• Intermix specifically chose not to initiate an auction or shopping process as mandated by the law (Revlon Duties)
• Rosenblatt, Andrew Sheehan, News Corp., and both banking firm’s, collusion against Viacom’s efforts to give Intermix a bid including misinforming Viacom of the timing for making a bid, directing Thomas Weisel to stop facilitating Viacom’s bid, and hiding from Morgan Stanley, Viacom’s banker, as Intermix and News Corp. rushed to sign the deal.
• Intermix CEO Richard Rosenblatt’s $12 per share sale price for Myspace was not based on an outside valuation from the investment banking community. In May 2005 Deutsche Bank outlined for Intermix executives that taking Myspace public could provide value in the $1- $1.7b range.
• Rosenblatt knew Myspace was on track to become a $20b property and purposely withheld this information from shareholders to accelerate the transaction as well as 60% of his stock options at closing for a personal gain of $20m.

juicy if true

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