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?
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(via Reuters)
He’s probably the only chance the company’s got. They call him “high Risk” what a joke 1 board member. The only risk is the stale board members that are currently fleecing the Co. and watching it sink while making all the wrong moves will be brought out to the stock holders. BB could have a chance if they let this guy have the opportunity. Hell, a monkey could do better then their current board. I would be willing to bet if elected the stock would go up 25%!
I wouldn’t care if Blockbuster stocked every movie ever made and was right across the street. I am not gonna pay $5+ for a rental. If I wanted to pay those prices then I would just use the VOD feature on my DVR, but I don’t use that either for the same reason. I am patiently waiting for the $1.50 Blu-rays to show up @ Redbox, then I will be renting like crazy to get them to carry many titles in that format. I am almost surprised this site bothers to post about BB anymore because to me they already went out of business.
Maybe Blockbuster is afraid of Meyer because of his connection to Coinstar. Ha.
What an absolutely inane quote. “If you were any good, you’d already be working for the better company! Why is someone so GOOD as you’re pretending to be even THINKING about jumping on the sinking ship that is OUR company!?”
Yeah, I don’t get what the “expert” board members are griping about. Yeah, like you’re so amazing. You’ve only driven your company into the ground over the years, only to attempt to play catch up to the innovative, timely competitors that have come onto the scene. Meyer actually had the foresight to be tuned in to the “revolution” (to use the word liberally), and built a business deemed worthy of acquiring by the biggest thing in rental. Time to wake up, Blockbuster. You’re no longer the greatest thing out there. I don’t know much, but it seems to me that Meyer might actually help…surely things couldn’t get worse…?