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Marcato Capital Management Pushing Sothebys (BID) To Reveal Third Point’s Brief

Mick McGuire’s Marcato Capital Management filed an amended 13D regarding Sothebys (BID) with the SEC this morning. There aren’t any significant updates other than the following portion:

“As previously disclosed, on February 26, 2015, Marcato filed a Notice of Challenge to Confidential Treatment with the Delaware Chancery Court (the “Notice”), seeking the unredacted release of certain documents from prior legal proceedings involving the Issuer. These legal proceedings, captioned Third Point LLC v. Ruprecht (Case No. 9469-VCP), involved a dispute between a large shareholder of the Issuer and members of its Board of Directors. The resolution of this dispute was announced on May 5, 2014, but unredacted versions of certain court filings remain unavailable to the public. In response to the Notice, the Issuer filed unredacted versions of three of the four requested briefs, but seeks continued confidential treatment of certain information redacted from the public version of plaintiff Third Point LLC’s Opening Brief in Support of Its Motion for Preliminary Injunction (the “Third Point Brief”), filed on April 29, 2014. On March 13, 2015, Marcato filed an Opposition to Motion for Continued Confidential Treatment with the Delaware Chancery Court (the “Opposition to Motion”). In the Opposition to Motion, Marcato argues that the public has a right to access the information contained in the Third Point Brief and that the Issuer has failed to make any particularized showing of harm necessary to maintain confidentiality. “

Marcato Capital had a $219 million position in Sothebys (BID) at the end of 2014. The activist hedge fund didn’t make any changes to its position during the fourth quarter. Billionaire Dan Loeb‘s Third Point still holds the largest position in Sothebys (BID) among the 700+ hedge funds we track.

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