DealBook: Third Point Takes Aim at Sony in Investor Letter

Letters: Using the ‘Third Ear’

To the Editor:

Re “As Ideas Swirl, It Pays to Use Your Third Ear” (Corner Office, July 21), in which Joyce F. Brown, president of the Fashion Institute of Technology (and a psychologist by training) described her management style:

It’s refreshing to see a college president so productively embracing a concept described by the psychoanalyst Theodor Reik in his book “Listening With the Third Ear” 65 years ago.

Surely, many F.I.T. students and faculty members benefit from Dr. Brown’s use of her “third ear” — listening carefully “to understand the nuances” of others — as do patients when psychoanalysts and other mental health practitioners follow Reik’s lead.

Business and political leaders, like everyone else, have third ears. If ever there was a time to use them, to listen more closely, it’s these economically and militarily perilous days.

MURRAY GELMAN

Manhattan, July 21

The writer is a psychoanalyst.

Yahoo to Buy Back Shares From Third Point

Three Yahoo board directors appointed by Third Point, including Daniel Loeb, the hedge fund's chief, will resign from Yahoo's board. Third Point will still own about 20 million shares, less than 2 percent of the Internet media company's common stock.

Third Point's decision to sell shares of Yahoo comes as the struggling Internet's company's stock has surged more than 80 percent during the past 12 months, due largely to aggressive share buybacks and the value of Yahoo's Asian assets.

It was not immediately clear why Third Point was selling its shares now. Third Point declined to comment, but Loeb expressed his confidence in Yahoo's prospects in a statement on Monday.

Given the gains in Yahoo's shares, Third Point may have decided it was prudent to sell some of its holdings, said JMP Securities analyst Ronald Josey.

But Loeb's move may be prompting other shareholders to similarly re-evaluate their investment, he said.

"Probably a lot of investors are saying 'We had a pretty good run here, it makes sense to take some off the table,'" Josey said, adding, "Much like a lot of investors followed Third Point in, a lot will follow Third Point out."

Yahoo, which plans to fund the Third Point transaction primarily with cash, said it would increase earnings per share.

After the deal, about $700 million will remain under a $5 billion overall buyback authorization that Yahoo announced last year.

Third Point settled a bitter proxy battle with Yahoo last year after months of criticising the company. Loeb was instrumental in selecting former Google Inc executive Marissa Mayer to join Yahoo as CEO.

The resignations of directors Loeb, Harry J. Wilson, and Michael J. Wolf were part of Yahoo's settlement with Third Point in May 2012, Yahoo said.

Yahoo shares fell 4.3 percent, or $1.25, to $27.86 on Nasdaq in midday trading.

(This story adds "per share" to first paragraph)

(Additional reporting by Sinead Carew; Editing by Jeffrey Benkoe and Leslie Gevirtz)

Corner Office: Joyce Brown of F.I.T., on Using Your ‘Third Ear’

Q. What was your plan for your career when you were younger?

A. I always knew I wanted to go into psychology. I’m a psychologist by training, which I think is a tremendous help in everything I do.

Q. How so?

A. Among the more important things I learned in pursuing the degree in psychology was an appreciation of an organization’s interrelationships. I think you have to follow process even if you’re not being a bureaucrat. I don’t want to be bound by the process, but I think respecting the process is important — respecting what everybody’s role is — then figuring out how to make everybody work together.

One thing that emerged from the training, and what I do day to day, is to understand who’s responsible for what and to make sure I don’t then ask someone else to do that person’s job. It’s very easy to slip and do that. You can involve others, of course. They may have a suggestion that’s easy enough to incorporate, and then everybody owns a little piece of it. But you have to be clear about who’s responsible. Otherwise, people will cross wires, and that will create a ripple effect that’s totally unnecessary.

Q. Other ways that you draw on your training in psychology?

A. I am convinced that I have a third ear. I listen, and I really pay attention and try very hard to understand the nuances. I tell people that I will listen to what they say, and will try to incorporate what I can from their suggestions if I think they fit the objective we’re trying to achieve. If we’re not going to do what they’re suggesting, I’ll tell them why. I think people deserve that. I will tell you why, and then we will proceed. I think it works, because people feel that they were listened to, and were given the respect of an answer about why I might disagree. You gain a lot by being respectful of people’s ideas.

Q. Talk about some other leadership lessons you’ve learned over the years.

A. It’s important not to choose alliances too early. There are always issues and camps that develop in any organization. You may think you understand them, but you don’t.

I don’t really think there are people who wake up every morning wanting to tear things down in an organization. But there are people with strongly held beliefs who are driven by various things — maybe their own need to be in the limelight, or maybe some deep philosophical belief.

Q. What have you learned from other leaders you’ve observed?

A. I had people who were very helpful to me, who saw something they thought was worth developing, and they created opportunities for me. Their ability to analyze and to be thorough and to think about the impact of one decision versus another was interesting and helpful to watch.

I also saw a lot of things I knew I didn’t want to do. Some people were emotional, histrionic, intolerant and wanted to humiliate people. I also saw people who didn’t pay attention to detail, which I think will sink you every time. My staff calls me Dr. Detail — lovingly, I’m sure. That doesn’t mean I micromanage, but I need to know the details. Things can come around and bite when you don’t pay attention to the real substance.

I’ve also seen people who didn’t respect process. They reached down into the ranks and had other people doing things that marginalized the people they needed to rely on to really get the job done and move the organization forward.

Q. How do you hire? What qualities do you look for? What questions do you ask?

A. I’m really interested in who you are and if you fit in with the culture, with the team — how committed you are to the objectives and goals we’ve set, the vision we have. I like to know how they got here, so I always ask what they thought they were going to do when they were younger, when they went to college.

Why did you choose your major? What did you think you were going to do? What was your vision for your career? How did you get where you are? What were the various things that happened along the way, because invariably it wasn’t a straight line. Then I like to know a little bit about where people grew up. Are they living in the same place they grew up, or did they leave their hometown to come to New York? Are they adventurous? Are they a risk-taker? What’s their passion about? What’s driving them?

Q. What are you listening for?

A. I’m listening for passion. I’m listening for a commitment to being the best, to being successful, and a commitment to something larger than themselves, not just their personal success. That kind of drive really does blossom into one’s work ethic and attitude and approach.

Q. Anything you have a particularly low tolerance for?

A. It’s kind of subtle, but I don’t like when people tear other people down because they’re not owning what might have been their mistake. If you don’t take any risks, you certainly won’t make any mistakes, but you’re not going to get that far, either. So it’s O.K. to make a mistake. You just need to own your mistake. That’s a bad sign for me if somebody doesn’t.

The other thing I don’t like is people who waste other people’s time. They’ll have meetings with no point — everybody has to come together just because you can call them all together. Then, at the end of the day, everybody’s just wasted an hour and a half, and there’s no point to the agenda. Maybe they’re just trying to show they’re in charge of something that they really don’t fully understand. So they might ask 25 questions, or even 10, when they didn’t need to ask any. Ultimately when people can’t answer all their questions, it does sort of make them seem much more smart and more important.

But it doesn’t really work when what you’re trying to do is build a well-oiled machine. All they had to say was: “How can I help you? Let’s figure this out.” They need to be committed to something beyond themselves.

Corner Office: Joyce Brown of F.I.T., on Using Your ‘Third Ear’

Q. What was your plan for your career when you were younger?

A. I always knew I wanted to go into psychology. I’m a psychologist by training, which I think is a tremendous help in everything I do.

Q. How so?

A. Among the more important things I learned in pursuing the degree in psychology was an appreciation of an organization’s interrelationships. I think you have to follow process even if you’re not being a bureaucrat. I don’t want to be bound by the process, but I think respecting the process is important — respecting what everybody’s role is — then figuring out how to make everybody work together.

One thing that emerged from the training, and what I do day to day, is to understand who’s responsible for what and to make sure I don’t then ask someone else to do that person’s job. It’s very easy to slip and do that. You can involve others, of course. They may have a suggestion that’s easy enough to incorporate, and then everybody owns a little piece of it. But you have to be clear about who’s responsible. Otherwise, people will cross wires, and that will create a ripple effect that’s totally unnecessary.

Q. Other ways that you draw on your training in psychology?

A. I am convinced that I have a third ear. I listen, and I really pay attention and try very hard to understand the nuances. I tell people that I will listen to what they say, and will try to incorporate what I can from their suggestions if I think they fit the objective we’re trying to achieve. If we’re not going to do what they’re suggesting, I’ll tell them why. I think people deserve that. I will tell you why, and then we will proceed. I think it works, because people feel that they were listened to, and were given the respect of an answer about why I might disagree. You gain a lot by being respectful of people’s ideas.

Q. Talk about some other leadership lessons you’ve learned over the years.

A. It’s important not to choose alliances too early. There are always issues and camps that develop in any organization. You may think you understand them, but you don’t.

I don’t really think there are people who wake up every morning wanting to tear things down in an organization. But there are people with strongly held beliefs who are driven by various things — maybe their own need to be in the limelight, or maybe some deep philosophical belief.

Q. What have you learned from other leaders you’ve observed?

A. I had people who were very helpful to me, who saw something they thought was worth developing, and they created opportunities for me. Their ability to analyze and to be thorough and to think about the impact of one decision versus another was interesting and helpful to watch.

I also saw a lot of things I knew I didn’t want to do. Some people were emotional, histrionic, intolerant and wanted to humiliate people. I also saw people who didn’t pay attention to detail, which I think will sink you every time. My staff calls me Dr. Detail — lovingly, I’m sure. That doesn’t mean I micromanage, but I need to know the details. Things can come around and bite when you don’t pay attention to the real substance.

I’ve also seen people who didn’t respect process. They reached down into the ranks and had other people doing things that marginalized the people they needed to rely on to really get the job done and move the organization forward.

Q. How do you hire? What qualities do you look for? What questions do you ask?

A. I’m really interested in who you are and if you fit in with the culture, with the team — how committed you are to the objectives and goals we’ve set, the vision we have. I like to know how they got here, so I always ask what they thought they were going to do when they were younger, when they went to college.

Why did you choose your major? What did you think you were going to do? What was your vision for your career? How did you get where you are? What were the various things that happened along the way, because invariably it wasn’t a straight line. Then I like to know a little bit about where people grew up. Are they living in the same place they grew up, or did they leave their hometown to come to New York? Are they adventurous? Are they a risk-taker? What’s their passion about? What’s driving them?

Q. What are you listening for?

A. I’m listening for passion. I’m listening for a commitment to being the best, to being successful, and a commitment to something larger than themselves, not just their personal success. That kind of drive really does blossom into one’s work ethic and attitude and approach.

Q. Anything you have a particularly low tolerance for?

A. It’s kind of subtle, but I don’t like when people tear other people down because they’re not owning what might have been their mistake. If you don’t take any risks, you certainly won’t make any mistakes, but you’re not going to get that far, either. So it’s O.K. to make a mistake. You just need to own your mistake. That’s a bad sign for me if somebody doesn’t.

The other thing I don’t like is people who waste other people’s time. They’ll have meetings with no point — everybody has to come together just because you can call them all together. Then, at the end of the day, everybody’s just wasted an hour and a half, and there’s no point to the agenda. Maybe they’re just trying to show they’re in charge of something that they really don’t fully understand. So they might ask 25 questions, or even 10, when they didn’t need to ask any. Ultimately when people can’t answer all their questions, it does sort of make them seem much more smart and more important.

But it doesn’t really work when what you’re trying to do is build a well-oiled machine. All they had to say was: “How can I help you? Let’s figure this out.” They need to be committed to something beyond themselves.

Third Circuit Hears Challenge to State's Funeral Laws

The two dozen funeral directors who allege that Pennsylvania's Funeral Director Law is largely unconstitutional won on all but one claim after five years of litigation in the district court.

Third Circuit Voids Judgment Against Girls Gone Wild Producer

A federal appeals court has vacated a New Jersey woman's $3 million judgment against Girls Gone Wild franchise founder Joseph Francis and related entities, finding the district court's assertion of jurisdiction was a stretch.

Third Circuit Keeps Ciavarella Behind Bars With Ruling

Former Luzerne County Court of Common Pleas Judge Mark A. Ciavarella Jr.'s challenge to his 28-year sentence for his involvement in the "kids-for-cash" scandal has been rejected by the U.S. Court of Appeals for the Third Circuit.

Third Circuit Judge Favors Recording Police Confessions

Judge Franklin S. Van Antwerpen of the U.S Court of Appeals for the Third Circuit has said police confessions should be videotaped and reviewed by trial court judges pretrial.

Third Circuit OKs Dredging of the Delaware River

The U.S. Court of Appeals for the Third Circuit has greenlighted the dredging of the Delaware River.

Third Circuit Grants Stay of Execution

Hubert Michael, who was convicted of raping and murdering a 16-year-old girl 20 years ago, has gotten a stay of execution from the U.S. Court of Appeals for the Third Circuit.

Third Circuit Grants Stay of Execution

Hubert Michael, who was convicted of raping and murdering a 16-year-old girl 20 years ago, has gotten a stay of execution from the U.S. Court of Appeals for the Third Circuit.

Third Circuit OKs Dredging of the Delaware River

The U.S. Court of Appeals for the Third Circuit has greenlighted the dredging of the Delaware River.

Third Circuit Judge Favors Recording Police Confessions

Judge Franklin S. Van Antwerpen of the U.S Court of Appeals for the Third Circuit has said police confessions should be videotaped and reviewed by trial court judges pretrial.

U.S. Current-Account Deficit Narrows for Third Quarter

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Female Lawyers Make Up Less Than a Third of Pa. Law Firm Rosters

The percentage of women attorneys working in the Pennsylvania offices of the state's 100 largest law firms has inched up slightly from 2011 to 2012, but the numbers are still lower than some expected.

It has long been noted that women make up smaller percentages of attorney headcount -- something even more apparent at the equity partner level -- than their male counterparts, despite years of statistics that show women graduating from law school in numbers equal to or just slightly lower than men. That phenomenon seems to have played out in Pennsylvania firms as well, according to numbers reported in The Legal Intelligencer affiliate PaLaw 2012.

Each year, PaLaw magazine breaks down the percentage of full-time female attorneys working in the Pennsylvania offices of the 100 largest law firms in the state. While the numbers only account for the Pennsylvania offices and some firms may have more women working in other locations around the globe, for many of the 100 largest firms, their only presence is in the Keystone State, providing a good snapshot of the number of women lawyers in Pennsylvania firms.

In looking at the 95 firms for which gender data was available, 28.5 percent of lawyers working in the Pennsylvania offices of the state's largest firms are women. That figure is up from 27.8 percent in 2011.

In looking at the percentage of lawyers in Pennsylvania offices who are female partners, the figure drops to nearly 9.9 percent. PaLaw does not differentiate between equity and nonequity partners for purposes of the percentage-of-women breakdown, so the number of female equity partners as a percentage of the overall lawyer headcount is almost certainly less than 9.9 percent.

Lisa M. Benzie of Angino & Rovner in Harrisburg is co-chairwoman of the Pennsylvania Bar Association's Commission on Women in the Profession. She said it is always good to see the percentage of female attorneys increase. She said that may have to do with the fact that nearly all law firms have some sort of women's initiative in place. Such initiatives have been around for decades in some firms, but Benzie said they are becoming more concrete and less abstract than they were in the past.

But while the overall percentage improved, Benzie said it's important to look at the breakdown of partners, associates, staff associates and of counsel. If most of the women are moving into the staff associate or nonequity partner role, the profession needs to look at whether that was by choice or whether the doors are not open to higher-level positions.

Benzie said 28.5 percent is certainly lower than what she would hope for the profession given women had long been graduating from law school at equal rates to men, but she said it is probably close to where the numbers have been for the last decade. The concern is that some expect the number of women graduating from law school to plateau or fall in the coming years, Benzie said.

TOP OF THE CHART

The two firms that top our list both happen to be employment law boutiques.

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Third Circuit Grants Stay of Execution

Hubert Michael, who was convicted of raping and murdering a 16-year-old girl 20 years ago, has gotten a stay of execution from the U.S. Court of Appeals for the Third Circuit.

Third Circuit OKs Dredging of the Delaware River

The U.S. Court of Appeals for the Third Circuit has greenlighted the dredging of the Delaware River.

Third Circuit Judge Favors Recording Police Confessions

Judge Franklin S. Van Antwerpen of the U.S Court of Appeals for the Third Circuit has said police confessions should be videotaped and reviewed by trial court judges pretrial.

Third Circuit Nudges Western District Judge on Time Limits

U.S. District Judge Arthur J. Schwab of the Western District of Pennsylvania wasn't ordered to amend the time limit he imposed for an upcoming trial, but the U.S. Court of Appeals for the Third Circuit did suggest that he do so.