Thursday, December 01, 2005

The Profile of A Poor Sport

At this point, one week before the official vote, with seat prices hitting new all-time highs, and GS, Lazard, and Citi have concluded that this deal (in its current structure) is fair, Bill Higgins continues to shine the light on himself.

First, his pathetic little law-suit was merely a trivial excercise that became ammunition for the nay-sayers out there - Noteably, Lucchetti, Weber, Ruppetto, and Chamberlain. To be sure, they wasted valuable space in the WSJ as well as wasting the time of their readers. Their conjecture has time-and-time-again, proven to be nothing more than merely a bunch of hollow-sourced articles, misleading mosaics among a few anal-ists, and fodder for those interested in the largest deal to effect the structure of the US national equity and deriviatives structure in history.

To be sure, the Higgins lawsuit was ineffective. His re-assessment of valuation was a collossal waste of money and time. And his demand for NYX to pay his legal fees is simply laughable. But today's story from Reuters takes the cake.

Higgins employed a firm by the name of Willamette Management Associates -- hardly a name on Wall Street, hardly a name recognized multi-nationally, and hardly a company anyone in the US is familiar with.

Just surveying the company's website is enough to indicate that they're small players. Compare the websites of Citi, Lazard, and GS to that of Williamette Management Associates. Just the appearance and content on these sites indicate what level these firms are on. Citi, Lazard, and GS, are global leaders in investment banking -- arguably the top in their field. They hire ivy-league MBAs, utilize topgrading in staffing, and simply attract the top talent. On the other hand, Williamette, is a small shop with inferior talent (oxymoron?).

Their opinion that Citi, Lazard, and GS never explain why the deal is fair to shareholders is pathetic and indicates an extreme level of desperation for Higgins to try and save face.

At this point, the only thing William Higgins has been successful in doing (related to the NYX deal, that is), is drawing attention to what a litigious, arrogant, and misguided person he really is. Other NYSE seatholders may already know him and have their opinions of him, but to the rest of the world -- that don't know him other than from his ridiculous antics with the NYX deal -- it's fairly easy to develop an opinion of his character.

And, that speaks for itself.


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