E-Photo
Issue #17  7/1/2000
 
SOTHEBY'S POSTPONES ANNUAL SHAREHOLDERS' MEETING, ANNOUNCES BOARD NOMINEES

The Board of Sotheby's Holdings has recommended 16 nominees to serve as directors of the company for the coming year and announced a rescheduled annual shareholders meeting in New York City, August 3rd.

The firm's annual shareholders' meeting and election of new board members originally scheduled for London in April was cancelled abruptly amidst reports that it's biggest shareholder, Baron Capital Group Inc. was unhappy with its lack of representation on the board.

If that's the case, they may continue to be unhappy.

The four nominees to be voted on by the Class A shareholders includes two telco execs and two investment bankers, but no one from Baron, which controls the Class A shares.

Former Sotheby's Chairman A. Alfred Taubman owns the bulk of the B Shares. Among the 12 nominees to be voted on by the Class B shareholders is a very familiar name: Robert Taubman, the son of the former chairman and rumored to be his choice for chairman at some point.

Although Baron owns over 55% of the Class A stock, Taubman has 63% voting control of the company through his ownership of Class B shares.

It should be worth buying one share in Sotheby's just to attend the shareholders' meeting. At $17.50 (the closing price June 30), it might be the most entertainment you'll find for that amount in New York City.