Mark Cuban Is a Big Baby

Mark Cuban is a Big Baby

Andrew Ross Sorkin did an analysis of last week’s deal in this weekend’s Sunday Times business section, wherein he argued that Mark Cuban complaining that the sale price was too low was disingenuous given Cuban’s refusal to take the company out at a higher price than what the acquiring party, Vector, was offering. Also mentioned is potential acquirer Barington Capital Group, the CEO of which also slammed Vector’s offer despite having bid 11 cents a share less than Vector. Sorkin’s analysis, in a nutshell: How can Cuban and Barington complain about the buyout price on a shareholder value basis when they’d presumably pony up themselves if they believed the company was worth more? Do they want to help the company or do they want a more palatable exit? Sorkin thinks the latter.

Cuban, naturally, wasn’t happy with the analysis and did what people with blogs increasingly seem to be doing these days: He posted the entire email correspondence on the Internet. The suckups in the comments section (lemme guess: any of you need investors for your startups?) are slamming Sorkin, but from what I can tell, Sorkin didn’t distort or misreport a single thing Cuban said. He merely insinuated that he didn’t buy Cuban’s defense of his actions (that he only wants to help the company) and Cuban didn’t like that assessment. If anything, the email chain supports the accuracy of Sorkin’s reporting.

And if Sorkin’s wrong, there’s still plenty of time for that term sheet to fall apart. Anyone want to buy Register for more than $7.81 a share? Anyone? Anyone? (Silence… crickets chirping… tumbleweeds…)