Business Services Industry
Thrift exec nets premium from stock sale to ESOP. (Haverfield Corp. chairman Peter Shimrak; employee stock ownership plan)
Crain's Cleveland Business, June, 1991 by Shingler, Dan
Thrift exec nets premium from stock sale to ESOP Peter Shimrak, chairman of Haverfield Corp., received a $43,484 premium over market prices when he sold 31,625 shares of his stock in the company to the Haverfield Corp. Employee Stock Ownership Plan. Jacques Pomeroy, the ESOP's trustee, said the plan paid a premium because Haverfield stock is thinly traded and in short supply and because the ESOP needed to spend money it borrowed to buy stock.
Mr. Pomeroy was given the authority to spend $700,000, which the ESOP borrowed from Haverfield on Feb. 27 for such stock purchases. He also was given a limited amount of time in which to make the purchases or return the borrowed funds. At the time of the transaction with Mr. Shimrak, the ESOP had only a couple of days...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
