| 26th March - Corporate raider
Carl Icahn filed suit against Motorola on Monday, seeking access to board documents
as he cranks up pressure on the troubled vendor. Icahn filed a lawsuit
in the Court of Chancery of the State of Delaware seeking an order requiring Motorola
to make certain materials available for inspection. These documents include
board and committee minutes relating to the selection of Motorola's senior officers;
the prospects of the Mobile Devices business and the realignment of its business,
including the potential spinoff of the handset unit; documents that contemplated
improvements or changes in the Mobile Device business that have not materialised;
and documents showing the use of Motorola's aircraft and other property by members
of senior management, the board of directors and their families, including the
use of the aircraft for personal reasons. The legal assault is part of Icahn's
strategy to get a number of his own people elected to the Motorola board, after
failing to get himself a seat last year. On Monday, Icahn issued a letter
urging stockholders to elect Frank Biondi, William Hambrecht, Lionel Kimerling
and Keith Meister as directors of Motorola at the 2008 annual meeting next month. "Over
the past 12 months the statements and predictions of Motorola's management and
the Board about Mobile Devices business have too often proven to be wrong. We
want to ascertain what the Board could have done in the exercise of its fiduciary
duty to assure Motorola stockholders that Motorola's statements and predictions
were not incorrect and would not provide Motorola stockholders with an inaccurate
perspective on the prospects for the Mobile Devices business," Icahn said. Back
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