Litigation 'R' Us
Mario Gabelli, who has an 8.3 percent stake in the operator through Gamco Investors Inc., told the New York Post that Cablevision stock is worth at least $15 more than the Dolan family's proposal of $36.26 per share. (See Cablevision Keeps Family Ties .)
Gabelli, who believes Cablevision will jump to $65 to $70 in five years, may take the Dolans to court to force a better price, the paper said.
If that's the plan, he had better kick things into high gear. Cablevision shareholders are scheduled to vote on the deal on Wednesday, Oct. 24, at the MSO's Bethpage, N.Y., headquarters. (See Cablevision Sets Shareholder Vote .)
The Dolan proposal appeared to be headed for trouble on July 5, when shares closed at $37.73, a five-year high.
Cablevision shares were down 17 cents (0.49%), to $34.26 in early trading Friday.
Elsewhere in the world of litigation, reader "cadfael" alerts us that another class action lawsuit is brewing against BigBand Networks Inc. (Nasdaq: BBND) in connection with the vendor's March 2007 initial public offering. -- this time by the firm of Kahn Gauthier Swick LLC. (See BigBand Lawsuit Brewing.)
— Jeff Baumgartner, Site Editor, Cable Digital News