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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Friday, April 18, 2003 ::
The Thompson Report On ULLICO - (excerpts) The Global Crossing Investment In 1997, ULLICO made a $7.6 million investment in Global Crossing that yielded a return of about $486 million. Without doubt, this 6295% return was extraordinary by any measure. Further, this return occurred when the Company was in need of capital to support its core business operations.
While 18 months later Global Crossing was bankrupt, and the stock became virtually worthless, the Chairman's decision not to sell further shares was not unreasonable given the sentiment of market professionals at the time.
Our specific remedial recommendations are as follows:
1. Directors and certain officers should return to the Company profits from sales of ULLICO stock purchased in 1998 and 1999. These pre-tax profits are as follows:
Morton Bahr $35,202 / John J. Barry $280,730 / William G. Bernard $326,780 / Marvin J. Boede $234,680 / Kenneth J. Brown $4,605 / Joseph A. Carabillo $720,420 / Bill J. Casstevens $603,080 / John E. Cullerton $176,010 / John r. Gentleman $29,335 / Robert A. Georgine $837,760 / James LaSala $88,005 / Martin J. Maddaloni $234,680 / Joseph F. Maloney $418,880 / Douglas J. McCarron $418,880 / James F.M. McNulty $95,189 / Jacob F. West $837,760 / Roy Wyse $23,025 / William H. Wynn $234,680 > Total $5,599,701
------------------------------------------- posted 8:39 AM :: reference link ::
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