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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Thursday, May 08, 2003 ::
House Panel to Subpoena Head of Union-Owned Insurance Company Also investigating are the Justice and Labor departments, the Securities and Exchange Commission and the Maryland Insurance Administration. A federal grand jury has subpoenaed board members and company officials to testify in its probe. Last week, the Senate Governmental Affairs Committee announced a hearing for June 19.
Georgine in 1999 invited Ullico directors to buy company stock at $54 a share just before they planned to upgrade the cost. The stock shot up to $146 per share, then started falling.
The board voted in 2000 to buy back shares at the high price, knowing it would be re-valued at $71. The deals weren't offered to all shareholders.------------------------------------------- posted 9:57 AM :: reference link ::
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