Hewlett claims HP fixed Compaq vote

CNN Money ^ | March 28, 2002: 2:29 PM EST

[annalex]

Dissident board member claims execs pressured Deutsche Bank to tip the balance in favor of the deal.

NEW YORK (CNN/Money) - Walter Hewlett, the dissident Hewlett-Packard director who led the proxy challenge against its proposed purchase of Compaq Computer, has taken his fight to the courthouse, hoping to invalidate last week's shareholder vote.

[annalex]

Here's hoping that this awful deal collapses.

[Registered]

It sucks to be rich.

[Frohickey]

Hewlett better be prepared to pay for court costs. Why should I, a non-HP shareholder have to pay for the court costs?

[Clemenza]

I heard Hewlett hired Al Gore as an advisor on his challenge.

[pegleg]

Compaq shareholders overwhelmingly supported the deal, approving it by a margin of 9-to-1.

I’m one of the minority of Compaq shareholders that voted no to this merger.

Here's hoping that this awful deal collapses.

I agree. I see this merger watering down both companies and causing the loss of many jobs.

[annalex]

Why should I, a non-HP shareholder have to pay for the court costs?

Do you feel that way about all lawsuits claiming abuse of property that you don't own, or is there anything in this lawsuit in particular that you dislike?

[annalex]

I'm one of the minority of Compaq shareholders that voted no

Well, Compaq was overvalued in the deal, so from strictly financial perspective I can understand Compaq shareholders to like the merger. Also, Compaq's core business is PCs, so it would allow Compaq, or what remains of it, to dominate the market. But why would any HP shareholder with any understanding of the high tech industry vote for the merger is incomprehensible to me.

[PrairieDawg]

annalex,

It's all about Carly and her legacy.
The Benjamins for the EC don't hurt either.
Hope this helps.

PrairieDawg

[chainsaw]

Just look at the banks that have votes!!

Many times it's not the banks stock that they vote, it's your and mine.

[chainsaw]

I heard Hewlett hired Al Gore as an advisor on his challenge.

Hewlett want a recount of all the over and under votes, but only in southern states, and needs advice on how to get the job done!

[Clemenza]

Carly Fiorina bears an uncanny resemblence to Edie Falco, the actress who plays Carmela Soprano.

[Ender@Game.now]

Don't forget that Compaq also owns the old Digital Equipment business. Extensive service contracts, servers, maintenence engineers, all in every major bank in the country. This business helps HP in the server industry and gets their foot in the door for their core business. It can make sense but I don't like it because thousands will get the axe. 15,000 by July 1st. More to follow. But the corporate fat cats walk away with millions in bonuses.

[Frohickey]

Do you feel that way about all lawsuits claiming abuse of property that you don't own, or is there anything in this lawsuit in particular that you dislike?

I feel that way about all lawsuits. In this case, Hewlett COULD HAVE gone and bought 50.1% of outstanding HP shares, and he'd be set. But nooooo.

[eno_]

Don't forget that Compaq also owns the old Digital Equipment business. Extensive service contracts, servers, maintenence engineers, all in every major bank in the country.

Deadweight. If you tried to give this business to Mike Dell for free he would scream and run away. He would rather eat anthrax than merge with the rotting corpse of the minicomputer business. The Digital deal sunk Compaq. That's why Compaq holders want sooooo much to sell.

[thucydides]

Whatever its flaws, the deal will probably go through because most shareholders, and especially institutional shareholders, figure either you back management, or if you have lost confidence in management, you sell your shares. If you don't believe in what management is doing, you don't want to continue to be a holder.

[annalex]

This has nothing to do with stock percentages. If a holder of a single share opposes the merger and Carly uses his property to twist another shareholder's arm in support of the merger, then that holder of a single share has his property abused.

Do you own any property and if so what do you plan to do in the even it is abused?

[annalex]

If you don't believe in what management is doing, you don't want to continue to be a holder.

That philosophy would make the management 100% owner. Sadly, you are not alone to adhere to it.