Mark McGuire, head of Marcato Capital, was on CNBC this week, d for the disclosure of court documents from the case between Third Point and Sotheby’s last year.  “We want to make sure that the decisions that are being made at Sotheby’s are decisions that are in the best interest of the company and the shareholders, and not being driven by other motivations that should not be factors in board level decisions,” he says.  “The litigation uncovered a significant amount of correspondence and deliberation on behalf of the board, so it’s a unique opportunity to get a real window into the logic and motivations of the board members. (more…)

The lawsuit by Daniel Loeb against Sotheby’s, filed over its attempts to prevent him from taking over 10% ownership in the company, has been fast-tracked by a Delaware judge.  “Here we have an uncommon rights plan that on its face discriminates between activist and passive investors,” says Vice Chancellor Donald Parsons, who presided over the telephone hearing. “It is sufficiently possible that the board is attempting to tilt the playing field for proxy contest in its favor and make for an unfair fight.” (more…)