Subject: Re: Third Point Takes 5.15% Stake In Yahoo, Demands Changes On Board - WSJ.com
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Thu, 8 Sep 2011 23:16:31 -0400

Not sure if you are joking or not but if Andy Pincus hadn't suggested you
avoid public boards it might actually be a good idea.  I wonder if there are
some non-public boards some of our funds clients could advocate for you to
join.

Sent from my iPad

On Sep 8, 2011, at 11:09 PM, Hunter Biden <[email-masked]> wrote:

I think he should demand that i go on the board.

RHB
202.333.1880

On Sep 8, 2011, at 3:22 PM, Devon Archer <[email-masked]> wrote:

Has he asked hunter about what he thinks yet?

Devon Archer
646 436 3745

Please excuse typos as this message was sent from my handheld.

On Sep 8, 2011, at 2:02 PM, Eric Schwerin < <[email-masked]>
[email-masked]> wrote:

<http://online.wsj.com/article/BT-CO-20110908-712767.html><http://online.wsj.com/article/BT-CO-20110908-712767.html>
http://online.wsj.com/article/BT-CO-20110908-712767.html

Third Point Takes 5.15% Stake In Yahoo, Demands Changes On Board

  DOW JONES NEWSWIRES

Third Point LLC, run by hedge fund manager Dan Loeb, reported a 5.15% stake
in Yahoo Inc. (YHOO), positioning itself as the embattled web company's
third-largest outside shareholder as it lobs stiff criticism at Yahoo's
board.

The move, which puts Third Point's stake of stock and options at 65 million
shares, comes just days after Yahoo's board ousted former Chief Executive
Carol Bartz. The board was displeased with her failure to boost revenue and
revive the company's share price, people familiar with the matter told The
Wall Street Journal.

In a letter to the board dated Thursday, Loeb commended Bartz's firing but
aimed sharp criticism at Yahoo's board, saying he believes the board has
made a series of decisions that have harmed the company.

Among the criticisms, Loeb faulted the board for turning down a $31-a-share
takeover bid made by Microsoft Corp. (MSFT) in 2008.

"From the failed Microsoft sale negotiations, to a subsequent bungled and
disappointing search deal with Microsoft, through a series of misguided CEO
selections, and most recently the Alipay debacle, this board's failures have
destroyed value for all Yahoo stakeholders," Loeb wrote.

Alipay is a key online payments unit of Alibaba Group Holding Ltd., in which
Yahoo holds a roughly 40% stake. Yahoo and Alibaba recently clashed over
Alibaba CEO Jack Ma's decision to transfer ownership of Alipay to a separate
company under his own control without obtaining approval from its board, on
which Yahoo has a seat.

A representative for Yahoo couldn't immediately be reached for comment.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
<[email-masked]><[email-masked]>
[email-masked]

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
<x-msg://59/[email-masked]> <[email-masked]>
[email-masked]
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