Loeb Attacks Sotheby's Board In Court With Board's Email

Amid a pivotal lawsuit that testing the notion of investor rights and the ability of a corporation to adopt “poison pill” defenses, Third Point and Daniel Loeb may have unearthed the ultimate weapon in their battle with Sothebys (NYSE:BID): e-mail traffic between the board of directors.

In court today to test the legal limits of the “poison pill” defense, which in this case limits Third Point’s stake in Sotheby’s to no more than 10% for an active investor, an interesting piece of evidence showed that some on the Sotheby’s board of directors agreed with Loeb.

In e-mail revealed...