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Dave wrote:
On Wed, 12 Jan 2005 09:11:01 -0500, Jeff Morris said: While market manipulation is a violation, neither forgiveness of loans to officer nor sale of stock at a discount in a private placement is. That's odd, on the front page of the Boston Globe Monday was a story about how the SEC is investigating the timing of stock option grants relative to good news. And these were long term vesting grants offered at full value, not 40% discount. You're continuing to demonstrate your ignorance of the area, Jeff. Most stock options are granted under incentive stock option plans that for tax reasons require the option price to be the market price on the date of the grant, that don't allow exercise for some period of time, and that have registration statements in effect covering resales. This is a totally different animal from purchase of unregistered stock in an unregistered offering, where the purchaser puts up his money immediately, is at risk from day 1 and can't resell for at least a year. In those transactions there is nearly always a significant discount to market. You continue to miss the point that I'm not talking about legalities, but whether these activities fall under "squeaky clean." Forgiven loans and generous option plans and discounted stock sales are a way healthy companies reward performance and promote loyalty. Harken never made money for its stockholders, only for its executives. The stock that Bush received at a 40% discount in '89 was what he dumped immediately after being told of the company's deteriorating financial condition in June '90. It does not appear there was any restriction on its sale then. |
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