Financial Services Industry
Industry: Email Alert RSS FeedQUESTIONING DEAL: Manager sues over failed merger; Longview Collective Investment Fund, which holds union money, claims Sprint managers used proposal to exercise stock options.(Brief Article)(Statistical Data Included)
Pensions & Investments, January, 2001 by Feinberg, Phyllis
A manager of union pension money has sued Sprint Corp. and WorldCom Inc. over the stock option implications of their failed merger attempt. The Amalgamated Bank's Longview Collective Investment Fund, in a lawsuit filed last month, claims the failed merger was used to perpetuate a plan that enabled Sprint CEO William Esrey and four other senior managers to obtain $600 million in stock options ahead of schedule.
Sprint disputes the progression of events as presented in the lawsuit. The Longview Fund, which contains $7 billion of union pension money, owns 600,000 shares of Sprint stock. According to the court filing, the fund lost $20 million on its investment when the price of Sprint and its tracking stock, Sprint PCS, lost more than $80 billion in market...
Brought to you by CBS MoneyWatch.com
- Best- and Worst-Paid College Degrees
- 6 Things You Should Never Do on Twitter or Facebook
- How Much Sleep Do You Really Need?
- 6 Big Myths about Gas Mileage
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
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
