dunno about using that stock price thing as evidence though... the price has been falling for months, before sinclair tried to stop ted koppel from reading the names of dead soldiers way back in (april?). i think the root cause of sinclair broadcasting's stock price tanking is that traditional media conglomerates just can't do as well in the age of tivo and the internet, and also perhaps the people in charge of sinclair just suck as businessmen in general. hmmm... perhaps this whole "ignoring shareholder demand" thing *can* act as proof that sinclair sucks at doing business. [the first thing we learned in "corporations:" corporations have a duty to their shareholders, and this duty is FUCKIN' IMPORTANT. in fact, it's the primary duty.] ah, the market does take care of itself doesn't it?

an update.