Schulze pushes for Best Buy financials

  • Article by: DEE DePASS and MIKE HUGHLETT , Star Tribune s taff w riters
  • Updated: August 16, 2012 - 10:49 PM

The added pressure is the latest move in his bid to take over the company he founded.

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elguevonAug. 16, 1211:02 AM

They don't want to handle over the financials because then Schulze will really see what a terrible position the company is in and lower the offer or back out of the deal completely....which will then trigger an alarm....in turn will cause shareholder panic and a selling frenzy....then bankruptcy.

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justaxnspendAug. 16, 1211:50 AM

Hey Richard! I'll throw in my 2000 shares if it will help you.

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swschradAug. 16, 1212:16 PM

@elguevon: if the company is in such parlous times, they are required to divulge it to stockholders and the government in a 10-K filing. absent such a "going concern" warning, methinks you're using cruise missles to harass squirrels here. basically, it's a big egos issue at this time.

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mikey7573Aug. 16, 12 1:03 PM

I hope he pulls this off, I don't shop there much anymore but would go back if the right changes are made.

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LiberalOne46Aug. 16, 12 6:37 PM

Schulze was chairman and intricately involved in the company until just recently. He knows the company but needs direct involvement by the hedge funds/investors. But he will not get access until there is an agreed upon price. He will raise his price target a bit and the board will fold. This one is going private at around $28-30 per share.

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jimleffertsAug. 17, 12 1:27 AM

As soon as Schulze names the interested parties specifically, their shares can be barred from any proxy votes for 4 years from their date of purchase. That's why he is not naming them until Best Buy agrees to allow him to form the group. Best Buy, in turn, is being highly disingenuine by suggesting MN law does not prevent Schulze from naming those parties. For all practical purposes in fact it does. The current Best Buy team has a real credibility problem.

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