Ebay Gores Craigslist

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Ebay announced today that  Chancellor William B. Chandler III of the Delaware Court of Chancery ruled in the company’s favor in a shareholder suit filed against Craigslist, and its majority shareholders Jim Buckmaster and Craig Newmark. The ruling overturns a series of unlawful transactions undertaken by Craigslist’s majority shareholders to dilute eBay’s minority share in the company. The ruling rescinds a poison pill and right of first refusal adopted by the controlling shareholders in January 2008 and restores eBay’s 28.4 percent share in Craigslist.

In his opinion Ebay said, Chancellor Chandler found that “Jim and Craig breached their fiduciary duty of loyalty by using their power as directors and controlling stockholders to implement an interested transaction that was not entirely fair to eBay, the minority stockholder.”

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Top Gaining Stocks

AKAM Vol: 21,556,944
MU Vol: 65,135,624
INTC Vol: 227,504,426
MNST Vol: 15,284,847
DELL Vol: 12,167,525

Top Losing Stocks

MSI Vol: 3,101,643
EXPE Vol: 4,189,786
CTRA Vol: 73,319,495