John Foley

Well, he has absolute contempt for the concept of corporate boards.

So he may need some persuading to do that.

But I think if I were eBay – and eBay, by the way, has rejected this offer this morning as I think everyone thought it would.

But if you tick through the things that they will want to object over, one of them will be the board.

So it's easy for eBay to say, why would we subject shareholders to this very imperfect – it's a bit of an understatement – but like a weak board structure.

I agree with you.

I do think we're living in a post-governance world to some degree where people don't really care about that stuff anymore.

But I think the value of a board, a strong board, is that you, the shareholder, don't have to think about it.

You don't have to worry about governance.

It's just someone is taking care of stuff and you know it's a board like all the other companies' boards.

It's kind of standardized, a bit like accounting rules, so that you can focus on what does the company do and is it doing a good job.

But GameStop is not that.

The lead independent director, who's I guess what British people might think of as either the chairman or the senior independent director, used to work for Ryan Cohen for many years at his previous company, which I would argue is not the strongest kind of independence company.

So I think that's going to be one of the many problems.

I guess what I'm saying is the problem is not that GameStop is small.

The problem is all the other stuff.

Well, eBay at the moment has almost no debt.

It has a little bit.

I'm sure they absolutely will now.

Because if I were an eBay shell, so I can devil's advocate this.