OddBlog
Out of context: Reply #74
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- Horp0
^ The two founders, Keith Bamber and Nigel Forsyth, went into the Cordiant buy out and lasted about 6 months. Then they realised they'd made a huge mistake and mutinied, setting up 35Communications vicariously through Lee Hoddy, the CD of BF and Thom Someone, the marketing director.
From what I know (I had left by then and was working in Amsterdam) they had to go through lots of legal wrangling with Cordiant to unpick the terms of the deal and divide up values, and only when they had finally settled the contractual dispute were they able to announce that they were part of 35.
The thing was, a number of ex-Newell&Sorrell people were at BF, and we were all consulted about the Cordiant deal and we all, unanimously warned against it, but with these buyout opportunities come huge, mostly bogus, incentives for massive amounts of cash in the tens of millions and greed takes over. Nobody ever considers that there is no way you will meet the targets being set, its like a big elegeant business con.