Blockbuster’s Potential Turning Point to Occur This Week
Dallas, Avote at this Wednesday’s annual meeting of Blockbuster, Inc. shareholders may mark a turning point in the troubled chain’s internal affairs. The meeting, to be held in Dallas, will include a vote on whether to replace three directors—among them CEO John Antioco—with dissidents led by Blockbuster’s largest shareholder Carl Icahn.
Icahn contends that Blockbuster is bleeding money while Antioco is collecting fat bonuses, a claim that Antioco vehemently has denied.
Even if Icahn’s slate of directors sweeps, he won’t control enough board positions to control the company. However, Antioco has vowed to leave the company if he loses his board seat.