Jae Jun <jjun0...@gmail.com>

If you double the number of shares, you halve the share price as well
as halving the cash on hand per share. So halving everything
essentially results in the same calculation.

You are right that dual share structure isnt exactly share holder
friendly. But is it shareholder friendly when CEO's only care about
the short term? If management is willing to drive a business where
short term profits will dry out for a period in order to maximise the
long term prospects isnt that considered shareholder friendly?

My point is that dual share structure has both advantages and
disadvantages just like a single share structure. If the CEO was a
tyrant then of course you should steer clear, but when the CEO is
doing what is deemed best for the company and shareholders by not
listening to wall street or people wanting a quick turnaround, I
commend him for his actions and am willing to accept that he has
ultimate control.

With any investment, it would be best to uncover the character of
management rather than to dismiss one because of its dual structure. I
certainly wouldn't invest in a single structure company where the CEO
is like the Countrywide goon.