Pishevar, an investor of Uber has filed the legal document as well as sending the letter the board of the Uber’s company today. Through the letter he said that the “intervene” must be done in the fight on court from the Benchmark to fight Travis Kalanick, the ousted CEO.
Well, this is true if another mess is happening in Uber and everyone should know that even though it is pretty shocking. Anyway, the legal documents that have been filed by him are available on this page. It actually has to be delivered by the litigation to the arbitration besides many other things. So, here are reasons why those things are happening today.
Why did he send the letter?
Previously, Pishevar sent the letter to ask for the Benchmark to stay away from the board of Uber. Besides, he had also been offering to buy a certain part of the stake which was big enough. Allegedly, in his letter, the venture firm of Silicon Alley is planning to manage all over the board directors of Uber and this is not matched with the rules from governance. Besides, that kind of method was also the other way to push out the current candidate of CEO, Meg Whitman.
The highlight of the issue: “The dirty tactics from Benchmark as well as strong arming is extended far beyond the lawsuit. The example is that in a very carefully charade, the Benchmark is basically trying to push down the candidate of CEO, Meg Whitman, on their own timeline of arbitrary along with the strong inaccurate denial that she is one of the candidates.”
Indeed, Whitman has said it so many times in pretty loudly impression as well as in public eyes that she was not going to get on the CEO chair of Uber. Besides, she is not going to show up at the meeting of board member tomorrow even though the two final candidates are defining the future of Uber if one of them becomes CEO.
I guess it will be Meg versus Sherving.
Well, it is really complicated and even worse than you may imagine. All of those are spreading out of the lawsuit filed by Benchmark against Kalanick.
Below, I rewrite the letter will seem worse by tomorrow. So, just read it.
The letter is addressed to the Uber Company, specifically to Farrett Camp, the Chairman of Boar Directors of Uber. The letter was issued on August 24, 2017. So, basically, Pishevar is informing to him through this letter since he had jumped on the conclusion. He though he did not have any choice but intervening the ugly lawsuit by Benchmark Capital to battle through Travis Kalanick, a founder and also a former CEO of Uber Company.
Pishevar claimed that he had asked his other friends from Benchmark to let go the lawsuit and calling off the campaign in public against the company besides divesting the shares on the proper proposal that could give additional reward for the investments, hugely.
He also asked for Benchmark to make resignation proposal from the board by planning a good plan that would be able to allow Benchmark reducing the bearings. It will allow other board members to keep moving forward in addressing the challenges to build this beloved company, securing the major capital’s new infusions, and recruiting the CEO that has world-class ability to oversee the growth that should be continued.
However, people from Benchmark seemed like refusing the initiation of Pishevar to meet in order to talk about this issue. He asked that person as a friend who wanted to have adult yet rational conversation as well as making conversation related to good behalf of all parties. And definitely Benchmark said that they would looked forward to the meeting and talking after this situation is over rather than talking now and having meaningful conversation to figure out the solution about the issues.
The thing that made Pishevar pissed is that the act of Benchmark that is willingly to talk to others about this concern in inappropriate way because it is related to the fiduciary duty violation. Besides, they also reached out to all employees directly through a letter. Speaking of the venture capital firm, it is not an appropriate thing to do, obviously.
Kris Fredrickson, the principal Benchmark, also helped to recruit Gautam Gupta. Gupta was in the head of finance as well as the acting Uber CFO effectively when Fredrickson help to recruit him. On the other hand, he owned certain amount of shares on other company without telling the Uber Board at the first place.
The other interesting fact is that six months earlier Fredrickson told his own partner as well as one of members in Uber Board, Bill Gurley. On the other hand, Gurley never told Kalanick which also leading the crisis became much worse in the company on May 2017 just right after Gupta left.
Benchmark has conferred with the Lowercase Capital that claimed by Pishevar as another trouble created by that board member. It seemed like Benchmark just make a move against Uber. This also indicates that they really wanted to kick out Arianna Huffington from the board directors.
Other than that, it is clearly violating the fiduciary duty since it leaked the details of highly confidential information from the investigation. The investigation was held by Eric Holder, the former Attorney general. But obviously, the leak was really wrong.
Pishevar is so sure if no strong basis to cancel the agreement made by the high-star investors even though it is advised by the counsel anyway. The investor alliance also has the substantial yet direct interest to limit the company governance. It was supposed to stay the same at the will of one party when it comes to violating the procedures. It needed amend of the written consent.
However, Pishevar hoped that Benchmark could find any other way to keep moving forward as well as having the great benefits from the Travis Kalanick’s work and others’ without have harm the gratitude of the company.