You can imagine that I am amused by CVC's latest action. I nominate the Dolans for executives of the year. NOT!
I always thought dividends were to be paid out of retained earnings and CVC doesn't have any.
The Dolans can do anything they want to do as long as their lenders provide the money. I wonder if they busy asking their lenders for lunch money?
Pretty much of the cable television is in the same boat. By the way, I recently cancelled my subscription to Cox cable and will probably never go back. They don't have a clue about how to run a business.
As I've mentioned, all manner of managements become entrenched. However, when the deck is not stacked against outside shareholders, sometimes the inside guys find themselves in a fight they can't handle. Sidhu may be that guy.
However, I can tell you with absolute certainty that Sovereign will be acquired, eventually, as will ICBC, its current target.
Even if the SOV/ICBC deal is terminated, we now know ICBC will accept $42 a share in cash and some other benefits from a hopeful buyer.
NPK, meanwhile, can whittle away the time any way management chooses.