Myspace Acquisition Defrauded Shareholders of $20 Billion

THE BLOGGING TIMES — Oct 5 – Brad Greenspan, founder of Myspace.com, today issued an online report at Freemyspace.com that details how Intermix Media's sale of Myspace intentionally defrauded shareholders. Saying it is “one of the largest M & A scandals in U.S. history,” “Deliberate steps were taken to withhold and manipulate information; money was improperly gained and laws were broken.”  The report shows Intermix CEO Richard Rosenblatt knew Myspace was well on its way to becoming worth $20 billion.  “The CFO Lisa Terrill and COO Sherm Atkinson, have come forward indicating significant breaches of fiduciary duty as part of the News Corp. transaction,” continued Greenspan. Shareholders were not aware that Myspace's revenue was growing at a 1200% annualized rate and increasing.  Shareholder's were forced to trust the recommendation of Intermix's Board and were under the impression Myspace was unable to turn its massive traffic into revenues.

Mark Brooks: Back up a second. For one "a bird in the hand is worth two in the bush." The $580 million wasn't that shabby a valuation at the time, and News Corp is a great partner for MySpace. Secondly, "experience is the toughest teacher, it gives you the test first, and the lesson afterwards." Who knew YouTube and Facebook would be bartering for (bubble 2.0) $1 billion sellout deals. Should Brad stop "crying over spilled milk." Something tells me he didn't get his share of milk. Your comments please.