February 18, 2011
Where J Crew leaves us
David Faber at CNBC tells us what he really thinks about J Crew's "process" and the attempts to make it all right:
The bottom line: go-shops are a waste of time. Fairness opinions are barely worth the paper they are written on when there's bigger fee on the line and management led buyouts are a very tricky thing to get right.
He might be right, but then where does that leave us? These conflicts might well be inherently unresolvable. It would be nice if the go-shop or fairness opinion were a magic wand that we could wave over conflict transactions and make them go away, but it doesn't look like it's that easy. I guess the shareholders could still vote no. That's a possibility...not likely...but a possibility.
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