Ok, the company is run by an insider clique which does not even include the whole BoD, nor all the officers reporting directly to Mr Young. And that tends to be unhealthy. But both the clique and Starboard want to break up the company. Both the clique and Starboard want to limit legal expenses. Both the clique and Starboard believe that at the time of Mr Young's accession DOC had gotten out on a shaky limb and drastic measures were needed to make it either runnable or saleable.
The only concrete difference I'm sure of is that Starboard says part of the cash hoard should be paid in dividends soon, while the clique doesn't [they don't say anything]. In many companies that would be a huge difference, but DOC is venturing into potentially capital-intensive waters, and since we know nothing about the clique's intentions, they may be planning to pay out dividends at such time as potential capital needs seem under control.
I'm as frustrated as anyone, and all I see for sure is a big holder expressing the same general frustration.
The slanging match is joined. DO see the open letter from Tessera's board to stockholders dated today. Does the phrase "Publish and be damned ring a bell?" No really important vevelations yet, but if this goes on much longer the murk will probably be illuminated (along with lots of juicy but irrelevant stories coming out)
Another open letter from Starboard. Still not much substance. Main thrust is that chairman is a dictator surrounded by yes-men and they all have to go. Bad results in recent past prove incompetence. And they've been manipulating calendar to prevent a challenge. They deny that they were threatening blackmail before...just bringing a situation to the board's attention.
Well, they just announced their slate of directors. Not exactly the board Mr Sloan had at GM, but better than most boards I see.
Given the generally bad stock price performance, it'll be hard for existing management to fight this challenge without opening communications A LOT. I mean, "Trust us" has pretty much worn out its power.
It's possible (even likely) that more openness will harm the returns from the licensing business. But you don't have to bring back Mr Nothaft's circus to find opportunities to help multiples with openness.