Telefonica Complains Lycos Europe Sell-Off Too Slow

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Telefonica’s (NYSE: TEF) LE Holding Corporation, the subsidiary through which it owns 32 percent of Lycos Europe, has filed an application for an inquiry in to the “policy and conduct of business” at the once-mighty portal. The complaint was made at the Amsterdam Court of Appeal’s enterprise chamber in Lycos Europe’s native Holland. paidContent:UK understands the application complains that Lycos Europe management has not examined fully enough all options for sale of the company.

Lycos Europe, a JV with Bertelsmann, put itself up for sale in a strategic review back in April. But, though CEO and Bertelsmann family heir Christoph Mohn suggested AOL (NYSE: TWX) and German ad net Tomorrow Focus were bidding around

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digital bear

Telefonica deserves what they got with Lycos– did they really think that the asset was clean after its flame out in the US, pork chopping of assets in the US and miserable performance under Spanish management? Hopefully the court will tell them that "buyer beware," in Spanish.

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