"My dear brother, what are you doing today? Convening a board meeting? When our father has just passed away?"
The Sinclair Group is headquartered in Baltimore, Maryland, USA, which is also where their family originally founded the company by acquiring television stations.
In the conference room of the headquarters, looking at the board members who came in one after another, David Smith, the current CEO of Sinclair Group and also acting chairman, looked at his youngest brother, John Smith, and asked coldly.
"I'm sorry, my brother. I asked for a board meeting today because it was really necessary to raise some issues..."
Although John Smith was habitually a little... afraid of his eldest brother's angry words, he still suppressed the discomfort at this time, looked directly into his eyes, and said,
"As for the specific proposal, I will tell you once everyone is here."
"Haha, very good, my brother, you have really made great progress..."
David Smith looked around at everyone in the conference room, and finally his eyes fell on his two younger brothers - Duncan Smith, who was ranked second and Robert Smith, who was ranked third, and was also another member of the family's "three brothers from the ex-wife". Seeing what he wanted to see in each other's eyes, David Smith felt at ease.
Soon, 10 people were seated in the conference room, including six members of the Sinclair family and three board representatives from Vanguard Group, Bank of New York Mellon, and Fidelity Investments...
The other is Sinclair Group's Chief Legal Officer, Ms. Debbie Hogan. Although she is not a member of the board of directors, as an important member of the group's management, she can attend the board of directors as a witness, but she does not have the right to vote.
"When can we start?"
David Smith looked at John Smith with disdain:
"Let me see what you can do, my crying brother..."
John Smith gritted his teeth when he heard this, and looked at Debbie Hogan...
Ms. Hogan coughed softly, looked at the dial on her hand, and said,
"We have contacted all the board members in advance. Among them, Mr. Amber Sheehan, the representative of DS Capital, said that he would participate in this board meeting via remote telephone. Another board member..."
When Debbie Hogan said this, John Smith's mouth curled up slightly. Although he did not convince HG Vora Capital Management to support this proposal, he had already received confirmation that the other party would not send anyone to participate in this board of directors...
Obviously, the other party had not sent anyone to the meeting until now, so he could be said to have won the game!
At this moment, the door of the conference room was pushed open, and a beautiful blonde in a white suit walked in...
"Sorry, I hope I'm not late."
Amid everyone's surprised gazes, she nodded slightly and sat in the remaining empty seat.
Debbie Hogan continued to introduce:
"Another board member was sent by HG Vora Capital Management, but they had already transferred their 10% Sinclair Group shares to IC Capital before yesterday, so now Ms. Ivanta will replace them as a member of the board of directors. All formal procedures have been completed."
"Hello everyone, I am very happy to become a member of the board of directors of Sinclair Group. I hope to contribute to this prestigious media group with you in the future."
Ivanta stood up gracefully, and said this with a smile on her beautiful face, which was well known to the American people.
As she said these words, some board members couldn't help but look at each other, and many of them had surprise and astonishment in their eyes.
"Why wasn't this announced sooner?"
John Smith couldn't help but question aloud.
"We have sent the relevant information to your mailbox. This is recorded for reference. If you haven't seen it..."
Debbie Hogan shrugged and did not continue speaking. She said,
"Now everyone is here. DS Capital's representative, Ms. Amber Sheen, has also called in remotely...
She pushed up her glasses, turned to look at John, and asked:
"Mr. John Smith, can you tell me what proposal you have to announce when you call everyone here?"
Thinking of the number of votes in his hands, John Smith immediately regrouped and said, "There is nothing to be afraid of even if the uncertain IC Capital suddenly appears.
"I propose that David Smith be relieved of all his duties, including acting chairman and CEO, and that a new chairman be elected..."
As John finished speaking, everyone in the conference room had different expressions, some expectant, some calm, some surprised, some angry...
"Pah pah pah…"
David Smith actually started to applaud, but the look he gave his brother John was almost cold:
"Well done, you traitor to the family, let me see what else you can do..."
"Please don't interrupt me, I haven't finished yet..."
At this time, John Smith had no choice but to keep fighting.
"It's all because of you, David. Your radical approach without any strategy and your continuous debt-based acquisitions. Although the scale of Sinclair Group seems to have expanded, the accumulation of debts is also bringing the company into the abyss. And it's obvious that times are different now. Television is increasingly becoming a decoration in young people's homes... I'm not saying that we need to give up this business, but that we should start investing in the Internet while maintaining the business, rather than continuing with your huge and dangerous acquisitions..."
Finally, facing David Smith's gaze that almost seemed to want to kill him, he said calmly,
"My proposal is entirely for the future of the Sinclair Group. Although the company has expanded in size in the past two years, its profitability has not increased accordingly, and it is also burdened with huge debts. For shareholders, David's management style is no longer suitable..."
"You bastard! I have done so much for the company and the family, and you stabbed me in the back. What else can you do besides doing such dirty things? I want to see how long you can last without my company. Do you rely on a softie like you?!"
While David was roaring at John Smith, Chief Legal Officer Debbie Hogan coughed again and said calmly,
"Mr. David Smith, Mr. John Smith has put forward his proposal. According to the procedure, we need to vote on it."
David Smith took a deep breath, looked at everyone coldly, and was the first to raise his hand and said,
"I object!"
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"I object too!"
"I am also against this proposal!"
Next, two other family members, Duncan Smith and Robert Smith, who are also the "three brothers from the ex-wife", expressed their attitudes.
Three votes against, 3:0.
Seeing this, John Smith immediately said:
"I agree, David must leave the company in order to have hope!"
He said, looking at his allies.
"I agree."
"I agree."
Unsurprisingly, the "current trio of siblings" also fought back.
3:3, draw.
It is now obvious that there is infighting within the Sinclair family. The six people took the lead in expressing their opinions in the hope of influencing other board members.
"We oppose this proposal and believe that what Sinclair Group needs most right now is stability, which can give investors confidence, rather than a hasty change of management."
This statement came from representatives of Bank of New York Mellon, and it seems that they are more supportive of David Smith.
At this time, John Smith's eyes wandered and finally fell on the representative of Fidelity Investments.
"We support this proposal not based on you personally, Mr. David Smith, but we just hope that Sinclair Group can change."
4:4, tied again!