Corporate Governance

reposted from the old blog from July 23, 2006

Chairman of the Board Charles Dolan wanted to have a three billion dividend doled out to the family and the other shareholders. Some people on the board didn't want to do it because it wasnt in the best interest of shareholders and were removed by Charles Dolan.

On March 2, 2005, Cablevision Systems Corporation (the "Company") received a letter from Charles F. Dolan, the Chairman of the Company, stating that he was acting on behalf of holders of the Company's Class B Common Stock ("Class B holders") owning a majority of the Class B Common Stock, informing the Company that the Class B holders have removed each of William J. Bell, Sheila A. Mahony and Steven Rattner as directors of the Company. The letter did not specify any reason for the removals. The letter also stated that such holders have elected Rand Araskog, Frank Biondi, John Malone and Leonard Tow as directors


So, he got his cash out of the firm and here's who voted to damage the company:

Board of Directors

Charles F. Dolan
Chairman, Cablevision Systems Corp.

James L. Dolan
President and Chief Executive Officer, Cablevision Systems Corp.
Chairman, Madison Square Garden

Patrick F. Dolan
President, News 12 Networks

Marianne Dolan Weber
Chairman, Dolan Family Foundation

Rand V. Araskog
Principal, RVA Investments

Frank J. Biondi
Senior Managing Director of WaterView Advisors LLC

Charles D. Ferris
Partner Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Richard H. Hochman
Chairman, Regent Capital Management Corp.

Victor Oristano
Chairman, Alda Limited Partners

Thomas V. Reifenheiser
Former Managing Director of JP Morgan Chase

Vice Admiral John R. Ryan USN (Ret.)
Chancellor, State University of New York

Brian G. Sweeney
Senior Vice President eMedia

Vincent Tese
Former Chairman and Chief Executive Officer of The New York State Urban Development Corporation

Dr. Leonard Tow
Chief Executive Officer, New Century Holdings, LLC.