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Most of AOL's 26 million U Since then, shares have fallen 30 percent, intensifying the pressure on CEO Richard Parsons, who becomes chairman after Friday's meeting at a resort in northern Virginia ISS also suggests investors reject an employee stock-option plan because it would be too expensive A record $99 billion loss in 2002, largely from writeoffs that reflected the company's shrinking value, didn't help perceptions Institutional Shareholder Services, an influential proxy advisory firm, suggests stockholders withhold support for Gilburne and Netscape Communications co-founder James Barksdale for being too closely tied to the company "The AOL Time Warner price debacle is of such historic proportions that it would be surprising if investors failed to take action to voice their discontent," said analyst Phil Leigh of Raymond James & Associates The big ones have criticized AOL Time Warner board members, and an influential advisory firm is questioning a stock-option proposal Five years down the road, they might be kicking themselves " â€â€?â€â€?â€â€? On the Net: http://www AOL Time Warner also has yet to resolve federal investigations into its accounting A Capital Research & Management spokeswoman declined to comment "Investors don't want Steve Case there customers use slow dial-up modems, and the company is struggling to keep subscribers who upgrade to high-speed connections Case also plans to stay on the board, but The Wall Street Journal reported last week that the company's biggest shareholder, Capital Research & Management, will withhold support for his re-election Although AOL Time Warner has yet to figure out how to profitably take advantage of AOL as a distribution mechanism for Time Warner's content, Garcia believes that might stem mostly from difficulties in carrying out such a big merger rather than a lack of promise for the Internet unit shareholders gather Friday at a time investor discontent with the media giant's foibles could turn the meeting into a dramatic spectacle akin to some of the juicier fare on the company's cable programs The Journal said Capital also won't approve two Case allies, former AOL executive Miles Gilburne and vice chairman Ken Novack Denise Garcia, principal media and advertising analyst for Gartner G2, believes investor anger is dangerous for AOL Time Warner because it might force the company to abandon long-term plans for the Internet division in favor of short-term fixes The company showed a $396 million profit in its most recent quarter, and even the much-maligned America Online Internet division saw an 11 percent increase in operating income For the same reason, CALPERS is opposing the rehiring of Ernst & Young as auditor The company's star is the Time Warner side, especially the cable, TV networks, publishing and film divisions, which own such blockbuster franchises as "Harry Potter," "Lord of the Rings," and "The Matrix But online revenue and subscribers continued to drop When AOL Time Warner shareholders last met, at Harlem's Apollo Theater a year ago, executives acknowledged investors' disappointment and pledged to get the company back on track Opposition to AOL Time Warner's board choices will not change anything for now, because the 13 directors are running unopposed Although Turner will remain on the board, he has unloaded most of his stock, cutting his stake in the company from 3 percent to 1 percent " The past year has seen the resignation of America Online founder Steve Case as chairman and cable mogul Ted Turner as vice chairman com aoltw AOL Shareholders to Meet Amid Turmoil May 16, 7:51 AM EST AOL Time Warner Inc S The California Public Employees Retirement System, the nation's largest pension fund, wants Gilburne and Barksdale ousted from the board, too â€â€? along with Hilton Hotels Corp The California fund, which owns 20 million AOL shares, opposes Bollenbach, Raines and Vincent because they authorized auditor Ernst & Young to perform consulting services for the company, a potential conflict of interest "But I think they'll find themselves without a long-term plan I think they would prefer to sell off the online division," Garcia said With AOL Time Warner's stock down more than 70 percent since the company's formative merger in 2001, investors are likely to vent their frustrations AOL bought Netscape in 1999 But the complaints could lead to changes in who is nominated for re-election next year chief Stephen Bollenbach, Fannie Mae chairman Franklin Raines and former baseball commissioner Fay Vincent Stones Won't Headline SARS Concert Oct 11, 9:08 AM EST The Rolling Stones won't be headlining a series of Harbor Fest concerts to help Hong Kong bounce back from SARS, officials said hkharbourfest Although Thompson wouldn't confirm that figure, he said: "There was too much money involved php com/home rollingstones James Thompson, head of the American Chamber of Commerce, told radio RTHK that egos had come into play and the Stones also were apparently unable to set up concerts in Beijing and Shanghai to coincide with their planned Nov â€â€?â€â€?â€â€? On the Net: http://www In a statement, the government's promotional agency, Invest Hong Kong, said it was working to ensure that Harbor Fest would be a success and hoped the Stones would be able to perform in Hong Kong in the future Catherine Cheung, a spokeswoman for the promoters, told The Associated Press Friday the deal collapsed when the Stones didn't respond in time to the latest offer from organizers com http://www 7 and 9 dates in Hong Kong " He said other shows would go on from mid-October to early November as planned, adding: "Even without the Stones it can still be a success The Stones reportedly were to be paid $5 million " The Rolling Stones had been set to play Hong Kong and mainland China earlier in the year, but canceled as the severe acute respiratory syndrome crisis was sweeping the region |
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