Live Nation

"A week later I called a board meeting and began to read a very long statement about their dastardly acts, with a call to return to the clear spirit of the transaction. Ten minutes in, Ari Emanuel interrupted and said, “Why do we have to listen to this? It’s just boring.” That was followed by various cries of “Hear! Hear!” from the other Live Nation directors. What a monumental dope I’d been. They’d taken over the company—in a merger I’d created—with venality and duplicity. Because I thought good faith would govern, we’d never put in any protections beyond having an equal number of directors. That afternoon, after returning home in a complete funk, I resigned as chairman. The next day I sold all my stock."

"Our first board meeting soon followed. All was pleasant until I asked, as the new chairman, “What’s happening with the search for a new CFO?” Michael Rapino, who was chosen to lead the company, having previously been the Live Nation CEO, said, “Well, I’m not sure we should really do this. We have a perfectly competent CFO, and it’s really not needed.” I said, “That’s not the deal we made.” To which Ari Emanuel, a board member on their side, said, “Who cares what deal we made?” I said, “What the hell do you mean? We had a firm written agreement on this point. Balance and good faith are the cornerstones of being together, and in our first meeting you gleefully renege on a key contractual point?” His disdainful reply was “Who cares? We have the votes.” I said, “Votes? What are you talking about?”"