Morgan Stanley vs The New York Times

Morgan Stanley, owner of 7% of the New York Times non-voting stock, is once again complaining (PaidContent) about the Sulzberger family's voting control over the group. The dual-class share structure at NYTco means that the Sulzbergers control less than 1% of the group's equity but elect nine of the thirteen board members. This, argues Morgan Stanley's Hassan Elmasry, is not fair - to which the only sensible answer seems to remain "you shouldn't have bought so much of the non-voting stock when you knew full well those were the terms then."