"Moreover, we believe that Starboard's fundamental lack of knowledge of the IP business is a reason why Unwired Planet, whose board is led by Starboard's Mr. Feld, has seen its revenues decline rapidly to such anemic levels. Your vote will help determine whether Tessera will meet the same dismal fate as Unwired Planet. "
Did you read these bits further down in the letter?!?
PETER FELD'S HISTORY OF PROBLEMATIC ACTIONS
Peter Feld has a history with Tessera, having attempted to gain board seats in the prior year with minimal ownership. This time he has launched a proxy fight to take majority control of Tessera without paying a premium and without any concrete details of a new plan or a management team that will drive increased stockholder value. Moreover, Feld has launched this proxy fight despite his clear conflicts of interest, poor track record as the chairman of an IP competitor, Unwired Planet, and troubling, undisclosed and unanswered questions about allegations of conflicts of interest and ethics violations raised about one of his nominees.
Feld's history of problematic actions raises questions about his true agenda:
1. Appallingly poor track record as chairman of ailing IP competitor Unwired Planet.
Since becoming chairman at IP competitor Unwired Planet on September 9, 2011, Feld has overseen a company that has generated a paltry $35,000 in total revenues from the fourth quarter of 2011 to the fourth quarter of 2012, while licensing and litigation expenses have totaled nearly $20 million and cash loss from operations have totaled over $56 million in the same period.
Additionally, Feld has effectively put in place a "poison pill" at Unwired Planet by establishing a potential $1 billion payment to Ericsson should a change of control of Unwired Planet occur in the first three years.
2. Troubling questions about one of his nominees.
Feld failed to disclose that one of his nominees, attorney Donald Stout, has a history of questionable ethical practices. Courts that examined how Stout came to control the patents underlying the Blackberry suit found that actions Mr. Stout was alleged to have engaged in would constitute "a clear case of conflict of interest" and would violate "any number of Virginia professional ethics rules."