Devoted to Managers and those that seek to improve their management skills

Continuing Coverage of the Dow Jones Story 

Saying he's about ready to walk away from the Dow Jones & Co. (DJ) bid, Rupert Murdoch says he expects to receive word Monday on the decision.

Of course it's a more than reasonable demand, as the Bancroft family has had close to three months to make their minds up. With everything in place, and the requirements met, it is getting to look amateurish how long it's taking.

A lot of expected ugliness is starting to surface as some family members are calling out others on taking responsibility for not demanding accountability of the Dow Jones managment over the years.

Crawford Hill in his extraordinary public letter to the family said: "So much has been assumed and taken for granted about what it means to be a responsible owner and family director. Until very, very recently that approach can be summarised as, 'do not question management' and 'they have a good plan.'"

He also cited the comments by Warren Buffett saying if the business had been managed better, the company would be worth $50 billion today. That's a polite way of saying if the Bancrofts had taken an interest in their company, it would have been worth so much that no one would have been able to afford to buy it.

Crawford Hill's sister Leslie responded in a strange way in my opinion, saying, "The tragedy here is that the world will lose an incredibly powerful voice that will die. I hate to see a rationalisation of why we should sell to Murdoch as yet one more excuse as to why we should not take responsibility for what we own."

Listening to Leslie Hill's comments throughout the process makes me think someone from the outside has gotten to her and potentially been manipulating her behind the scenes. She originally was for the deal and all of a sudden changed her mind, allegedly over Murdoch's responses to questions about China she wasn't satisfied with. Yet when Murdoch offered to get together to answer any concerns, she wouldn't even respond. It speaks to something beyond good will in negotiating.

The latest news to emerge with the Bancrofts is another trust that has the beneficiaries split on what they want to do. The Boston-based law firm of Hemenway & Barnes has moved to split the largest trust in the family to reflect what each side believes.

Christopher Bancroft, who opposes the deal, is battling to not allow it to happen; he's one of three trustees of the fund, the other being two people from Hemenway & Barnes. If the fund isn't split, it will be voted as one block for or against. If the fund isn't split and the vote goes against them, it could result in a lawsuit; one of many that will be launched if the deal isn't accepted.

It looks like today is the day of the Bancroft's reckoning. It'll be interesting to see what happens. Either way it's about to end.

Related Coverage:

News Corp. Believes it has Votes to Seal Dow Jones Bid

Bancrofts in Denver Trust Want More Money: Ready to Vote Against Murdoch if Price not Raised

Brad Greenspan Makes Yet Another Proposal to Dow Jones

Al Neuharth, USA Today founder: The Wall Street Journal Sale - A "Farce Starring WSJ Reporters, Columnists, Editors and Executives"

Bancrofts Meeting Monday to Discuss Selling Dow Jones Co.

Dow Jones Negotiations Winding Down: Tentative Agreement to be Presented to Bancroft Family

Final Stages of Dow Jones Negotiations May Start this Week - Companies to Meet

Here we go again: Another Bancroft Panics Over Dow Jones Being Bought by Rupert Murdoch

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