Mr. Sperduto said last week that he and Wit stood by their opinion. Those are early impressions in the process before we had the chance to complete our due diligence. But disclosure of the e-mail messages is sure to further inflame institutional investors, who have complained that Staples executives are using the parent company's assets to bail themselves out of a failed Internet investment. The depth of big investors' dismay is evident in an e-mail message to three top Staples executives from Robert Urquhart, a portfolio manager at Oppenheimer Capital, which owned 2.9 million Staples shares as of the end of the year, according to Securities and Exchange Commission filings. In every case, the company was never able to reclaim its investor base.
Investors have long memories and numerous easier options.
This transaction will make it virtually impossible for us, in good conscience, to be shareholders in your company. Mr. Urquhart declined to comment on his e-mail message, which was also disclosed as part of the Louisiana teachers' lawsuit. He said investors would have the chance to vote on the purchase proposal at the company's annual meeting in June. The fact that the company came up with the number and then went to the bankers, I don't think that was the right thing to do. Privacy Information Stay connected to the news that interests you with free e-mail alerts from The New York Times.