SCHOLASTIC AND THE DISGRUNTLED SHAREHOLDERYesterday I ran a piece about the huge sales success of Harry Potter & the Deathly Hallows in the US along with a piece about an unhappy Scholastic shareholder which had appeared in the business pages of the New Zealand Herald.
If you missed it or would like to read it again then use this link.
Today the New Zealand Herald carries the following letter to the editor:
“Investor Mark Boyar and Stifel Nicolaus analyst Drew Crum castigate Harry Potter publisher Scholastic for failing to meet quarterly estimates.
They say that if Scholastic had developed more franchises, or sold their family’s company on the back of the Harry Potter success, they would be rolling in a lot more money.
Not only are they ungrateful for what one woman’s talent has landed in their laps but they cannot stand the idea that the Scholastic family might not run their business the Boyar, Stifel and Nicolaus dollar-in-the -eyes way. So they resort to public bullying and threats. How sad.
Other people with more refined market ethics and values will willingly leap into the breach if Mr.Boyar and Mr.Crum would quit moaning and remove their money from Scholastic.”
Signed - Hilary Butler, Tuakau
Well put Hilary!