BusinessWeek breaks its rules just to trash Paul Allen's company
BusinessWeek gives writer Roben Farzad a special exception to the "don't cover what you have stocks in" rule to write that Paul Allen (pictured grinning like a Bond Villain) has become great at losing money. This isn't about the Microsoft co-founder's basketball team losing $100 million a year. Think big leagues, baby — Farzad's writing about Charter Communications. "Its $19.5 billion in debt dwarfs its market cap of $510 million. Its interest expense alone devours a third of its revenue," writes Farzad. That's after Allen sunk $8 billion into the company and became its chairman.
"All along," says Farzad, "Allen has acted in ways that make him seem either oblivious or indifferent to the plight of ordinary shareholders." Well sure — Allen's worth over $22 billion. If Charter dies, he just needs to mortgage SpaceShipOne again.
