SEC watchers often say companies file the most interesting documents on Friday afternoon, with the assumption that what they’re trying to do is avoid notice. Yesterday afternoon (at 5:01 no less) Sotheby’s quietly filed a form at the SEC announcing that James Murdoch would not be standing for reelection at the board this spring. Yes, that James Murdoch, Rupert’s son, and yes, that Sotheby’s --- a company by, of and for the one percent if ever there was one.
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Here’s the link to the SEC filing:
http://www.sec.gov/...
While the company says Murdoch is leaving the Sotheby’s board “in order to focus on his core responsibilities at News Corporation,” there are plenty of reasons to be skeptical. Murdoch also left the Glaxo Smith Kline board earlier this year, and has had his responsibilities at News Corp diminished as well. So you need to wonder what core responsibilities he has left.
Here’s another link, a letter from investors calling on Sotheby’s to have him leave the board.
http://www.ctwinvestmentgroup.com/...
So sure Sotheby’s is spinning this as James’ choice, but I doubt it. Sometimes, just sometimes, the good guys win and the bad guys retreat a bit.