re: CML Vote - Crikey's View for Alpha 5. COLES MYER MEDIA...

re: CML Vote - Crikey's View for Alpha 5. COLES MYER MEDIA COMMENTARY

The 15-year duopoly that has been Stephen Bartholomeusz and Terry McCrann
in daily business newspaper commentary for Victorians are hand in hand in
giving Solly Lew a ridiculously easy run after lots of briefings from his
camp.

How do you criticise the board for being cautious when Solly has been
threatening to sue them personally for merely expressing an opinion that
he should go. What about having a go at Solly for intimidation.

And what about this outrageous line from Lew's one-eyed mate Mark Leibler
this morning in the Herald Sun:

"I am hoping and praying that Sol Lew will be re-elected because the
consequences for the company in terms of potential - and I say potential
because I don't know what Sol is doing or not - in terms of potential
destabilisation and in terms of potential litigation are much greater if
he's off the board than if he's re-elected."

That's what you call a brazen threat folks. Vote for Solly or he'll sue,
destabilise and destroy as much as he can. If ever there was a reason to
vote against Solly - and his lapdog Leibler - then this is it.

Only Bryan Frith made the key point today that Solly's claim about getting
rid of related party transactions is all about technicalities not
realities. He'll try to argue that he has no interest in the business of
his children or that by not being a Premier Investments director, the huge
Housewares dealings with Coles Myer are not technically related party
deals.

Who wants to see a return to the days of Solly's Yannon dealings or the
sweetheart Lindsay Fox deals that saw Foxy make 35 per cent of his profits
from Coles Myer even though it represented only about 20 per cent of his
revenue.

The only way you'll get stability at Coles Myer is if Lew - and preferably
Leibler - are dumped from the board. How can he sue if he loses in a fair
election? Ignore the empty Leibler threats as these guys are trying to
stop basic corporate democracy unfolding.

Solly has conflicts, poor performance, Yannon skeletons and baggage from
17 years on the board and he should be dumped forthwith.