General Gaming Article |
| Michael Dell Tries Again To Justify His $24.4 Billion Plan to Buy Back his Company Posted: 23 Jun 2013 12:30 PM PDT
Dell tries one last time to explain why a private Dell is the company's best chance of successDell has struggled to maintain market share against the emerging flood of low cost mobile devices, and CEO Michael Dell wants shareholders to know that he alone holds the key to saving the company he founded. In a June 21st presentation to investors, Dell laid out what he believes will be the company's only chance of long-term success. Not surprisingly, it includes a pretty heavy shift from consumers to the enterprise, a plan that he claims is in jeopardy if the company remains public. Those looking for evidence need look no further than the company's most recent quarterly results. In Q1 2013 Dell's earnings dropped a mere 2 percent, however revenues fell a whopping 79% vs. the prior year. At the time Dell claimed it was making strategic investments to help shore up the enterprise solutions division, and Michael Dell claims much more is needed. According to his presentation: "Full implementation of the steps needed to position the Company for the long term is likely to have an even greater negative impact on earnings in the near term than what we have already seen." Dell seems to understand that shareholders are unlikely to tolerate quarter after quarter of disappointing earnings, and that the status-quo would be devastating for the company's long term prospects. Dell hopes to drum up additional support before their July 18th investor meeting, but failing this he will still stand behind the PC maker as its CEO. "I founded the company and will continue, as I have for the last 29 years, to try to make Dell the best company I can," he wrote. "I will also oppose the kind of imprudent leveraged recapitalization that has been suggested by certain other parties." He didn't outright say it, but Carl Icahn was clearly the "other parties" he was referring to.
MSD Presentation - Final [6!20!13] by Arik Hesseldahl
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| NSA Whistleblower Edward Snowden Leaves Hong Kong for Moscow with the Help of WikiLeaks Posted: 23 Jun 2013 10:14 AM PDT
The saga continuesEdward Snowden is now officially a criminal on the run from the law, but the US extradition effort just became slightly more challenging. Despite having a canceled US passport, Snowden managed to legally secure transport to Moscow, and WikiLeaks is claiming they are behind the move. Lawyers for the controversial non-profit organization report they were approached by Snowden who requested their assistance, and they seem more than willing to take on the case once he reaches safe harbor. Presumably these are the same lawyers that have shielded WikiLeaks founder Julian Assange from Swedish authorities for the past several years, so the chances are high this saga will take a very long time to fully play out if he reaches a country such as Ecuador where extradition can be tricky. The Chinese government has also openly admitted that lawyers from the quasi-city-state have worked with Snowden while he was in Hong Kong, and have released the following statement. "Mr Edward Snowden left Hong Kong today (June 23) on his own accord for a third country through a lawful and normal channel. The US Government earlier on made a request to the [Hong Kong Special Administrative Region] Government for the issue of a provisional warrant of arrest against Mr Snowden. Since the documents provided by the US Government did not fully comply with the legal requirements under Hong Kong law, the HKSAR Government has requested the US Government to provide additional information so that the Department of Justice could consider whether the US Government's request can meet the relevant legal conditions. As the HKSAR Government has yet to have sufficient information to process the request for provisional warrant of arrest, there is no legal basis to restrict Mr Snowden from leaving Hong Kong. The HKSAR Government has already informed the US Government of Mr Snowden's departure. Meanwhile, the HKSAR Government has formally written to the US Government requesting clarification on earlier reports about the hacking of computer systems in Hong Kong by US government agencies. The HKSAR Government will continue to follow up on the matter so as to protect the legal rights of the people of Hong Kong." Those looking to show support for Edward Snowden can sign a pardon petition that currently has over 100,000 votes on whitehouse.gov. |
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