Steve Case could be the greatest value-maximizer in history. He got his shareholders an enormous interest in one of the world's biggest media companies in exchange for shares in a company whose business model has since proved to be nearly valueless.
If, at that magic moment of closing, he thought to himself, 'I just sold the emperor some new clothes', then he should be worshipped. But he must keep saying he believed in the synergies (which I like to think of as looking like Furies) until the last statute of limitations expires.
I hope Case buried a time capsule at some building dedication near the time of the merger and fifty years from know when they open the capsule there is only a note, and the note says "Suckers!"
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