Sotheby’s Paid $20m to Settle Loeb War

Robert Frank discovers that the Sotheby’s board fight was substantially more expensive for the auction house than previously revealed:

The auction company said during a conference call last week that took a special charge of $20.1 million in the first nine months of 2014 for fees associated with its defensive campaign against Loeb, founder of hedge fund Third Point. That equals nearly half of Sotheby’s net income for during that period.

In May, Sotheby’s put the cost at $15.7 million.

Sotheby’s spent $20 million to wage war against Dan Loeb (CNBC)