Miami, Florida-based Attorney Jack Thompson today announced that he has purchased stock in Take-Two Interactive (NASDAQ: TTWO).
The news came as a shock, but it appears that Thompson isn’t out to make a profit from the stock. Rather, Thompson bought the stock so he could attend Take-Two’s shareholders’ meetings. At the meeting, Thompson plans to raise the issue of Take-Two CEO Paul Eibeler causing Take-Two’s stock to fall through “catastrophic corporate governance.”
Attending a shareholders meeting is not a new tactic for Jack Thompson. In 1992, Thompson went to a Time Warner shareholders’ meeting with Charlton Heston. Thompson saw a great success there, and recounts it in his book Out Of Harm’s Way.
Thompson today sent Eibeler a letter detailing his plan to attend the shareholder’s meetings. Thompson also went over Eibeler’s track record again, which includes being named “America’s Worst CEO in 2005” by MarketWatch. Here’s what the letter, which was forwarded to the press and numerous politicians, stated:
As you know, MediaWatch declared you “America’s Worst CEO in 2005.” A public relations firm in San Francisco this month called your mishandling of the Grand Theft Auto: San Andreas’ Hot Coffee sex mod scandal one of the “Ten Worst P.R. Blunders of 2005.”
You, Mr. Eibeler, managed, with your managment “skills,” to gin up multiple federal investigations, including the ongoing Federal Trade Commission investigation backed by a Resolution of the US House of Representatives by a vote of 355-21. That came on the heels of Take-Two’s payment to the SEC of $8 million for accounting fraud.
You were paid $3.3 million in calendar year 2004 for these management skills. (http://swz.salary.com/execcomp/layouthtmls/excl_companyreport_C1002368_summary.html) What are you now worth? A better question would be: What will you owe shareholders after their derivative lawsuit arising out of your diminution of their share value?
Thompson even mentioned Eibeler’s promise to release Bully, which he calls “a Columbine simulation game in which kids in a virtual school can bludgeon classmates and teachers” in April 2006. Thompson then took a shot at Microsoft’s Bill Gates, stating, “What’s next, Paul, a game in which players can practice flying commercial jetliners into the World Trade Towers? Oh, I forgot. Microsoft already did that. Thank Time’s “Man of the Year,” Bill Gates, whose Halo trained Lee Boyd Malvo to be the Beltway Sniper as well.
In the letter, Thompson stated that Eibeler’s dumbest decision was to hire the Philadelphia law firm of Blank Rome to represent Take-Two in court and serve as their lobbyist in Congress. Thompson had the following to say about Blank Rome:
…Now Blank Rome is being investigated for allegedly improperly securing DHS and DOD contracts for clients.
Blank Rome also, very importantly, managed to lose all motions to dismiss our wrongful death lawsuit in Alabama arising out of a teen’s training on Grand Theft Auto. Blank Rome lost those motions to dismiss to a “mentally ill” and “paranoid” lawyer whom your www.rockstargames.com site branded a bisexual pedophile. That would be yours truly. Blank Rome also represented Wal-Mart at that hearing, despite what would appear to be a patent conflict of interest. Please ask your in-house lawyers to explain that to you.
Blank Rome thus managed to deliver to you and to all of us the first time in history that an entertainment copycat violence lawsuit has survived a motion to dismiss. We expect to try this case in 2006. We also expect to take at that trial every single penny Take-Two currently has.
With Blank Rome as the law firm you chose, Mr. Eibeler, that won’t be as difficult as you once thought. Nice hire, Paul.
Not to be entirely negative, Jack Thompson called Eibeler’s portrayal on a February 2005 episode of Law and Order: Special Victims Unit a success. Thompson ended the letter with a small request, stating, I’d prefer a hand-held, cordless microphone at the shareholders meeting.”
We’ll keep you updated, as Take-Two’s next shareholders’ meeting should be very interesting.hfbvnivjfimfjcm
