Did anyone else notice: The funds suing to block the Bear Stearns-JPM deal are the same ones suing Yahoo for rejecting Microsoft's bid. In both cases, the suits were brought by the Police and Fire Retirement System of the City of Detroit, as well as the Wayne County Employees' Retirement System.
I don't have any good theories at all, why certain pension funds would waste their time/money being so litigious, pursuing these cases that have little prospect of getting them anything. Maybe they have a case in the latter, though it's hard to see how this would lead to a higher bid for Bear. And in the first, Yahoo is clearly angling for a higher bid.
So what's up? I'm at a complete loss of ideas, though I wish I could tie it into Krame Kilpatrick. And to my relatives in Wayne County: sorry your public servants seem so distractable.
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