Low-Key Lawyer to Moderate Dow Buyout

Attorney will mediate Bancrofts sit-down, then tally the votes
By Heather McPherson,  Newser User
Posted Jul 20, 2007 2:51 PM CDT
Low-Key Lawyer to Moderate Dow Buyout
Co., which is considering a bid to be bought by Rupert Murdoch's News Corp., reported lower second-quarter profits Thursday, July 19, 2007 due to an accounting charge, but revenues and operating income rose. (AP Photo/Seth Wenig, file)   (Associated Press)

One man stands between News Corp. chief Rupert Murdoch and the Dow Jones-controlling Bancroft Family: a reserved, unassuming Boston lawyer named Michael B. Elefante, who has managed most of the Bancrofts' trust accounts for decades. Next week, beginning with Monday's strictly informational meeting, Elefante will mediate the $5B transaction.

During the infosession at an undisclosed location in Boston, Elefante will moderate between the nearly 50 people who are expected to attend including 35 Bancrofts and their advisers. Then he'll sit down with each family member individually and tally the support and opposition. A formal vote will most likely take place next week. (More Rupert Murdoch stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.