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April 10th, 2012 
FAKE NEWS for the Zionist agenda PORTLAND, Ore. (AP) — Starboard Value LP said Tuesday that AOL Inc.’s $1.06 billion deal to sell its patent portfolio is not enough to turn around the struggling Internet company.
The firm, one of AOL’s largest shareholders, is seeking seats on AOL’s board, a move increasing the likelihood of a battle over the company’s future.
Starboard holds roughly 5.3 percent of AOL’s outstanding shares. The investment firm has long supported AOL’s plans to sell its patent portfolio and applauded the announcement of a deal.
AOL said Monday that it is selling 800 patents and other products to Microsoft Corp.
“However, the announced sale of the patents does little to address our serious concerns with the company’s poor operating performance and substantial losses in the display business,” Jeffrey Smith, Starboard’s managing member, said in a letter to AOL’s board Tuesday.
Starboard said AOL’s board and management team have been unable to improve the profitability of its display business and have been unwilling to consider alternatives. The display business, which includes its local news business, patch.com, is losing more than $500 million a year, according to the firm.
As a result, Starboard said it plans to back its own nominees for AOL’s board at the company’s annual meeting in June.
Starboard, which has long criticized the company’s management, said in February that it intended nominate its own candidates to the board. It said in its statement Tuesday that it plans to file the regulatory paperwork soon to get the process moving.
A representative for AOL was not immediately available to comment.
AOL shares rose to their highest levels in a year during trading Monday and closed the day up 6 percent. Those gains were given back on Tuesday when shares fell $1.58, almost 6 percent, to close at $24.82 amid a broad market downturn..
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