Xerox CEO accused of seeking Fujifilm tie-up against board's instructions

In January, Xerox and Fujifilm decided their best chance of surviving the printer-copier downturn was a multi-billion dollar mutual rescue package led by the Fuji Xerox joint venture. Now, a lawsuit alleges Xerox CEO Jeff Jacobson rushed into the deal against instructions from the company's board. The lawsuit was filed in a …

[Mark 85]

So, they're claiming a "secret" agreement is in place? How will they prove that? That's like asking someone "do you still beat your wife/husband/kits/parents (pick one)?"

On the other hand, Icahn is involved and not part of the filing of the lawsuit. So nothing surprises me here. He's all about the money and nothing else and he'll have someone else take the hit for filing a lawsuit.

[Pascal Monett]

Agreed on all counts.

As soon as I saw his name, I knew he'd been pulling the strings. Perfect cockroach behavior : stay in the dark, let the sacrificial lamb out into the open.

[Anonymous Coward]

Sounds Familiar

The agreement between Xerox and the Rank Organisation that formed the Rank Xerox JV was kept secret. Only a very small number of people were allowed to see it.

The reason was, apparently, to prevent someone like Hanson (remember that one?) using Rank to take over Xerox or vice versa.

[Anonymous Coward]

Carl Icahn owns 15 per cent of Xerox shares.

Best reason I can think of for a company to go bust leaving shareholders with nothing but thier disks waving in the air.