My recent post on William McGuire's difficulties with backdating options mentioned the reactivation and re-pricing of 'suspended' options from which he made $250,000,000. Well, it's possible that this might be the event that sinks him in more ways than a forced retirement.
The lawyers that investigated the backdating situation concluded that it was not clear that the board was properly informed about the effects and implications of the suspension and reactivation. Had the options not been suspended but cancelled, the all important quarterly numbers would have been worse.
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