With the company’s annual shareholders meeting getting close, the ongoing battle in Blockbuster’s boardroom is heating up. Gregory Meyer, a major shareholder and the founder of DVDXpress (later purchased by Coinstar), is vying for a seat on the board and is meeting major resistance.
Meyer says he’s submitted a restructuring plan to BB that calls for cheap viral advertising to increase store traffic an changes to pricing. Says Meyer:
“The company has a lot of intrinsic value, but it needs to be unleashed by a competent management team and a board who serves the best interest of the shareholders,”
Blockbuster released a statement on Thursday calling Meyer a “high-risk proposition.” According to Blockbuster:
“If Meyer is such an expert in the home entertainment industry, or even in the vending segment alone, why then is he not at Coinstar today running the Redbox business?”
Will all this vitriol and conflict for control of the company ultimately be moot when Blockbuster goes under, Insiders? Or can Meyer be BB’s white knight and turn things around? Give us your take in the comments.