eBay Founder Off the Hook in Craigslist Lawsuit

by: Philip Cohen

I can't help thinking about how much wealthier Omidyar may have become had he not allowed the cretinous Johnny Ho to get his hands on the tiller; regardless, prior to allowing the Ho to effectively take the tiller in August 2007, had Omidyar sold his eBay shares and invested that same amount in Amazon shares he would today be worth ~$35 billion instead of his present ~$6 billion ...

In the meantime, eBay’s “long” shareholders have not received a penny, but the "Boys from Bain" appear to have been effectively moving shareholders' assets into their own pockets— and not even the major individual shareholder appears to care ...

Regardless, in the eighth year of his failed three-year plan to turn eBay into the online upmarket “Westfield Mall” of the world, eBay is literally falling apart and for the Ho’s efforts eBay’s cretinous board of directors is going to pay Johnny Ho an additional $23 million to hang around and complete the destruction, and then they are going to let him remove his destructive talents over to the clunky “PreyPal” operation—incomprehensible! Indeed, if one had the chance to look more closely at eBay’s commercial decision making processes, I suspect that you might find a “Bain Workbook” plan to strip shareholders of their assets, with kick-backs galore going in all directions …

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid … http://bit.ly/11F2eas  

by: Ming the Merciless

"One analyst called eBay's sale of its shares back to Craigslist a "presplit housecleaning" as the eBay board prepares to break up the company."

Another step in the predicted Bainification of ebafia.

Ebafia stockholders? SELL, SELL, SELL!!!

by: Frank Abagnale

I didn't mind the quote from Shakespeare but there is another quote I heard from someone that said:

Skinnymarink e-dink e-dink,

Skinnymarink e-do

by: bitbybit

Yes, this is all about the Bainification of eBay. JD is in a hurry to get on over to Paypal so he can continue his destructive non-innovation. Paypal's valuation is sinking rapidly since Visa's Checkout has this big launch and growing fast.

by: ajeweler

in our state we don't use that venue full of scammers, however ebay is now also, I wonder if ebay sends out all that junk mail from cranks list (nickname)

by: Map

YET another sign that is ebay is about to be sold to new owners.

They ended this lawsuit to better their chances to sell ebay with less baggage.

by: queenfloraday

It would seem likely a company that is looking to reform it's brand would be announcing their new platform to it's vendors and stockholders so that it could hit the floor running after the split. All I hear so far is more pie in the sky rhetoric from the new CEO and no real plan. I think the plan is to continue to string along sellers and buyers until a sale can be made or the company declares bankruptcy. The glitches will be poorly patched and the poor service will continue.....no need to repair a sinking ship that is to be sold for scrap.    

by: Ric

I love this:

    eBay spokesperson Johnna Hoff declined to disclose terms of the latest sale, "indicating that the company considered the amount insignificant to shareholders."

eBay purchase their interest in Craigslist of $32 million back in 2004.

Only a company with the arrogance and casual disregard for their investors would release a statement indicating that the $32 million investment is "insignificant".

by: Map

Pets.com move over because ebay.com who likewise really has no company is about to wash ashore without a buyer to save them.

Vultures Feast!

by: Philip Cohen

@Ric,

Shareholders' funds have always been "insignificant" to the cretins in the eBay executive suite and board room ...

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid … http://bit.ly/11F2eas  

by: iheartjacksparrow

I think Map is absolutely correct about the CL settlement occurring in anticipation of new owners. Actually, I wouldn't be at all surprised if a sale hasn't been, for all intents and purposes, finalized and eBay is now just ridding itself of annoyances and possible encumbrances so the new owners take over the company without a lot of issues waiting in the wings.

by: Map

The "reconnect with buyers" and the "new Search" that Devil Weing spoke about was a new owner is coming and we will be unshackled from ebays oppressive & criminal search program and policy compliance.

They are taking their program keys with them and the new owners will be bringing their own search program.

For it not to be this way would be like ebay leaving a dead body in the trunk when they sell the car.

by: bitbybit

I can't recall exactly but the split and maybe a possible buyer, I'm guessing, taking place at the end of June. Maybe Craigslist is set to buy eBay which would tie in to Ric's post about the amount being insignificant to shareholders. Probably a stretch on my part but we will see if anything happens in the next 10 days.  

by: Russ

Now that the iron fist of litigation has been lifted, perhaps Mr. Wenig will be able to ''re-connect'' with sellers via Craigslist Personals sections under the ''Missed Connections'' category...LOL!!

As for Craigslist purchasing eBay after (or before) the split...you can count on a lack of micromanagement, at least for the short term.

Please...someone tattoo DNR across eBay's chest and let it die...so it can rise again as BababayWest...

by: Philip Cohen

And, just for fun, a recap of the eBay/Craigslist matter at

http://pando.com/2015/06/19/pierre-omidyars-corporate-spying-scand
al-buried-for-good-as-ebay-sells-craigslist-stake/

“Money, not morality, is the principle of commerce …”—Thomas Jefferson.

Not even the U.S. criminal code gets in the way of commerce at eBay Inc. …

And, the ugly reality of eBay’s demonstrable, calculated, facilitation of endemic shill bidding fraud on consumers on its auctions marketplace … http://bit.ly/11F2eas

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid …  

by: Massachusets Howler

Bain breaks up companies just this way- instead of the standard Bain "Consultation Fees" Bain uses to RAID a company, what we are seeing/ have seen is that $$ going into the executives pockets.

JD switches over to the new Debt-Free Paypal to begin anew there, and ebay, the most hated part, and partially because of our noise, is BURIED in ALL the debt and the least amount of the $$.

Enterprise up for sale- Bain.

Nobody will buy it but in bankruptcy all debt, including all civil cases are thrown out and the executives LAUGH and make a trip to the bank.
JD has SOME BALLS to move over to PP to stick around for more $$- some balls.
Wenig is no more than a well compensated PUPPET.
Mass Howler

by: Map

Mass Howler your correct.

If they can not sell ebay then all the debt will be wiped away in bankruptcy and they still win big and then can restructure ebay and then steal & fleece sellers all over again.

Evil, very dark evil is what is in the hearts of these men at ebay & Paypal.

by: Volvo351

Those of us who use the FEE FREE site to generate the majority of our revenue from on-line sales can rejoice. C/L is far from perfect, but any time you can get The Hoe's filthy mitts off you, you're better for it.  

by: Volvo351

I'd have to agree with M/H's assertion that Denig will be a mere "puppet" for The Hoe...keeping the Dead Cat that is eBay bouncing just long enough to pump PayPig's revenues. For PreyPal to keep stealing from sellers, they need to leech off a selling site.  Well, sell-thru on JD's Racket has collapsed; I used to move low-buck items at decent volume there but now it's not even worth the listing effort. I don't even attempt to sell anything under $100 anymore - just too frustrating for no return.

by: Philip Cohen

"eBay has had some doozies when it comes to acquisitions - Skype was its most spectacular failure from a financial perspective, and eBay CEO John Donahoe now says GSI Commerce and Magento have brought limited synergies to eBay."—Ina Sreiner.

Synergies? As a matter of interest, has anything that eBay's chief headless turkey, Johnny Ho, has spent heaps of shareholders' funds on, turned out to have any synergies with the eBay marketplace? Non that I can recall. And for all those wasted shareholders' funds, the cretinous board of directors have approved that this headless turkey is going to receive another ~$23 million to finish his destruction of the eBay marketplace. And, it’s PayPal’s turn to now bear the brunt of the Ho’s incompetence; not that it will make much difference as “Visa Checkout” and “MasterPass” will eventually bury the clunky “PreyPal” anyway …  

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid … http://bit.ly/11F2eas