Forgotten Ancient
Banned
(Get it? "SIN"clair? I'm so witty I could shit.)
Was the decision to air "Stolen Honor" driven by politics or profiteering on plummeting stock prices?
http://www.salon.com/politics/war_room/index.html
"With Sinclair Broadcasting Groups stock tanking, investors arent pleased about losing millions to further the managements right-wing agenda. Since the company announced that it was going to air "Stolen Honor," a hit piece on John Kerry, on all of its 62 TV stations, the company has lost about $140 million in market cap and is threatened with a boycott that could lead to further losses."
"But when William Lorach, a partner in the law firm, started looking into Sinclair, he realized that several of the companys senior executives and one member of its board of directors unloaded all their stock before the price tumbled."
""W]e have discovered that senior executives and a director of Sinclair appear to have taken advantage of their inside knowledge of the Companys business and prospects to sell over $18.5 million worth of Sinclair stock, most of which sales took place near the stocks 52-week high of almost $15.50 per share," Lorach wrote in a letter to Sinclairs board."
"Meanwhile, other Sinclair investors are also getting restive. Today, Atrios posted a link to a letter that New York Comptroller Alan Hevesi wrote to Sinclair CEO David Smith regarding the 256,600 shares of Sinclair stock held by the New York State Common Retirement Fund. In it, Hevesi demands to know how much the decision to run the Kerry smear has cost the company and how it might affect its financial future. "Some critics suggest that Sinclair management is more interested in advancing its partisan political views than in protecting shareholder value," he wrote. "They say Sinclairs partisan agenda also risks alienating viewers, advertisers and regulators. Could you explain why they are wrong?"
Was the decision to air "Stolen Honor" driven by politics or profiteering on plummeting stock prices?
http://www.salon.com/politics/war_room/index.html
"With Sinclair Broadcasting Groups stock tanking, investors arent pleased about losing millions to further the managements right-wing agenda. Since the company announced that it was going to air "Stolen Honor," a hit piece on John Kerry, on all of its 62 TV stations, the company has lost about $140 million in market cap and is threatened with a boycott that could lead to further losses."
"But when William Lorach, a partner in the law firm, started looking into Sinclair, he realized that several of the companys senior executives and one member of its board of directors unloaded all their stock before the price tumbled."
""W]e have discovered that senior executives and a director of Sinclair appear to have taken advantage of their inside knowledge of the Companys business and prospects to sell over $18.5 million worth of Sinclair stock, most of which sales took place near the stocks 52-week high of almost $15.50 per share," Lorach wrote in a letter to Sinclairs board."
"Meanwhile, other Sinclair investors are also getting restive. Today, Atrios posted a link to a letter that New York Comptroller Alan Hevesi wrote to Sinclair CEO David Smith regarding the 256,600 shares of Sinclair stock held by the New York State Common Retirement Fund. In it, Hevesi demands to know how much the decision to run the Kerry smear has cost the company and how it might affect its financial future. "Some critics suggest that Sinclair management is more interested in advancing its partisan political views than in protecting shareholder value," he wrote. "They say Sinclairs partisan agenda also risks alienating viewers, advertisers and regulators. Could you explain why they are wrong?"